PORTAL RASMI
JABATAN PERDANA MENTERI
AGENSI PENGURUSAN BENCANA NEGARA
JABATAN PERDANA MENTERI
AGENSI PENGURUSAN BENCANA NEGARA
Housing prices in Putra Heights plunge 20pct after gas explosion
- Admin UKK
- Berita
KUALA LUMPUR: The recent gas pipeline explosion and fire in Putra Heights has severely impacted the property market in the area.
Property expert Professor Dr Noor Rosly Hanif said nearly 250 homes were destroyed, which is expected to cause a significant decline in property values near the explosion's epicentre.
The Universiti Teknologi Sarawak Faculty of Property Construction and Management lecturer estimated that property prices in the area could drop by up to 20 per cent, depending on how close they are to the blast site.
"Properties situated closest to the gas pipeline are at risk of losing up to 20 per cent of their value, while other parts of Putra Heights may see a decrease of around five per cent," he said.
Noor Rosly said the most severe drop in value is expected at "ground zero", where the explosion and fire caused extensive structural damage.
"Property values may be reduced to little more than the land price, as many buildings have been almost entirely destroyed due to severe structural damage and extreme heat.
"All utility lines are damaged and need to be replaced, and the homes themselves must be demolished and rebuilt, as the existing structures can no longer be deemed safe.
"Rebuilding a home to its original standard is projected to cost approximately RM300,000 per unit," he said.
To make matters worse, said Noor Rosly, families displaced by the explosion will have to rent alternative accommodation while waiting for their homes to be rebuilt.
"For each family, the cost of renting a fully furnished home is around RM3,000 per month. If they need to rent for two years, including deposits and other associated costs, that's an additional RM100,000 burden per family," he said.
On April 1, a massive fire broke out at a Petronas gas pipeline in Putra Heights, causing widespread panic as flames shot up into the air.
A total of 227 houses and 365 vehicles were damaged in residential areas near the pipeline.