This article first appeared in City & Country, The Edge Malaysia Weekly on November 13, 2023 - November 19, 2023

When the popular Jalan Batai wantan mee stall run by the Chan sisters moved to Taman Sri Hartamas at end-2013, there was no question about this writer’s visiting their new location, Restoran Jie Mee in Jalan Sri Hartamas 8. Apart from their springy wantan mee, Jie Mee’s luscious curry laksa is also a crowd favourite.

Venturing into Taman Sri Hartamas further led to my serendipitous discovery of other popular F&B outlets such as Butaya Izakaya, Backyard Pub & Grill, Aunty Nat, Hawker Hall and Super Saigon in the shopoffice blocks in Taman Sri Hartamas.

Comprising a total of 34 four-storey shoplots in four blocks on Jalan Sri Hartamas 7 and 8, the neighbourhood commercial area is also home to a delectable mix of eateries and watering holes such as The Seven Bistro Hartamas, Napa Authentic Thai Cuisine, Msu KL Japanese restaurant, Wadi-Aldabab Arabic restaurant and Hamza Cafe vs Kandar mamak shop as well as The Vault KL and Kokomo KL cocktail bars.

In addition, offices, auto repair shops and other supporting services have taken up space in the commercial enclave, which was built in the 1980s. “These are basically neighbourhood shops with various local operators that serve the immediate vicinity,” says Savills Malaysia group managing director Datuk Paul Khong.

While the ground floor shops in Taman Sri Hartamas are taken up mainly by the F&B outlets, dry cleaners, a convenience store and car repair shops, the upper floors are tenanted by a wider mix of professional service providers such as offices of advocates and solicitors, quantity surveying firms, advertising and event management agencies and building solutions companies. A learning and education centre as well as a gym and fitness centre can also be found. Notable tenants include Lim Tayar, Eugrow Kids and Pets People pet shop as well as the offices of Malaysian Water Association and LLC Bhd.

Khong says the Taman Sri Hartamas shops have naturally coexisted well with the competitive commercial offering in Desa Sri Hartamas across the SPRINT Expressway. ­“Being rather close to the Desa Sri Hartamas commercial area, where the action is, the shops here [though more tucked away] can still complement those in Desa Sri Hartamas well to continually serve the needs of the local neighbourhood, which comprises a large and mature mid-high residential segment. This is clearly evident in the limited availability of vacant listings.”

Taman Sri Hartamas is predominantly an established residential area comprising terraced houses, townhouses and condominiums, with limited commercial offerings. “The neighbourhood forms part of the upper-middle-class residential basin, with strong spending power from its own and immediate catchment areas,” Khong says.

According to him, intermediate shops in Taman Sri Hartamas typically attract en bloc monthly rentals of up to RM12,000 to RM14,000. “Rents typically range from RM6,000 to RM8,000 for the ground floor shops, RM3,000 to RM3,500 for shops on the first floor, RM2,000 to RM2,500 for shops on the second floor and RM2,000 to RM2,500 for shops on the third floor.” Rental yields are 3% to 3.5%.

Khong notes that the shops have a typical land area of 20ft by 80ft and a built-up area of 6,000 sq ft.

“Being in the heart of the Hartamas triangle, this area is a well-established and popular locality with rather wide roads that cater predominantly for local residents from the immediate neighbourhood of Taman Sri Hartamas as well as neighbouring ­Mont’Kiara and ­Damansara Heights,” he says. “The popular Petronas gas station [next to the shops] naturally draws a consistent crowd that also patronises the shops.”

In terms of capital values, Khong says transacted prices of the Taman Sri Hartamas shops have increased 1½ times over the last decade. “Their transacted prices ranged from RM3.4 million to RM3.55 million in 2013 to 2014, and RM3.7 million to RM3.8 million in 2017 to 2018, registering an 8% to 9% hike over four years. In February 2020, just before Covid-19 struck, the shops were transacted at RM4.2 million, registering a 20% to 22% growth in seven years.”

The latest transaction price this year was around RM5 million, he adds. “The prices here did not dampen, despite the pandemic.”

The residential properties in Taman Sri Hartamas are predominantly terraced houses, with the exception of 3-storey townhouses on Jalan Sri Hartamas 2, 17 and 18, and two high-rise condominiums called Menara Hartamas and Sunway Palazzio.

“Immediately surrounding the shops are largely 2-storey terraced houses, with the land area of intermediate units ranging between 1,600 and 1,800 sq ft and typical built-ups of between 1,500 and 1,600 sq ft,” says Khong.

The transacted prices of intermediate units were RM1.2 million to RM1.35 million in 2012 to 2013, and RM1.45 million to RM1.6 million in 2019 to 2020. “In 2021 to 2022, during the pandemic, intermediate units in the area were still transacting at RM1.5 million to RM1.65 million. In 2023, we saw a well-renovated intermediate 2½-storey unit in Jalan Sri Hartamas 2 transacted at a record price of RM2.15 million,” he says.

Khong explains that the main reason for the wide variation in prices occurs when the owners have either renovated their units substantially or rebuilt the entire structure, such as turning a 2-storey home into a larger 3-storey structure according to DBKL’s guidelines. “This guideline basically permits older houses to go from a 2-storey to a full 3-storey building by doubling the actual built-up allowable. We have seen 18% to 20% [price] growth in a span of seven to eight years because of this.”

In terms of outlook, Khong says Taman Sri Hartamas is currently in the next phase of its economic life, with higher-density redevelopment allowed. “Given its current status and location, Taman Sri Hartamas will continue to prosper as owners continue to rebuild and refurbish their units, which will rejuvenate the location into a newer, preferred location of choice.

“We also expect house owners fronting Jalan Sri Hartamas 1 (in front of Lim Tayar and Petronas) to eventually convert their units into commercial use, just like the properties on Jalan Maarof in Bangsar and SS2 in Petaling Jaya, given time,” he concludes.

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