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What will RM300k get you in the Klang Valley? (Sept 23, 2009)

PETALING JAYA: What kind of landed home can you get for RM300,000? And just as important, will its location be good?

In Plentong, at the outskirts of Johor Baru, one can own a brand new 1-storey semi-detached house for just RM300,000 or less, says those familiar with the market.

Over in Melaka, a freehold 2-storey semi-detached house with 2,377 sq ft in built-up is apparently available for RM260,000 in Alor Gajah.

Up north in Ipoh, where the cost of living is known to be much lower than in Kuala Lumpur, brand new 2-storey semi-detached homes with 1,978 sq ft in built-up in Tambun – a 15-minute drive from the town centre – are going for under RM260,000. These are leasehold properties.

Meanwhile, in Penang, property experts say one should forget about buying any new landed property for RM300,000 or less on the island. Try Seberang Jaya instead – new and freehold 2-storey terraced homes are available for that price or less.

How about in the Klang Valley?

For a start, don’t even dream of owning a landed home, however tiny, in hot addresses like Kuala Lumpur’s Bangsar or Taman Tun Dr Ismail (TTDI). The elite Damansara Heights address is also well outside your radar if your budget is just RM300,000.

In Bangsar’s Telawi area, a 22ft by 75ft 1-storey terraced house built 35 years ago, is on the market for RM550,000. Over in TTDI, a 30-year-old basic 1-storey terraced house in the Aminuddin Baki area is going for about RM400,000.

Still, you could get lucky with the older but established townships like the popular Petaling Jaya, Subang Jaya, Cheras, Seri Kembangan, Kajang, Kayu Ara, Taman Paramount, Taman Mayang and Selayang.

Adrian Wong, managing director of CBD Properties Sdn Bhd tells theedgeproperty.com it is difficult but not impossible to find 1-storey terraced houses costing RM300,000 in Petaling Jaya and Subang Jaya.

These, however, would have to be those built some 20 to 30 years ago. Don’t expect modern designs or a spacious building, though. The land areas would probably measure a modest 20ft by 60ft or even less. Another option would be leasehold homes, especially those which are nearing expiry of their lease.

One obvious challenge with older houses is the need for rewiring and new plumbing works, which can cost a pretty bundle. Often, there would be a need to change the tiling and sanitary fittings as well.

“It is very difficult to get new properties costing RM300,000 or less in the Klang Valley. Petaling Jaya doesn’t really have any… perhaps those at the outskirts such as Sungai Buloh. We can, however, still get a new condominium unit costing below RM300,000 but landed property is very difficult,” Wong adds.

Vincent Ng, founder and CEO of Kim Realty Sdn Bhd says 1-storey houses of RM300,000 or less are available in the SS1 and SS2 areas of Petaling Jaya and Puchong Jaya. The leasehold 1-storey terraced houses of around 22ft by 65ft in Section 14 of Petaling Jaya are going for RM300,000 or less.

“With that kind of budget, it is difficult to get good condition 2-storey terraced houses in the Klang Valley; maybe in the suburbs or those built on Malay Reserved land,” he tells theedgeproperty.com, adding that 2-storey terraced houses of 30 years or more in these areas can still cost between RM300,000 and RM350,000.

According to See Kok Loong, director of Metro Homes, older homes which are usually smaller in size and located at less-preferred locations tend to attract owner occupiers rather than investors.

“Many first-time home buyers would enter the property market with purchases below RM300,000 before upgrading to bigger houses. The demand for these kind of cheaper property has been very good and I expect it to stay good in the short term,” says See. Investors, he adds, tend to go for condominiums and apartments.

 


 

 

 

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