PROPERTY SNAPSHOT 1: Prices climb in Cheras South

This is the first in a series of four snapshots on Cheras South. Look out for part two tomorrow.

•    Over the past years, the neighbourhoods south of Cheras have been witnessing a slew of new developments that are marketed using the moniker Cheras South. This week, theedgeproperty.com looks at the performance of non-landed properties in this area. We have found that projects falling under Cheras South span from the 7th to the 11th Mile of the Cheras-Kajang Expressway and include townships such as Bandar Damai Perdana, Bandar Tun Hussein Onn, and Bandar Mahkota Cheras.

•    Based on theedgeproperty.com’s analysis of transactions, prices of non-landed properties in Cheras South appreciated steadily from 2012 to 2014, although prices here are still very affordable. The average transacted price per square foot (psf) rose 13.8% y-y to RM241 psf in 3Q2014. In the preceding year, it grew 25.5% y-y.

•    The growth in average price may be partly attributed to the wave of newly completed projects. Some of the latest additions to the landscape include Livia Residence, Mahkota Residence and Suria Court.

•    Meanwhile, a rise in average prices can also be observed across almost all existing properties, albeit from a low base. This suggests that the local secondary market is also befitting from the influx of new developments. 

•    In the 12 months to 3Q2014, transaction volume slipped 23.6% y-y from 664 to 507 units. Transaction activity is likely to return with the new developments bringing at least 3,900 units into the market. Some of the latest projects include 9ine, Green Residence, Imperial Residency, Lake Vista Residence, Lumiere, The iResidence, Vina Versatile Homes, You Residences, You Vista and Windows On The Park.