• This week, the spotlight falls on non-landed residences along one of Kuala Lumpur’s main arterial roads, Jalan Ipoh. Jalan Ipoh stretches from near the Jinjang and Segambut neighbourhoods to the older heart of the city, near the Sentul, Titiwangsa and Chow Kit areas. Half of the road was renamed Jalan Sultan Azlan Shah late last year.
• Existing developments in the area are fairly dated and cater mainly to the low-to-middle-class segment. Nonetheless, prices have been rising, with the average transacted price per square foot (psf) hitting a new high of RM395 psf in 3Q2014, based on theedgeproperty.com’s analysis.
• Prices have also grown faster than the Kuala Lumpur average in the past two years, reflecting its proximity to the city and new projects that have set new benchmarks. In 3Q2014, the average prices grew 10.1% y-y. Prices in the preceding year recorded an even more impressive surge of 16.9% y-y.
• By comparison, NAPIC’s Kuala Lumpur High-Rise House Price Index grew 7.0% and 9.6% y-y in 3Q2014 and 3Q2013 respectively.
• Jalan Ipoh has recently been receiving a lot of attention, with many upcoming projects such as DeSkye Residence and Kiara East, while the YTL group continues to build on the Sentul West portion.
• Reputable developers have also begun to show confidence in the area with many new projects in the pipeline such as Lakeville Residence by Mah Sing Group Bhd, EcoSky by Eco World Development Bhd, and a development by UOA Holdings Bhd.
• Total transaction volume for the 12 months to 3Q2014 fell 32.3% from 387 to 262 units, but transactions will likely rise as new projects are launched.
The Analytics are based on the data available at the date of publication and may be subject to further revision as and when more data is made available to us.