Mature Property Neighbourhoods Remain Popular

Some popular locations in the Klang Valley still attract buying interest for secondary properties, either for investment or own occupancy, despite the softening property market in the country, industry players said.

Townships with mature neighbourhoods and high-end residences in Kuala Lumpur which are close to the city centre remain popular secondary property markets, even for next year, according to real estate agents contacted by StarBiz.

Hartamas Real Estate Sdn Bhd managing director Eric Lim said popular locations for landed secondary residential properties in the Klang Valley included Ara Damansara, Bandar Utama, Bukit Jelutong and Kemuning Utama in Shah Alam, with people still buying properties there.

“It is expected to continue to remain active next year as the prices there are affordable versus the more mature residential areas such as Petaling Jaya. “Buyers, especially the young executives, are willing to go slightly further for more affordable property prices,” he said.

For condominiums, Lim is positive about locations such as Bangsar and KL Sentral as fewer launches in these areas in recent years have contributed to a stable supply.

Chester Properties senior real estate negotiator Kam Jun Yin said Petaling Jaya, Subang and Puchong were still the popular locations for those who planned to purchase properties for own occupancy.

Kam observed that the KLCC vicinity and Mont Kiara areas were most popular with buyers who bought for both own occupany and investment purposes, noting that prices in these two high-end locations had risen more than 100% in three years.

Secondary property prices in KLCC vicinity were ranging from RM1,000 to RM1,400 per sq ft, he said.

“Given that most of the new properties in the KLCC vicinity are looking to achieve RM2,500 to RM3,000 per sq ft, perhaps next year, secondary prices may be pushed higher,” Kam said.

According to S.K. Brothers Realty (M) Sdn Bhd general manager Chan Ai Cheng, Petaling Jaya, Damansara Heights are also attractive to secondary property buyers.

“These locations are well-established with mature neighbourhoods and populated with growing families creating natural demand as well as coveted residential address to match people’s lifestyle and demands today,” she said.

J A Valleys Properties real estate negotiator, Raymond Phuah, noted that “coupled with the limited land with freehold title in these areas, Petaling Jaya has attracted a lot of potential buyers for secondary properties.”

Source: The Star