Report: Spillover KL housing demand driving up high-rise residence prices in Selangor


  • Nation
  • Friday, 12 Aug 2016

Property meets the public

PETALING JAYA: Buyers who held back on purchasing properties in Selangor thinking the softer market conditions will see prices reduce significantly are now wondering if this will ever happen.

Statistics show residential property prices in the state have continued to rise in 2015, particularly in neighbourhoods with excellent transportation infrastructure and amenities.

The Valuation and Services Department’s (JPPH) Property Market Report 2015 indicated that prices of landed and high-rise residential properties have continued to increase.

Houses located in established areas that are served with efficient road linkages and are along the Mass Rapid Transit (MRT) route have always fetched good prices.

Residential properties located near institutions of higher learning such as Universiti Teknologi MARA (UiTM) also experienced capital appreciation.

For example, single and double-storey terraced units in Shah Alam recorded double-digit growth due to their proximity to UiTM.

The report also stated that spill-over housing demand from Kuala Lumpur drove up prices of high-rise properties by more than 18%, particularly in the Gombak area, such as Wangsa Permai and Athenaeum Bukit Antarabangsa.

The average all-house price increased to RM473,065 in the fourth quarter of 2015 compared to RM445,640 for the corresponding period in 2014.

Meanwhile, the National Property Information Centre in Selangor recorded 12,101 residential property transactions worth RM5.6bil in the first quarter of 2016.

This represented a decline of 18.1% of the 14,771 property units sold in the corresponding period in 2015, and a reduction of 12.9% or RM6,456mil in the amount of transactions.

SK Brothers general manager Chan Ai Cheng said possible reasons for the decline included stringent loan requirements as well as market confidence and perception.

To cater to the demand for good properties in the Klang Valley, StarProperty.my is hosting a property fair at the ground floor of Nu Sentral from Aug 15-21, 10am to 10pm.

Supported by premium partners Ekovest and IJM Land, StarProperty.my Fair will feature a wide range of property developments by prominent established developers.

There will be lucky draws for fair visitors and homebuyers, as well as activities such as gifts and CR8 robotic challenges.

For more information, visit http://fair.starproperty.my/

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