Bukit Ceylon property

KUALA LUMPUR (July 18): Bukit Ceylon’s strategic location within Kuala Lumpur’s Golden Triangle has attracted a number of developers to the area in recent years, resulting in an increase in residential high-rises.

VPC Alliance (Malaysia) Sdn Bhd managing director James Wong notes that new completions of high-rise residential buildings between 2012 and 2014 contributed to the significant increase of condominium units in Bukit Ceylon to 2,225 (in 2014) from 1,168 (in 2012).

Due to this reason, consultants anticipate the market in Bukit Ceylon to remain flattish over the short and long-term period.

Meanwhile, ongoing and future developments are expected to exert pressure on existing condominiums, resulting in a decrease in average occupancy rate and a more competitive rental market.

Adding to the slight oversupply is the subdued demand for residential units in Bukit Ceylon due to the higher asking prices.

Wong believes that property prices and supply in Bukit Ceylon will eventually meet an equilibrium point in the long term due to limited supply of development land in the city.

While the property market may seem rather challenging in Bukit Ceylon currently, consultants anticipate the neighbourhood to look more promising in the longer term due to its strategic location, which is a stone’s throw away from KL’s central business district.

Read the full story in the July 20 issue of City&Country, the property pullout of The Edge Malaysia business weekly. Subscribe here for your personal copy.

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