• Today we look at the price growth and indicative asking rental yields for non-landed residences in Brickfields.
• According to an analysis of transactions by theedgeproperty.com, the average price per square foot (psf) was RM762 psf in 3Q2014.
• In the 12 months to 3Q2014, Suasana Sentral saw the highest growth in average price transacted psf, up 37.2% y-y to RM989 psf. In September 2014, a 893 sq ft unit on the 35th floor set a price record for the project at RM1,287 psf.
• Meanwhile, transacted prices at Palm Court rose 19.7% y-y to RM486 psf, with prices for 2- and 3-bedroom units there beginning to cross the RM500 psf threshold. Villa Scott rose 17.9% to RM593 psf while Suasana Sentral Loft increased 12.4% to RM1,006 psf.
• Residency Mutiara appears to generate the highest yields, with up to 7.2% asking rental yield, based on asking rents observed from listings. However, it should be noted that this is due to the unique layout plans, where a small bedroom studio can be detached from the larger unit and rented out separately at a much higher price psf, with asking prices often above RM5 psf. Overall rental yields for the entire larger unit are considerably lower.
• Overall, rental rates in Brickfields generally range from RM2.00 psf to RM3.90 psf.
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.