Why do we buy property? I suppose most of us purchase a property primarily as a place of sanctuary and rest. As circumstances change, we will buy another property for other reasons. It could be due to preference or to move to a bigger home to accommodate a larger family. Others will buy purely for investments, either to sell or rent out the properties.
Regardless of the reasons behind the purchase, people aspire for better quality living when they commit to a property. For those who do not have enough savings, they will also need to commit to a long term mortgage loan. To enjoy a better lifestyle, some may even commit more than what they can afford for a home.
Sometimes one may overlook the impact of over-commitment. Before committing to a long term loan, it is crucial for a person to ask himself/herself this question,
“Can I still maintain or improve my quality of life if I purchase a house beyond my means?”
Buying a house is usually the biggest financial commitment for most people. The loan repayment makes up a significant portion of household expenses and it takes years to repay. Though owning a home has become a necessity nowadays, our lifestyle can only be enhanced if we purchase a property within our means.
These days, property prices are escalating due to the ever rising material costs and higher land prices in strategic locations, especially in big cities. Many city workers can hardly afford houses in city centres.
Nevertheless, the best quality of life is not just confined to city centres. Properties in suburban areas are viable options as well. Most of the people living in the suburban areas would agree that they have attained a better quality of living due to a lower cost of living and bigger land space.
The Kuala Lumpur 2020 City Plan aspires to make Kuala Lumpur into a world class sustainable city that will assume a major global and sub-global role for the benefit of all its communities, workers, visitors and investors by 2020. In order to achieve this, we need the support from various parties. However, there is insufficient space within the city to accommodate all of us. Thus, it is extremely crucial to plan and execute proper and well-connected housing developments in the suburban areas to support this vision.
This is where a good public transportation system plays an important role in linking the city suburbs and outskirts to the city centre. In big cities such as Tokyo and London, most destinations are reachable within an hour via public transport. The ease of travelling has largely contributed to the prosperity of these cities.
Recently, the Government has taken another major step to improve the transportation system for Greater Kuala Lumpur. The latest Mass Rapid Transit (MRT) project is an effort to ensure that the capital city is able to meet the increasing demand of its economic activities and growing population.
It is an excellent initiative and it is hoped that the Government will consider exploring the synergy of planning the housing and public transportation projects together when it outlines the detailed MRT project, so that housing projects can be built around various MRT stations.
It would be ideal to develop high density and medium cost housing projects near MRT stations that are slightly away from the city centre as the large volume of people can travel using MRT. While for stations further away from the city, low cost housing could be the preference of those who are looking for affordable housing with effective connection to the city.
The availability and ease of transportation between the city suburbs and the city centre comes with many benefits. Apart from the convenience and probable reduction of traffic, it is highly possible that the price of properties in the city suburbs and outskirts may appreciate when commuting becomes a norm rather than a chore.
Let’s look at London, Hong Kong and Singapore. They have planned their housing projects and public transportation in such a way that despite the increase in population, mobility between city suburbs and centre remains unaffected. Each day, thousands of people continue to commute by public transportation in these cities.
Thus, in our aspiration to become one of the best cities in the world, Kuala Lumpur must first have a world class public transportation system. With efficient transportation network in place, it will improve many facets of our country development, ranging from commercial activities to property development.
Housing areas in the city suburbs connected to the city centre by an accessible public transportation system will allow more people to achieve the full extent of quality living at an affordable price. Imagine being able to commute every day from the city centre back to a serene, safe and comfortable environment in the shortest of time without traffic congestions and parking woes. With peace of mind and time to spare, you are also able to perform healthy activities that you like such as jogging, playing with your children in the park or gardening.
So, maybe we should rephrase the question posted earlier,
“Can I still maintain or improve my quality of life if I purchase a house away from the city centre?”
The answer is obvious when we have an effective and comprehensive MRT system in place.
Datuk Alan Tong is the group chairman of Bukit Kiara Properties, he was the FIABCI world president in 2005-2006 and was recently named Property Man of The Year 2010 by FIABCI Malaysia.
p/s : Yes, the author really got the point and my view is very much the same like his since I really hates spending so much time on the road rather than being at home with my loved ones!
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