SHAH ALAM: Some real estate developers are seeing positive feedback from their launches one month into 2024.

Zerin Properties founder Previn Singhe said the outlook for the real estate market this year is optimistic, offering reassurance to investors.

"I am cautiously optimistic. I still think we must not forget the headwinds that we will be facing. We need to be very cautious of what's happening," he told Business Times.

Although the Covid-19-induced lockdown caused a sharp decline in sales, there is currently pent-up demand, albeit selectively, for landed and high-rise homes.

However, 'location, location, location' is no longer the property mantra of today.

"Both macro and micro locations would still rank first and second. The product would rank third. The product is still important, in my opinion, and along with it comes the developer, the brand, the kind of units you are purchasing, and the overall concept of the product," he said.

Selangor's capital, Shah Alam, is experiencing a high demand for real estate, and more developers are launching new projects there in order to capitalise on the royal city status granted to nearby Klang, said a market insider.

"Shah Alam has a well-developed network of roads. The West Coast Expressway (WCE) will soon be completed, and the LRT3 line will soon begin service," the insider said.

Companies like I-Berhad, the master developer of the RM10 billion i-City, are actively planning ahead and revitalising Shah Alam's social construct.

i-City, the first privately-funded MSC Cybercentre with an on-site Tier-3 certified data centre has the right infrastructure to bring in new investments and sustain employment opportunities.

The insider said the Smart Selangor plan broadens the range of benefits available to technology-related businesses operating in i-City and contributes to the growth of the labour market in this area.

"This translates into a potential source of quality tenant leads for real estate investors. i-City's most recent collaboration with CelcomDigi also intends to advance Shah Alam's digital advancement into the domain of a real smart city," he said.

i-City has been thriving thanks to its "50-steps" marketing gimmick. These include 50-steps from five-star hospitality, 50-steps from Grade-A smart offices, 50-steps from a leisure-makers haven, and 50-steps from a future emerging affluent hotspot.

It will soon launch Phase 2 of its luxury service apartments, BeCentral, which is 50 steps from DoubleTree by Hilton i-City, Central i-City Mall, Mercu Maybank, and the CNN-acclaimed City of Digital Lights.

"There are several strong selling points that can be used to increase take-up rates and rental yields for people who are interested in buying and renting, including proximity to employment opportunities, ease of access and convenience, a consistently positive atmosphere, and association with status and prestige.

"Moreover, adding enjoyable activities enhances the development's appeal," he said.

In 2018, Prime Minister Datuk Seri Anwar Ibrahim launched CityWalk (formerly CentralWalk), a lifestyle hub with a destination focus, and this increased visitors to Shah Alam.

Six years later, Youth and Sports Minister Hannah Yeoh inaugurated i-City's 50,000-square-foot digital sports arena at CityWalk, witnessed by i-City Selangor chairman Tengku Datuk Seri Ahmad Shah Sultan Salahuddin Abdul Aziz Shah and I-Berhad founder Tan Sri Lim Kim Hong.

"Given the positive market sentiments towards residential and commercial real estate, we can expect more products coming from i-City."the insider said.