Malaysian Institute of Estate Agents (MIEA) deputy president Erick Y T Kho said that land prices for prime locations are now asking for between RM2,000 psf and RM2,500 psf, with them becoming increasingly scarce.
“Embassies are cashing in and selling their mission’s land and moving into office buildings, he said in a presentation at the “Property Market Outlook: Post GE 13’ organised by the Malaysian Institute of Real Estate Agents in Kuala Lumpur yesterday.
Kho said that larger developers are influencing market development trends with mega projects but spill over is evident with medium/small developers mopping up pockets of land in secondary locations.
He said that with properties selling prices in city fringe projects going up to RM1,000 psf, investors are shifting interest back to the KLCC area.
He said that prices of land in many parts of greater KL are also enjoying price increases and this trend is expected to continue.
On the industrial property sector in the Klang Valley, past councilor of MIEA Maureen Cheah said that the property sector is expected to remain relatively stable in 2013 on account of prices that have reached unprecedented levels, mismatch of selling prices and valuation prices.
She said that there are signs of buyers’ resistance towards the high asking prices from owners and consumers have resorted to renting them rather than buying which will have an effect on the prices from going up much further.
On the commercial property sector, MIEA immediate past president Nixon Paul said that investments are generally more expensive in comparison to residential properties that usually attract more savvy investors.
He said that of late many smaller and newer investors are also investing in these properties by pooling their resources and making collective purchases.
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