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PROPERTY SNAPSHOT Cheras is undergoing a transformation

Cheras malls property

•    This week, we shine a spotlight on one of Kuala Lumpur’s largest and most mature suburbs, Cheras. The area has a largely ethnic Chinese population densely spread across more than 100 ‘Tamans’. Some of the larger housing developments include Bandar Tun Razak, Taman Connaught, Taman Maluri and Taman Midah.

•    A large part of Cheras is developed into housing estates, interspersed with small commercial centres and malls.  Housing developments in this township started as early as in the 1960s, and comprise mostly terraced houses catering to the mid-market segment. As land became increasingly scarce, newer developments focused on apartments and condominiums.

•    As of 3Q2014, based on theedgeproperty.com’s analysis, the average price per square foot (psf) for non-landed properties stood at RM334 psf, up 1.5% y-o-y. This follows a strong 22.3% y-o-y increase in the preceding year.

•    Due to its density and fairly haphazard development, traffic has been a major issue in Cheras. A major re-rating catalyst would be the Mass Rapid Transit (MRT) line, which will improve connectivity. Of the total 31 confirmed MRT stations, five are located in the Cheras vicinity. 

•    Another catalyst for the area is the entry of larger developers. The Sunway group has launched Sunway Velocity, a 23-acre mixed-use development, while Ekovest Bhd has the 12-acre Ekocheras.  Meanwhile, Boustead is redeveloping the Jalan Cochrane area, which will include a new Ikea store.

•    For the 12 months to 3Q2014, transactions of non-landed properties in Cheras fell 37.9% y-o-y from 1,212 to 753 units.

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

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