PROPERTY SNAPSHOT 4: What’s hot in Cheras?

•     Today, we look at price growth and indicative rental yields for non-landed homes in Cheras, Kuala Lumpur. From analysis of transactions by TheEdgeProperty.com, the average transacted price for non-landed homes in the secondary market was RM348 psf in 1Q2015, up 11.5% y-o-y.

•     With the flurry of recent projects, namely Sunway Velocity and MyTOWN, average prices appear to have grown across the market. The highest growth in average prices can be found at Vistaria Residensi in Taman Pertama, where the average price gained 35.8% to reach RM479 psf in the 12 months to 1Q2015. This property is located about 400m away from the upcoming Taman Pertama MRT Station.

•     Meanwhile, the average price at Casa Ria Condominium (pictured) grew 33.4% y-o-y to reach RM397 psf over the same period. Located in bustling Taman Maluri, residents will soon enjoy greater connectivity with the upcoming Taman Maluri MRT interchange station together with the existing LRT Ampang line.

•     The rental market in Cheras is driven by its proximity to Kuala Lumpur City Centre. The highest indicative annual yields of 6.5% can be found at medium-cost apartment Manor Apartment, located close to Taman Maluri. Capital values here have stagnated, hence the higher than average yields.

•     The future MRT Line 1 (MRT Sungai Buloh – Kajang) is expected to further boost the Cheras property market. Many of the planned stations are strategically located close to existing or future shopping centres, such as in Cochrane, Maluri, Taman Mutiara and Taman Connaught.

Click here for the price trends of Manor Apartment.

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.