Brickfields blooms

KUALA LUMPUR (May15): Ever since the Klang Valley’s largest transit hub KL Sentral emerged, the Brickfields area in Kuala Lumpur has seen its real estate values spike. Property prices here are expected to rise further as the connecitivy the area offers is hard to beat.

theedgeproperty.com’s analysis of of transactions of non-landed residential property in Brickfields (including KL Sentral) found that average values rose by 25% in the third quarter of last year (3Q2014) from a year ago to RM762 psf.

While the highest average price growth during the period was set by Suasana Sentral at 37.2% or RM989 psf, across the road, one of the older apartment blocks Palm Court, came in second with an average price growth of 19.7% to RM486 psf.

Real estate consultants believe that the price gorwth is fuelled by the area’s strong rental market as the number of expatriates looking to live there is growing. Many are professionals from India who are software engineers working in sectors such as finance, oil and gas, and IT as well as in local government vendor companies.

While the average monthly rental for non-landed residences in Kuala Lumpur is around RM3,492 or RM2.50 psf, that of the Brickfields and KL Sentral area is RM4,699 or RM3.52 psf, according to research by theedgeproperty.com.

For the full report, read the Cover Story in the May 15, 2015 issue of The Edge Property, the property pullout of The Edge Financial Daily here. Read the full pullout here. View the video. For a quick and brief analysis of the property market in Brickfields, check out these stories:
PROPERTY SNAPSHOT Brickfields prices hit new high
PROPERTY SNAPSHOT What’s affordable in Brickfields?
PROPERTY SNAPSHOT What are developments priced in Brickfields?
PROPERTY SNAPSHOT What’s hot in Brickfields?