This article first appeared in City & Country, The Edge Malaysia Weekly on February 7, 2022 - February 13, 2022

Taman Tasik Permaisuri, or Queen’s Lake Garden, is one of the very few large urban recreational parks in Kuala Lumpur. The 122-acre park was officially opened by the then Raja Permaisuri Agong Sultanah Zanariah, also known as Tunku Puan Hajah Zanariah Almarhum Tengku Ahmad, on April 2, 1989.

Developments and landmarks around this park include Hospital Canselor Tuanku Muhriz UKM, Unit Berkuda DBKL, Kompleks Renang Kuala Lumpur, International Youth Centre, Cheras Stadium and Hospital Rehabilitasi Cheras. Because of this park, many people have also come to know about the neighbouring housing estate that carries a similar name — Bandar Sri Permaisuri. 

Bandar Sri Permaisuri is a 220-acre mixed-use township jointly developed by DBKL and Dwitasik Sdn Bhd, with PPC Glomac Sdn Bhd as the turnkey contractor. In a previous interview with City & Country, Dwitasik executive director Datuk Wan Mohamed Yaacob Wan Salaidin said Bandar Sri Permaisuri was initially planned as a public golf course in the 1990s. The plan was subsequently changed so that the area could be built as a mixed development to provide more housing.

He added that there were 17 parcels in total, 14 of which have been completed, two of which are commercial developments and one, residential. Ari Permaisuri, which has been launched progressively since 2019, is the last residential development there. The township has two lakes, from which the name “Dwitasik” (two lakes) is derived.

Bandar Sri Permaisuri is directly linked to the East-West Link Expressway, Middle Ring Road II and Jalan Loke Yew. It is also connected via the Salak Selatan KTM and LRT stations. 

MacReal International Sdn Bhd associate director Gan Boon How tells City & Country that Bandar Sri Permaisuri is surrounded by four housing estates: Taman Ikan Emas in the north; Salak Selatan New Village in the southeast; Taman Mulia in the south, and Salak Selatan in the west.

Gan says: “The Bandar Sri Permaisuri township has a variety of restaurants, mini markets, banks and clinics. Schools include SMK Seri Tasik, SK Seri Tasik, SMK Seri Permaisuri, SK Seri Permaisuri, Sekolah Menengah Integrasi Sains Tahfiz and Sekolah Menengah Agama Majlis Agama Islam Wilayah Persekutuan.”

Property consultants note that Bandar Sri Permaisuri has also attracted developers such as Tan & Tan Developments Bhd, Danau Lumayan Sdn Bhd and Seal Properties (KL) Sdn Bhd.

VPC Alliance (Malaysia) Sdn Bhd managing director James Wong notes that, as the master developer, Dwitasik is the main developer for Bandar Sri Permaisuri. Subsequently, Tan & Tan Developments came in to develop a medium-cost condominium known as Cendana Condominium. Seal Properties Sdn Bhd, meanwhile, signed a turnkey agreement with DBKL and Dwitasik in 2019 to develop the 12.5-acre mixed-use commercial development known as Queensville Kuala Lumpur.

“The early developments in Bandar Sri Permaisuri include the 690-unit Bayu Tasik Condominium in 1999, followed by Sri Penara Apartment in 2000. It is an integrated township with more than 10,000 residential and commercial units completed so far,” Wong says.

“Residential developments in Bandar Sri Permaisuri are mainly low- and high-rise; landed residential developments are confined to townhouses.”

The entire township is connected via Jalan Sri Permaisuri, with the centre of the township being the commercial centres. When motorists enter Jalan Sri Permaisuri via the East-West Link Expressway, they will first see Dataran Dwitasik and Pusat Perniagaan Danau Lumayan on their right and Queensville Kuala Lumpur on their left.

Comparatively, shopoffices at Dataran Dwitasik and Pusat Perniagaan Danau Lumayan are older and typical lots. Meanwhile, Queensville Kuala Lumpur is a new, integrated development with five components: corporate office towers, office suites, retail shops, apartments and an upcoming shopping mall.

The centre of the township is a food haven with eateries such as Original Penang Kayu Nasi Kandar, Marrybrown Q Avenue, Taco Bell Bandar Sri Permaisuri, Burger King, OldTown White Coffee and Kedai Ayamas. There are also banks, car workshops, dental clinics, delivery service providers and convenience stores such as Bank Simpanan Nasional, Bank Islam, Public Bank, Family Mart, 7-Eleven, Mail Boxes Etc, Watsons and Senheng.

