So we have been more than one year into the COVID-19 pandemic and lockdowns, how has it affected property prices? That might the question most home buyer and investors are asking at this moment.
Well in Selangor, data shows that residential property prices may finally be coming down.
That’s what Savills Malaysia director of research and consultancy Amy Wong says in Savills Klang Valley High-Rise Residential Property Monitor for 1Q2021.
According to JPPH data, there were very few transactions of 2- and 3-bedroom properties in Subang Jaya, notes Amy. “As a result, the average capital value of the sampled properties remained unchanged during the quarter in review at RM539 psf.”
Meanwhile, the average asking price in Subang Jaya decreased by 2.4% y-o-y to RM577 psf in 1Q2021 from RM591 psf in 1Q2020.
Alira Metropark Subang is a new freehold development that is expected to add 836 units of serviced apartments and low-rise villas to the Subang Jaya property market in two years, she says.
In Bandar Sunway, the average capital value of the sampled properties decreased marginally q-o-q due to a decrease in transaction price per sq ft in 4Q2020, which was reported during the quarter in review, says Amy.
Three-bedroom units in Bandar Sunway, ranging from 1,300 to 1,600 sq ft, recorded an average capital value of RM592 psf during the quarter — a 0.5% decrease from the RM595 psf in 4Q2020.
… the average property price per sq ft in Bandar Sunway had decreased y-o-yAmy Wong, Savills Malaysia Director of Research and Consultancy
According to Amy, the average property price per sq ft in Bandar Sunway had decreased y-o-y. In contrast, the average capital value of LaCosta and Palmville
Resort Condominium increased by 0.8% and 1.1% respectively. Meanwhile, the average asking price in Bandar Sunway fell by 1.1% q-o-q to RM607 psf.
In Petaling Jaya, several secondary market transactions were registered in 3Q and 4Q last year, which were published by JPPH this quarter, she says. Meanwhile, the average capital value had risen to RM634 psf.
“With about nine developments expected to be completed soon, Petaling Jaya is more competitive than Subang Jaya and Bandar Sunway. Due to the extension of the HOC until end-2021, this region will continue to see steady growth in terms of new unit take-ups,” says Amy.
Edelweiss at Tropicana Gardens stood out from the crowd, she says. “Its take-up rate increased to 33% during the quarter in review from 17% in 4Q2020. One of its unique selling points is its connectivity to Tropicana Gardens Mall and the Surian MRT Station.”
As for the average asking price in Petaling Jaya, that of the sampled 2- and 3-bedroom properties with built-ups of 1,100 to 2,000 sq ft fell 0.3% to RM641 psf from RM643 psf in 4Q2020.