PETALING JAYA: Property marketplace iProperty today revealed that the best-selling markets for subsale residential properties are in Kuala Lumpur, Selangor, Penang and Johor.
Data from the valuation and property services department showed that between July 2021 and June 2022, landed and high-rise projects in these markets recorded the highest number of transactions, which provided a key insight into customers’ buying preferences during the post-pandemic recovery period.
Preference for luxury in KL
In Kuala Lumpur, the top subsale residential market is observed in upscale neighbourhoods with a lush environment and easy access to the city centre such as Taman Tun Dr Ismail and Damansara Heights.
A total of 63 terrace house transactions were recorded in Taman Tun Dr Ismail, with an average median price of RM1.5 million and average median size of 1,800 sq ft.
In second place is Damansara Heights, which saw 46 transactions with an average median price of RM5 million and average median size of 7,782 sq ft.
Other popular subsale terrace house areas include Bandar Baru Sri Petaling (46 transactions; median price: RM660,000), Overseas Union Garden, Bukit Jalil (38; RM800,000) and Taman Bukit Maluri, Kepong (37; RM740,000).
The preference to reside in luxurious residences also extended to the Kuala Lumpur subsale high-rise market.
Leading the list of subsale high-rise transactions is Seni Mont Kiara with 33 transactions and an average price of RM2.365 million, followed by Royal Domain Sri Putramas 2, Jalan Kuching (29: RM510,000), The Estate, Bangsar South (28; RM1.88 million), Bukit OUG, Bukit Jalil (27; RM380,000) and The Z Residence, Bukit Jalil (27; RM650,000).
The high-rise units in the top three are notably spacious, exceeding 2,000 sq ft in size. Consumers with higher disposable income appeared to prefer low-density living, spacious units with a scenic view and a private lift lobby.
iProperty highlighted that most of the properties sold in Kuala Lumpur, as well as the other three major states, also bear freehold titles.
Landed properties dominate in Selangor, Johor
As for Selangor and Johor, PropertyGuru Malaysia country manager Sheldon Fernandez said property transaction volume in the subsale residential markets was particularly encouraging for landed properties with a built-up size of above 1,100 sq ft.
In Selangor, Bukit Sentosa, Serendah witnessed the highest amount of transactions at 223 with a median price of RM260,000, followed by Taman Sentosa, Klang (166; RM390,000), Bukit Beruntung, Serendah (121; RM255,000), Bandar Bukit Raja (118; RM95,000), and Bandar Utama (110, RM1,400,000).
It is interesting to note that Serendah was a popular choice for subsale landed property buyers, occupying two of the top three spots in the state.
Johor was the next highest market for subsale landed properties after Selangor, with four of its top five neighbourhoods registering more than 100 transactions. This indicates that consumers are willing to purchase homes with good amenities and connectivity in mature neighbourhoods.
One good example is Taman Universiti, Skudai, which is a mature neighbourhood bordering other established developments in Johor Bahru. Taman Universiti led the subsale landed property transaction list with 171 transactions at a median price of RM308,000.
Other townships that followed are Taman Bukit Indah, Iskander Puteri (156; RM580,000), Taman Mutiara Rini, Skudai (111; RM645,000), Taman Setia Indah, Tebrau (110; RM500,000), and Taman Bukit Indah, Iskandar Puteri (99; RM610,000).
High-rise popularity may rise
In Selangor, the presence of numerous affordable and livable high-rise properties in the state’s suburban areas is appealing to many potential buyers.
Between July 2021 and June 2022, it was noted that high-rise properties with elegant layouts and serene surroundings were popular such as Sg Long Residence, Sungai Long which saw 60 transactions at a median price of RM575,900.
It is followed by Venice Hill, Cheras (54; RM280,000), Serunai Apartment, Bandar Bukit Raja (52; RM270,000), Mutiara Heights, Kajang (38; RM530,000), and Palm Spring, Kota Damansara (35; RM400,000).
Meanwhile, in Penang, high-rise units which offer a scenic sea view were popular among consumers such as the Tamarind and the Quayside in Tanjung Tokong. The Tamarind had 21 transactions with a median price of RM720,000 while the Quayside had 20 transactions with a median price of RM1.95 million.
Other high-rise units in the top five list are Ideal Vision Park @ Tree Sparina, Bayan Lepas with 21 transactions and a median price of RM580,000, The Golden Triangle, Sungai Art (18; RM500,000) and Pangsapuri Regency Oren, Butterworth (18; RM590,000).
Moving ahead, iProperty expects the volume of subsale residential transactions to increase in 2023, as demand for high-rise units costing roughly RM500,000 could continue to rise in Selangor and Penang whilst niche high-end projects in Kuala Lumpur and Penang could continue to generate interest.
“With the recent announcement on full stamp duty exemptions for first-time homebuyers, we hope there will be a steady movement in subsale market activity as homebuyers take advantage of these financial incentives,” Sheldon predicted.