PROPERTY SNAPSHOT 1: Cheras in for exciting times

•     This week, the spotlight falls on the secondary market of non-landed residences in one of Kuala Lumpur’s oldest suburbs, Cheras. Areas covered are the neighbourhoods within the boundaries of Kuala Lumpur including Bandar Sri Permaisuri, Bandar Tun Razak, Taman Maluri, Taman Midah, Taman Segar and Taman Connaught.

•     Based on TheEdgeProperty.com’s analysis of transactions, the average transacted price of non-landed homes was at RM348 per sq ft in 1Q2015. This was an 11.5% y-o-y growth from RM312 psf.

•     In 4Q2013, the average price had spiked to RM350 psf, largely due to the completion of Amaya Maluri and the subsequent sales activity observed.

 •    Transaction activity has softened since 2014. The transaction volume for the 12 months to 1Q2015 retreated 28.2% y-o-y from 1,264 units to 907 units.

•     Cheras is seeing some exciting new developments such as MyTOWN Shopping Centre by Boustead Holdings Bhd and Ikano Pte Ltd as well as Sunway Velocity by Sunway Bhd. The former is home to Malaysia’s second and largest IKEA store; while the latter is a 23-acre integrated development with a gross development value of RM4 billion.

•     Residents are also looking forward to the MRT Line 1 (MRT Sungai Buloh–Kajang) due in 2017. The new MRT line will include six new stations at Cochrane, Maluri, Taman Pertama, Taman Midah, Taman Mutiara, and Taman Connaught.

Click here for the price trends of condominiums at Taman Maluri.

The Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.