PETALING JAYA (July 24): Cheras, Kuala Lumpur is known for its numerous mid-range landed housing developments including Bandar Tun Razak, Taman Connaught, Taman Maluri and Taman Midah. Lying adjacent to Kuala Lumpur city centre, it stretches on to the south towards Kajang. There is a smattering of high-rise apartments and condominiums but they are growing in number.
Cheras has one of the highest populations in the Klang Valley but for many folks there, it is just a place to go home to after work, shopping or partying in KL city centre, Petaling Jaya or just somewhere more "happening".
So, when the redevelopment of the Cochrane area and the adjoining northern parts of Cheras saw the introduction of lifestyle integrated developments by Sunway Bhd and Boustead Holdings, people got excited. Real estate values in the vicinity such as in the Maluri area spiked.
The average price psf of non-landed residences in Cheras remained at an affordable RM334 psf in 3Q2014, according to analysis by theedgeproperty.com. This was just a 1.5% rise from 3Q2013 but after an impressive hike of 22.3% the previous year. Prices seem to be stabilising but real estate agents and consultants think there is more room for growth, especially with the upcoming completion of the Mass Rapid Transit Line 1, which will have stations at several housing areas in Cheras come 2017.
For a quick and brief analysis of the property market in Cheras:
PROPERTY SNAPSHOT Cheras is undergoing a transformation
PROPERTY SNAPSHOT What’s affordable in Cheras?
PROPERTY SNAPSHOT What are developments priced like in Cheras?
PROPERTY SNAPSHOT What’s hot in Cheras?