PROPERTY SNAPSHOT 1: Development activity intensifies in Wangsa Maju

• This week’s spotlight falls on non-landed residential property in Wangsa Maju, in the north-eastern corner of Kuala Lumpur. Wangsa Maju is a well-established neighbourhood near the city centre, bordering Sentul, Setiawangsa and Titiwangsa.
   
• Based on theedgeproperty.com’s analysis of transactions, the average price of strata residences in Wangsa Maju has been appreciating steadily over the last two years. The average price hit a new high of RM356 per square foot (psf) in 1Q2015, a rise of 17.7% y-o-y from RM302 psf in 1Q2014.
   
• At the same time, transaction activity has dcreased since the beginning of 2014, with the total transaction volume for the 12 months to 1Q2015 declining 36.0% to 275 units from 430 previously.
   
• Some of transaction activity may have shifted to the primary market. As land gets scarcer in the city, development activity has spread further outwards. Served by the Wangsa Maju and Sri Rampai LRT stations, Wangsa Maju offers a relatively green environment only six stops away from KLCC.    As such, the recent years have witnessed the launch of many new and increasingly upmarket condominiums.
   
• Some of the new projects include Irama Wangsa by Beneton Properties, Seri Riana by IJM Land and Wangsa 9 by Mitrajaya Holdings. Other upcoming projects include Hedgeford 10, Infiniti 3 Residence, Seasons Garden and Lexa Residence. These projects are expected to contribute more than 3,700 new units to the neighbourhood.

Where is the lyrical Irama Wangsa and what are the price trends of condominiums near it? Tap here to find out.

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.