Snapshot of the residential market
There has been phenomenal growth from 2007, particularly in the Klang Valley, in terms of supply and capital values, especially for high-end housing. The trend gained momentum in tandem with growing affluence and a growing expatriate population in the urban centre.
There has been phenomenal growth from 2007, particularly in the Klang Valley, in terms of supply and capital values, especially for high-end housing. The trend gained momentum in tandem with growing affluence and a growing expatriate population in the urban centre.
Demand for high quality homes spurred better-designed world-class residential developments. The government’s efforts to maintain low interest rates, improvements in transport infrastructure and its master plan to create world-class cities further fuelled growth.
Outlook
A stable to low growth in prices is projected due to higher supply. High quality products in prime locations will continue to enjoy high demand.
A stable to low growth in prices is projected due to higher supply. High quality products in prime locations will continue to enjoy high demand.
Landed home prices will continue to rise as developers continue to innovate product features such as adding green and smart home features.
The trend is towards furnished serviced apartments with concierge and security services. Apartment sizes are also shrinking to make them affordable. It is still uncertain whether such a lifestyle shift will become a reality or whether such apartments will eventually turn into alternatives to long-stay hotel accommodation.
Significant projects since 2007
1. Desa Park City
The self-contained 473-acre freehold township is expected to have about 7,280 homes serving a upper-middle class population of 35,000 upon its completion in 2014. Its most unique characteristic is that each residential precinct is a gated and guarded enclave. A recent launch, Casaman 2- and 3-storey terraced homes were reportedly sold out within five hours. The township has won several awards including the 2010 Fiabci Prix d’ Excellence Award for Best Residential (Low-rise) Neighbourhood for its Adiva neighborhood.
2. Cyberjaya
From oil palm estates, this intelligent city today houses numerous commercial buildings, MSC Status offices and universities. It has attracted many big name developers recently, including Mah Sing, UEM Land, S P Setia and OSK Property. There are currently 2,833 residential units with over 5,000 units under construction.
3. Sri Tanjung Pinang, Penang
Developed on reclaimed land by Eastern & Oriental Bhd, this project has transformed the surrounding area into an upmarket enclave. Spanning 980 acres, Phase 1 (240 acres) is almost fully developed with an estimated GDV of RM4 billion while Phase 2 which will begin soon has an estimated GDV of RM12 billion.
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