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PROPERTY SNAPSHOT Room to grow at Dutamas

•    This week, the focus falls on non-landed residential properties in Kuala Lumpur’s Dutamas area.

•    Earlier viewed as an extension of Mont’Kiara, the Dutamas area is now highly favoured on its own. The catalyst was Sunrise Bhd’s development of Solaris Dutamas, an integrated project with Publika Mall, offices and condominiums, which appeal to the young. Dutamas also benefits from easy access to the city centre, and government offices in the vicinity. 

•    Based on theedgeproperty.com’s analysis of transactions, the average price per square root (psf) in 3Q2014 rose 0.2% y-y to RM494 psf.

•    The average price is down 8.2% from the peak of RM539 psf in 4Q2013, when an unusually high volume of transactions was observed at Solaris Dutamas, which commands a large premium over other projects.

•    Prices have been moderating in 2014 following the strong appreciation in the preceding years. In 3Q2013, prices rose 16% y-y to RM493 psf.

•    Total transactions for the 12 months to 3Q2014 fell 23% y-y from 426 to 328 units.

•    Transaction activity is expected to pick up again to reflect the recent completion of Icon Residence by Mah Sing Group Bhd, as well as the launches of new projects such as Concerto Kiara and Verdana at Jalan Dutamas Raya.

•    Another future catalyst could be the ambitious KL Metropolis development on the MATRADE site. With the project scheduled in phases over the next decade, home values could appreciate further as the landscape begins to take shape, although supply will also increase.

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.

 

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