KUALA LUMPUR (April 23): The property market in Negri Sembilan witnessed a surge in performance in 2014. The state observed a bullish number of transactions at 23,257 with a total revenue of RM6.79 billion, up 5.6% and 25.2% respectively, against 2013, according to the “Property Market Report 2014”, by the National Property Information Centre (Napic).
The state’s residential property continued to be the leading sub-sector, contributing 71% of overall market share, followed by agricultural (14.6%) and commercial sub-sectors (8.3%), said the report.
The primary market in Negri Sembilan saw more new launches, with an increase of
up to 82.8% (3,607 units) compared with launches recorded in 2013 (1,937 units). The overall sales performance recorded in 2014 was 55%.
“The values have increased exponentially in 2014. More buyers are shifting to Negri Sembilan for investments. The main reason is affordability. For instance, it is much harder to purchase shop houses below the RM500,000 range in the Klang Valley,” said Siew Weng Hong, director of Henry Butcher Negri Sembilan.
“Another reason is the improving quality of properties in Negri Sembilan in terms of concept, infrastructure, planning and design, most of which are comparable to properties in the Klang Valley.
“The residential properties in the RM 400,000 to RM 600,000 range showed the highest transactions in Negri Sembilan, while those marked above the RM1 million range showed slower movements,” he noted.
Meanwhile, the residential overhang and unsold situation in Negri Sembilan have also improved. In 2014, the overhang numbers in the state were reduced to 932 units or RM207.53 million in value, down by 51.3% in volume and 21.7% in value compared with the previous year.
The state’s property outlook for the coming year is expected to be promising, particularly in the residential sub-sector. Some of the upcoming projects include the affordable housing project (PR1MA) in Seremban City and certain developments in North Seremban and Port Dickson, Bandar Sri Sendayan and Sendayan Tech Valley.
“In the next five years, there will be a rise in the property values in Negri Sembilan. With the railway extensions from Kuala Lumpur International Airport, extensions of highways North-South Expressway Northern Route and Paroi-Senawang-KLIA-Salak Tinggi, accessibility is a key factor in boosting the sales for properties in the state,” Siew added.
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