Market Pulse: Surging demand, property prices and rents in Sea Park commercial hub

TheEdge Tue, Jul 08, 2025 04:00pm - 1 month View Original


This article first appeared in City & Country, The Edge Malaysia Weekly on June 30, 2025 - July 6, 2025

In my younger days, I often found myself at Sea Park or Seksyen 21 in Petaling Jaya, dropping by the famous Nasi Lemak Bumbung on Jalan 21/11b for late-night suppers with friends. That spot, I reckon, holds fond memories for many. Not necessarily because of the food, but the happy times sharing a meal and a laugh with friends and family in the back lane of the street.

The Sea Park commercial hub — comprising Jalan 21/1, 21/11a, 21/11b, 21/12, 21/17, 21/19, 21/19a and 21/22 — is right in the middle of Sea Park. It offers all the usual conveniences: banks, car workshops, food and daily necessities.

Local landmarks include a Shell petrol station and established eateries such as Thong Kee Café and Sunrise Roast Duck Restaurant, along with Aik Prawn Mee & Asam Laksa, a food truck next to Sea Park Wet Market at the junction of Jalan 21/17, 21/22 and 21/11b.

Another iconic spot, the Ruby Cinema on Jalan 21/19a, was demolished in 2020 by Midas De Sdn Bhd to make way for Residensi Ruby Seapark. Spanning 2.32 acres of freehold land, the development features 406 units across two towers, ranging from 600 to 940 sq ft. A new structure for hawker stalls has also been built next to it, replacing the old one.

VPC Alliance Malaysia managing director James Wong explains that SEA Housing Corp Sdn Bhd, the master developer of Sea Park, sold the land to Midas De in December 2018 for RM50 million, equating to RM494.16 psf. It has just been completed.

“With its prime location in a mature, freehold area, the development is attracting strong interest and sales are doing well,” he says.

See, Metro Homes Realty: Rental prices in Sea Park are generally lower, making it an attractive location for new F&B operators. (Photo by The Edge)

However, the construction of Residensi Ruby Seapark is not without controversy. Older residents of Sea Park have expressed concerns, fearing heavier traffic congestion that may arise with the influx of new residents.

There are also grievances over a promise made by SEA Housing Corp back in the 1970s. When residents bought their homes, they were told they would have a football field, swimming pool, cinema and basketball court. Sadly, only the cinema was built — and now, even that is gone.

Mushrooming of F&B outlets

Since the pandemic, the Sea Park commercial scene has changed dramatically. A bevy of new F&B outlets has sprouted up in the area, including Hai Kah Lang PJ Seapark (a Michelin Guide: Bib Gourmand selection), Fifty Tales, Xi Yue Happiness Asia Chicken, Softsrve, Tang Fei Dessert Seapark, Achi Ayahdorai, Thai Moment @ SEA Park, Jom Rock Ipoh Yong Tau Fu, Little Days Café and 270sqft.

This influx has noticeably led to a vibe shift. Parking, once plentiful, has now become a challenge. I used to visit a shop there for my facial treatments after lunch on a weekday when there would be ample parking spots. On a recent visit, I spent 15 minutes circling for a spot. I nearly gave up and cancelled my appointment but eventually found one — even though it required a bit of a walk.

During the treatment, my beautician — who has been operating in Sea Park for more than two decades — shared her concerns about rising property prices that could impact the rental as well as how the growing number of F&B outlets was affecting the availability of parking.

She even mentioned the possibility of relocating her business elsewhere due to increasing rents and the constant complaints from customers about the lack of parking bays.

Wong, VPC Alliance Malaysia: Any redevelopment would likely need to include the [Sea Park Wet Market], much like the successful transformation of the Sentosa Cinema site into Seventeen Mall in Section 17.

Also feeling the vibe shift in the area is Marie Peh, a long-time Sea Park resident who opened her dessert shop Waka Waka Gelato on Jalan 21/11b in December 2019, just four months before Malaysia closed its borders due to the outbreak of Covid-19.

“I like Sea Park because I grew up here. It feels like home and you have everything here — from the market, clinics and dentists to pharmacies and hawker food. It is self-contained and you don’t even need to walk far,” she tells City & Country at her shop. She now also operates Bojio Space, an F&B outlet and event space next to Waka Waka Gelato.

“And for a business, you really can’t estimate the crowd. It could be bad last week, then good this week. It’s just really random. So in situations like that, if suddenly I have to make more stuff, I can walk out and get what I need. My idea is that since I am already buying everything here, it would be best if I could open my shop around the same place. It’s just so convenient.”

