Wednesday, February 06, 2013

Rasah Kemayan Update

Rasah Kemayan is a fully residential township launched in 1995 but wasn't fully occupied even till today. One of the reasons is many buyers were speculators hoping to make a profit by reselling their properties although some were held for future development such as for retirement living. Another reason was the developer went bust and many property owners lost faith in the future of this project which was at that time the biggest in Seremban. And a very relevant reason why Rasah Kemayan fell out of favor with many original owners who were pilots and other airline employees was that the plan to build a connecting highway through RK to the KL international airport was aborted. Many of them sold off their houses.

But the biggest reason why potential buyers avoided RK I believe is the development of Seremban 2 a few years after that. Seremban 2 is a much bigger project which is self contained with retail businesses, banking, government offices, shopping malls and recreational grounds. Although RK boast a 9 hole golf course and a clubhouse these were unable to attract new buyers to develop bungalow lands around them. That is the scenario until about 2 years ago when real estate developers and potential buyers began to re-look into the potential of RK. While property price soared in Seremban 2, the prices of houses and land in RK were stagnant or discounted. Buyers felt RK offered little security and the infrastructure poorly maintained. About 5 years ago another project even bigger than Seremban 2 was launched in partnership with the state government. The Bandar Sri Sendayan together with Seremban 2 encircled the much smaller Rasah Kemayan and choked the life out of it. While potential buyers look away, developers look positively at its potential. The jewel is of course the golf course. The total size of the golf course and clubhouse occupying 77 acres came under the scrutiny of opportunistic eyes of a listed property developer eyeing to broaden its business base into Seremban soon to become a city.

This news has been publicly announced so can be shared here. Bolton Berhad through its wholly owned subsidiary Bolton Land has entered into a shareholders agreement with Paramount Blossom, the property owner of the golf course and clubhouse, to jointly develop it into a mix development of bungalows, villas, shop office and retail unit through a joint venture company Gaya Arena which will be 75% owned by Bolton Land and 25% owned by Paramount Blossom. Subject to satisfactory due diligence exercise and getting approval for conversion of land use this project will transform the landscape of Rasah Kemayan and surely affect the lifestyle of existing residents in particular those living in RK3 where the development is going to have the largest impact.

In a matter of 5 years or so, during which there will be disruption of peace and tranquility and birds may migrate out of RK. Air pollution is sure to increase and the access roads noisier from trucks, lorries and concrete mixers delivering construction materials and laborers. Peripheral owners will suffer directly. Together with those living farther away they have to bear the inconvenience. In due time the iconic clubhouse will no longer be available to the public and those who enjoy a few rounds of golf weekly with family and friends or practice at the driving range will have to look elsewhere. Golfing is becoming a not profitable business.

Already in RK3 a private development of 28 units of 3-storey semi-detached houses is under way with almost all units sold. The next phase of 29 units nearby the golf course is expected to be launched in a few months. Both are gated communities. Elsewhere vacant lands are being bought and built up and several existing houses renovated. And prices of existing houses and lands in RK have taken a boost. We are no longer the back room boys and girls. By and large buyers are awakened to the idea that RK is a nice place to live in, with or without a golf course, with or without swimming pool, with or without birds. New access roads to the airport has made it attractive again. Welcome to Rasah Kemayan, refreshed for the future.

Re-updated on Aug 24, 2013
I was at the Zenith International School at the RK Clubhouse today and learned that it won't be moving out as expected if the property is to be sold as written above. The school will be buying the clubhouse over. As to the golf course I think it will stay put as there are issues of conversion. This means we shall continue to live idyllically without the disruption of construction activities. Good news for those who want to live in RK especially RK3 where bungalow lots are still available for buidling their dream houses.

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