PROPERTY SNAPSHOT 1: Puchong remains attractive

•    This week, the spotlight falls on the secondary market of non-landed residences in Puchong, Selangor. For this study, the boundaries of Puchong have been limited — from Bandar Puchong Jaya up to the Klang River in the north, to Taman Tasik Puchong and Taman Putra Prima at the Air Hitam forest reserve down south. Excluded from this analysis are Bandar Kinrara, Bandar Bukit Puchong and beyond.

•    Capital values in Puchong have continued to appreciate albeit at a more moderate pace in the 12 months to 1Q2015. Based on TheEdgeProperty.com’s analysis of transactions, the average transacted price of non-landed homes have been on the rise since 2013. The market then corrected in 1Q2014 before continuing its ascent over the rest of the year.

•    In 1Q2015, the average price reached a new peak of RM327 psf. This represents a 22.8% y-o-y jump from the trough of RM266 psf in 1Q2014.

•    On the other hand, transaction activity has similarly slowed in 2014 with transaction volume for the 12 months to 1Q2015 retreating 36.3% y-o-y from 1,703 units to 1,085 units.

•    While Puchong was once considered far from the rest of Petaling Jaya and Kuala Lumpur city centre, the area is now serviced by public transport with the Sri Petaling and Kelana Jaya LRT extensions expected to commence full operations end of June 2016. Connectivity will further improve once the systems are fully integrated and commuters no longer have to change trains at the Sri Petaling Station.

Click here for the price trends at Taman Putra Prima.