And at the time, due to the nature of the services in Sea Park, she says parking spots were easy to find as people would come for just 10 to 15 minutes and then leave. This has changed as she sees more new F&B outlets coming in post-pandemic. Some older shops, including one that sold Chinese medicine, have since closed down.

“A lot of these shops, the second-generation owner doesn’t want to take over and so they just close them. In one case, a clinic had been here for many, many years and the operator was given a notice of about two months to move out. It was really abrupt,” she adds.

Metro Homes Realty Bhd executive director See Kok Loong explains that a key factor behind this surge of new F&B outlets is the relatively affordable rental rates in Sea Park compared to nearby hotspots like SS2 and Damansara Utama.

The highest recorded sale involved No 15 on Jalan 21/11b, which went for RM3.1 million in October 2023 (Photo by Low Yen Yeing/The Edge)

“Rental prices in Sea Park are generally lower, making it an attractive location for new F&B operators. The older shophouses have also been refurbished, which has helped attract cafés and restaurants, turning Sea Park into a livelier commercial hub. Plus, its location amidst established residential areas like SS2 and Taman Paramount ensures a steady flow of customers,” says See.

He adds that this trend is also transforming Sea Park into a go-to destination for foodies, drawing crowds from across Petaling Jaya and Kuala Lumpur. The growing demand for parking is a sign of the area’s urban vibrancy but also highlights the need for better public transport and pedestrian access to reduce reliance on cars.

Currently, the nearest LRT station is Taman Paramount, which is a 10-minute walk from the Sea Park Shell petrol station.

According to VPC Alliance’s Wong, Sea Park’s two-storey shophouses were originally priced between RM19,000 and RM25,000 in the 1960s. The purchasers consisted mostly of the business operators themselves, catering to the needs of the early settlers in Petaling Jaya by setting up grocers, launderettes, banks, food stalls, hardware stores and auto repair shops.

“All available commercial land in Sea Park has already been developed. There are limited opportunities for further redevelopment, except for the Sea Park Wet Market. Any redevelopment would likely need to include the wet market, much like the successful transformation of the Sentosa Cinema site into Seventeen Mall in Section 17,” he explains.

He also points out with Residensi Ruby Seapark completed, the area will see a further boost in population, adding to the vibrancy of Sea Park. However, like many other mature commercial areas, Sea Park faces challenges such as road congestion, limited parking and lack of land for redevelopment.

“Getting owners to agree to redevelopment can be a real challenge,” Wong admits.

Of the new high-rise development, Peh also expresses her concerns.

“These roads are too small for cars now, what with ours getting bigger, there are so many sport utility vehicles now. Back then, it was just motorbikes and small cars, and the roads were not made for that kind of traffic. When that condo finishes and people move in, imagine the traffic. It would be a nightmare,” she says.

Hitting RM3 million

Looking ahead, Wong foresees that the prices of Sea Park shophouses will soon stabilise above RM3 million, on the basis that several transactions between 2020 and 2024 have already shown significant price increases. For example, a property on Jalan 21/12 was sold for RM2 million in May 2020 and resold for RM2.73 million in December 2023, reflecting an increase of 36.5% in just 3½ years.

The highest recorded sale involved No 15 on Jalan 21/11b, which went for RM3.1 million in October 2023, while No 27 on Jalan 21/17 sold for RM3 million in May 2024. Other notable transactions include No 23 on Jalan 21/12 for RM2.8 million in September 2024 and No 3, Jalan 21/12 for RM2.73 million in December 2023.

Rental rates are also on the rise. According to Wong, one of the highest was RM15,000 a month, paid by Thong Kee Café, a corner kopitiam along Jalan 21/1. Another notable rental was RM13,000 a month for an auto repair shop on Jalan 21/19a.

“First-floor shops in Sea Park are also becoming increasingly popular, with more and more being converted into restaurants,” Wong notes.

As older generations of shophouse owners retire or cease operations, new tenants are driving up rents. Many are willing to pay higher rates, especially F&B outlets, which are expected to keep pushing rental prices upwards. Metro Homes’ See believes this trend will continue as Sea Park becomes a prime location for high-end F&B businesses.

“Popular eateries can afford higher rents, which could price out lower-margin businesses like auto repair shops,” he says.

With its relatively affordable prices and rental rates, Sea Park is fast becoming a magnet for F&B operators. Coupled with its prime location in Petaling Jaya, which boasts a high population density, it’s only a matter of time before the Sea Park commercial hub experiences another surge in property prices and rental rates. It will be exciting to see what developments unfold in the area in years to come.

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