indepth

PROPERTY SNAPSHOT Paradigm Mall lifts Kelana Jaya

 

  • This week, we focus on the non-landed residential properties in Kelana Jaya, a fairly mature neighbourhood in Petaling Jaya.
  • The areas commonly referred to include Aman Suria, Taman Mayang, Taman Mayang Jaya, Taman Bukit Emas, Taman Kelana Idaman, SS3, SS4, SS5, SS6 and SS7. The condominiums in Kelana Jaya are concentrated mainly in SS7 while the rest are scattered among the landed housing neighbourhoods.
  • The opening of Paradigm Mall in 2012 has boosted local property prices. Based on theedgeproperty.com’s analysis of transactions, the average transacted price per square foot (psf) grew 15.9% y-y to RM455 psf in 3Q2014. It also recorded robust growth of 19.8% y-y in the preceding year.
  • In 4Q2013, the average transacted price spiked to RM451 psf on the back of a large number of transactions of Zenith Residences, which also boosted transaction volume in 3Q2013 and 4Q2013. From a larger perspective, total transaction volume for the 12 months to 3Q2014 fell 14.1% from 249 to 214 units.
  • Average prices and transaction activity are likely to pick up again, reflecting sales at the newly launched Pinnacle Kelana Jaya and Azure Residences. The latter, developed by WCT Holdings Bhd atop Paradigm Mall, set a price record for the neighbourhood with its launch price of RM950 psf.
  • The property market here is likely to be further buoyed by Sunway Bhd’s recent purchase of 17 acres of land to be developed into a RM1.8 billion mixed development, well as the Kelana Jaya LRT extension to Putra Heights, due for completion next year-end.

 

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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