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PROPERTY SNAPSHOT 1: Kerinchi/Pantai average price at RM518 psf in 1Q2015

Kerinchi

•     This week, the spotlight falls on the secondary market of non-landed residences in Kuala Lumpur’s Bangsar South, Pantai and Kerinchi areas.

•     Based on TheEdgeProperty.com’s analysis of transactions, in 1Q2015, the average transacted price of non-landed homes here has hit a new peak of RM518 per square foot (psf) on the back of an increasing proportion of high-value transactions.

•     This represents a 28.5% y-o-y increase from RM403 psf in 1Q2014. However, this annual growth figure should be read in its wider context. The average price in 1Q2014 was anomalously low due to an unusually higher proportion of low-cost transactions.

•     While the average price is showing signs of growth, transaction activity, on the other hand, has been muted. Total transaction volume for the 12 months to 1Q2015 fell 25.9% y-o-y from 278 units to 206 units.

•     As prices in the hotspots of Bangsar and Mid Valley climb ever upwards, the neighbouring Pantai area has been experiencing growing interest from developers and buyers alike. Several developments are beginning to materialise. Among these are the KL Gateway mixed-development and the Novum Bangsar South condominium, both of which are located closer to the established nucleus of Bangsar South. Other recent developments include Saville @ The Park by MKH Bhd and Amona Group and South View Serviced Apartments by UOA Development Bhd. 

Click here to check out the price trends at Saville @ The Park.

The Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.

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