PROPERTY SNAPSHOT Affordable luxury at Setapak

•    This week, we focus on the non-landed residential properties in one of Kuala Lumpur’s oldest suburbs, Setapak.

•    The landscape in Setapak is fairly dense, with plenty of both new and old apartments amidst landed homes in the neighbourhood. Among the notable developments are Platinum Lake and Platinum Hills. Other landmarks include the Tunku Abdul Rahman University College which continues to attract a significant student population into Setapak.

•    Over the past decade, many upmarket condominiums such as Setapak Green and 288 Residency cropped up in Setapak, setting new benchmark pricing and raising property prices in the area. These newer developments tend to have decent finishings and facilities, and boast views of the KLCC skyline or the Genting Highlands peaks.

•    Driven by the advent of these condominiums, the average transacted price per square foot (psf) hit a new high of RM389 psf in 3Q2014, based on theedgeproperty.com’s analysis of transactions.

•    Prices have also outperformed the Kuala Lumpur average in the past two years. In 3Q2014, the average prices grew 12.5% y-y. Prices in the preceding year recorded an even more impressive surge of 30.9% y-y on the back of secondary market transactions at Setapak Green.

•    By comparison, the Kuala Lumpur High-Rise House Price Index as reported by NAPIC only grew 7.0% and 9.6% y-y in 3Q2014 and 3Q2013 respectively.

•    Meanwhile, transactions activity in Setapak is irregular,  influenced by new launches or completions in the area. Total transaction volume for the 12 months to 3Q2014 fell 32.8% from 928 to 624 units.

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