PROPERTY SNAPSHOT 1: Brickfields 1Q2015 average price down 6.9% y-o-y

•    This week, the spotlight falls on the secondary market of non-landed residences in Brickfields and the integrated transport hub of KL Sentral.

•    Based on TheEdgeProperty.com’s analysis of transactions, the average transacted price of non-landed homes here has remained around the same levels since 2013. The average price retreated 15% from a peak of RM733 per square foot (psf) in 3Q2014 to RM623 psf in 1Q2015. This represents a 6.9% y-o-y drop on the previous corresponding quarter.

•    Transaction activity has also been lackluster since 2014. Total transaction volume for the 12 months to 1Q2015 fell 30.1% y-o-y from 166 units to 116 units.

•    While price growth and transaction activity appear to have cooled, KL Sentral has successfully established itself as a viable alternative for headquarters of companies due to its central location, excellent connectivity, supporting hotel and retail services and quality office spaces. Companies based in KL Sentral include Allianz Malaysia, CIMB Investment Bank, Google Malaysia, UEM Group and Shell Malaysia.

•    The prestige of KL Sentral has spread outwards, kick-starting development of the surrounding neighbourhood. Future projects include a mixed-use development at the former police headquarters along Jalan Tun Sambanthan. The project by Seni Nadi Land Sdn Bhd is expected to have a gross development value of RM2 billion. Meanwhile, located along Jalan Ang Seng is The Establishment, a serviced residence and boutique hotel development by Keystone Land Developments Sdn Bhd.