News by EdgeProp

While the newer developments are becoming increasingly more upmarket, the secondary market in Kuching is still concentrated in the mass-market segment.

Despite the slowdown in the overall market, the high-rise segment has performed relatively well. Strata units are becoming increasingly viable due to the scarcity of land and the high prices of landed properties.

The Malaysian Annual Real Estate Convention 2016 (Marec ’16), which helps real estate practitioners stay abreast of the property market, is opening its doors to the investing public for the first time.

Growth in capital values was led by projects in the middle-market segment. The highest relative price growth was at University Condo Apartments 1 on Jalan Sulaman Highway

The city has a fairly sizeable expatriate population who work mainly in the oil and gas industry, and because of the city’s reputation as a retirement and holiday destination.

The historic Hotel del Coronado, popularly known as The Del, was inspired by the natural beauty of Coronado island.

By average price per unit, the most expensive project was The Loft Private Residences at KK Times Square, at RM909,000. Developed by Asian Pac Holdings, the serviced apartment is part of the KK Times Square project, one of the first in a wave of recent high-end, mixed-use developments. 

The lull in the market follows a period of appreciation when price growth was surpassed only by Kuala Lumpur and Penang leading to a flurry of development activity.

Organising chairwoman Amanda Goh said a diverse range of topics are planned for the convention, from the much sought-after market outlook to even a discussion on the psychology of selling. The event is expected to attract 400 participants.

The strata market is diverging into two-tiers. Price growth has stalled in the higher-end segment that targets Singaporeans or Malaysians working in Singapore, due to oversupply. In the mass-market segment, average transacted prices continue to grow.