Positive outlook for Putrajaya’s property market

KUALA LUMPUR (April 21): The property market volume and value of transactions in Putrajaya rose 72.1% and 39.1% year-on-year respectively, last year, according to the recently released “Property Market Report 2014” by the National Property Information Centre (Napic).

The Putrajaya property market was encouraging in 2014 -- there were 692 transactions worth RM715.95 million recorded in the period under review, compared with 402 transactions worth RM514.97 million in 2013.

Putrajaya’s residential rental market was also positive. Double storey terraced units in Precinct 9 fetched rentals of RM1,600 to RM2,250 per month, while Precinct 11 fetched rentals of RM3,200. In line with its capital appreciation, low cost flats in Precinct 9 saw an increase of 10.5% to RM1,000 per month, which was a yield of 6.8%.

Putrajaya also recorded a greater number of new launches, although their sales performance was moderate at 45%, lower than the 66.2% recorded in 2013. However, the state only recorded 172 residential units of unsold properties under construction, down from the 351 units in 2013.

“Putrajaya is a very small area, thus this is not a very good indicator of how the overall market was performing. Nevertheless, Putrajaya definitely has the potential to be the next property hotspot in the years to come,” said Foo Gee Jen, the managing director of CH Williams Talhar & Wong Sdn Bhd.

He believes land shortage in current prime locations such as Petaling Jaya and Kuala Lumpur would encourage better property performance in Putrajaya, especially since the state has more comprehensive infrastructures and facilities compared with other upcoming hotspots such as Semenyih and Rawang.

“And do not to forget the MRT extension line. Upon completion in a few years, Putrajaya is just 10 to 15 minutes away from Kuala Lumpur. It could be the major draw for buyers in the future,” he added.

    (Source: Napic)

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