News by TheEdgeProperty.com

Sri Petaling’s property market is expected to continue to enjoy growth on rising demand from developers looking for land beyond the city centre, said property consultants.

The rental market in Cheras is driven by its proximity to Kuala Lumpur City Centre.

Up until recently, the property market in Cheras has consisted predominantly of mature, middle-class condominiums and apartments.

The most expensive project was Vistaria Residensi with an average transacted price of about RM699,000 per unit.

Cheras is seeing some exciting new developments such as MyTOWN Shopping Centre by Boustead Holdings Bhd and Ikano Pte Ltd as well as Sunway Velocity by Sunway Bhd.

A new man is in charge. Datuk Muhammad Ibrahim took the reins from Tan Sri Zeti Akhtar Aziz as Bank Negara Malaysia (BNM) governor on May 1.

The property is expected to sell for about £200 million (RM1.16 billion).

Growth in average prices was more significant among the more affordable properties. The top performer by relative average price growth was Kelana Impian, with prices up 21.8% to reach RM341 psf in the 12 months to 1Q2015.

Five industrial buildings in Australia could be acquired by Blackstone Group, said the report. Sime Darby is planning to sell property assets in Australia and Singapore so that it can reduce debt.