Farther down Jalan Sri Permaisuri, one will be able to see Plaza Dwitasik, which houses offices and Klinik Primer PPUKM Cheras.

There is another commercial hub off Jalan Sri Permaisuri 6 on the west side of the township, where there are services such as HeroMarket supermarket, Mr DIY and the Bandar Sri Permaisuri branch of the Road Transport Department.

Gan says a main attraction of Bandar Sri Permaisuri is its new urban development concept, which is transit-oriented and encourages the public to use public transport and reduce their reliance on private vehicles.

He says: “Residential properties have a higher demand than commercial properties, with about 950 transactions in 2020. Based on research done in 2016, Bandar Sri Permaisuri provides various levels of housing to cater for the different needs of the population. Research shows that low-cost housing, at 3,678 units, represents 42% of all housing units in the township. Medium-cost housing, on the other hand, represents 45% of all housing units, leaving only 13% of housing units as high-cost housing.”

Therefore, Wong notes, the demographic household in the area comprises mainly low- to middle-income wage earners, as the middle-range housing types and affordable housing in Bandar Sri Permaisuri have attracted buyers in the B40 and M40 groups. 

“Based on JPPH secondary transactions data, medium-cost residential apartments see the most demand. They include Sri Penara Apartment, Lestari Apartment, Lumayan Apartment and Cendana Apartment, priced from RM190,000 to RM380,000 per unit, as well as Suasana Lumayan, at RM450,000 to RM580,000 per unit,” he says.

These types of units complement the neighbouring Bandar Tun Razak township, which offers mostly landed homes, notes Rahim & Co International Sdn Bhd Cheras branch manager William Ng Mun Kin.

Nevertheless, Ng adds, the high-rise developments in Bandar Sri Permaisuri also mean it has a high density and a large population, resulting in traffic congestion during peak hours because of limited parking space.

Property consultants note that many apartment residents park their cars along the roads because of insufficient parking space in the compound of the apartments. A multi-storey car park is needed to solve the parking issue there.

Wong also observes that there are limited feeder buses to reach the Salak Selatan KTM and LRT stations, hence the need to improve the frequency of the buses to reduce traffic congestion during peak periods.

“Another challenge is that Bandar Sri Permaisuri is deemed a lower-middle- and middle-income township. So, there were no high-end residential developments in Bandar Sri Permaisuri. This situation has only changed recently with [the relatively newer] Queensville Kuala Lumpur,” he says.

“If the perennial street parking problem can be solved, with the public park and the two lakes nearby, there are prospects of some upper-middle-income residential developments in Bandar Sri Permaisuri.”

Property consultants are generally positive about the prospects of Bandar Sri Permaisuri, as it is well connected to major roads and highways and has easy access to amenities and public services.

Gan says the pricing of shopoffices there has changed little since 2016, and even stagnated at between RM2 million and RM3.5 million for typical units. 

“In general, the residential properties recorded an almost flat price pattern from 2016 to 2020, which is between RM200 and RM350 psf for low- and medium-cost apartments. The price range of condominiums, townhouses and apartments is from RM300 to RM550 psf,” he says.

“Property prices were in a flattened curve because the population density there has caused unavoidable traffic congestion during peak hours. From a different perspective, however, the traffic woes might be a reason that property is relatively affordable in such a strategic location.”

Meanwhile, according to data by Wong, medium-cost high-rise developments in Bandar Sri Permaisuri were priced at between RM232 and RM530 psf last year. While transaction prices in 2021 represent an increase from 2015, they are still either lower or flat compared with the 2016/17 period (see table).

For example, at Sri Penara Apartment, one of the earliest affordable developments there, comprising standard units with a built-up of 656 sq ft, prices increased to between RM232 and RM511 psf last year, from between RM170 and RM301 psf in 2015, but fell from between RM162 and RM560 psf in 2017.

“The overall property market in Bandar Sri Permaisuri has started to slow down since 2019. Owing to the Covid-19 pandemic, the property market has become more challenging and secondary market property prices are expected to decrease at an average of 10%,” Wong says.

“Housing prices in neighbouring housing estates appear to command higher prices than those in Bandar Sri Permaisuri. For example, houses in Prisma Cheras and Prima Midah in Taman Midah are going for RM350 to RM400 psf and RM340 to RM450 psf respectively. [Higher-end projects such as] Lido Residency in Bandar Tun Razak and Eko Residence in Taman Mutiara Barat are priced from RM620 to RM650 psf and RM590 to RM720 psf respectively.” 

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