We’ve all felt it. The rising cost of living. From food to daily essentials, it has certainly impacted our lifestyles.
As highlighted in the PropertyGuru Malaysia Property Market Report Q3 2022, the rising inflation, and the increase in Overnight Policy Rate (OPR) to 2.20% in September 2022, will weigh heavily on the appetite of property purchasers. The full impact of this could surface soon.
The report shows an increase in:
- Asking prices in Q2 of 2022
- Supply of properties for sale
- Demand for both sale and rental properties
The PropertyGuru Malaysia Property Market Report Q3 2022 highlights that the property market is expected to continue to make moderate gains in the upcoming quarter, with ongoing mega infrastructure projects such as the Pan Borneo Highway and the MRT3, and the reopening of international borders sustaining potential interest in properties.
Looking further into overall increases, we reviewed the views for properties listed for sale in PropertyGuru. You could say that these are some of the most popular listings among property seekers – in no particular order – on PropertyGuru from 1st April 2022 till 30th June 2022.
|Kuala Lumpur||KL City Centre |
Old Klang Road
Taman Tun Dr Ismail
|Petaling Jaya||Kota Damansara |
Bandar Sri Damansara
Source: PropertyGuru DataSense
Based on these views, let’s look at why these areas are often searched and viewed.
1) The Golden Triangle Stays Golden – KL City Centre, Jalan Ampang & Bukit Bintang
Out of the 10 areas listed in the table above, 3 of them are in the heart of KL – KL city centre, Jalan Ampang, and Bukit Bintang.
It is unsurprising that these areas are home to many high-end residential developments due to their strategic location.
Examples include Tropicana The Residences, Pavilion Embassy Kuala Lumpur, Binjai On The Park, Marc Service Residence, The Mews, Ampersand, Aria Luxury Residence, SoHo Suites, Setia Sky Residences, The Troika, and St Mary Residences.
The location puts residents in the heart of the country’s capital, and that is a pull factor for the affluent and expatriates. While the demand and price will fluctuate based on the economy, it can also be seen as a good time for purchasers and investors to snap up luxury properties in prime locations such as the KL city centre, Jalan Ampang, and Bukit Bintang.
A buyer’s market also means attractive packages from developers. The low-interest rate environment also encourages interest, although interest rates are expected to be adjusted in the coming years.
The city centre is also expected to enjoy enhanced connectivity from the Putrajaya Line (previously known as the Sungai Buloh-Serdang-Putrajaya Line), the second line of the Klang Valley MRT project. The Putrajaya Line is expected to boost property values for developments near it.
Phase 1 began operations in June 2022, while Phase 2 is expected to start in early 2023. It will go through the heart of Kuala Lumpur, with stations in Titiwangsa, Hospital Kuala Lumpur, Ampang Park, Persiaran KLCC and TRX.
Source: Listings on PropertyGuru
Currently, the KL City Centre is served by the LRT Putra Line along Jalan Ampang, while MRT Line 1 serves the Bukit Bintang area, TRX and the Cochrane/Maluri area.
In the long term, the outlook for these areas are promising as the convenience of MRT and LRT stations allows occupants to save time and money. Land scarcity along the stations is another factor that supports value growth.
2) The Rise of Old, Mature Neighbourhoods – Old Klang Road, TTDI, Taman Melawati
The trend to develop within mature townships is on the rise in the Klang Valley, driven by the demand for properties close to the city centre. Well-established neighbourhoods like Old Klang Road, Taman Tun Dr Ismail (TTDI), and Taman Melawati (Ulu Klang, Selangor) have received growth spurts in the form of infrastructure boost, and integrated and new developments. The vibrancy boost has increased job opportunities and provided housing for urbanites.
Old Klang Road, or Jalan Klang Lama, is one of the oldest major road arteries in Kuala Lumpur. Reportedly, it was built in 1908, before the Federal Highway was built in 1965. Today, newer high-rise residences and commercial buildings have made its presence felt among the older homes and shops along the busy stretch. In recent years, the road has seen improved traffic flow from the upgrade to a six-lane carriageway.
Old Klang Road has several sought-after residential and commercial areas, as it is linked to major highways. Examples of newer high-rise properties in and off Old Klang Road include D’Ivo Residences, Seputeh, Citizen 2, Petalz Residences, Southbank Residence, Platinum Arena, Platinum OUG Residence, The Address, Waltz Residences, Millerz Square, Gen KL, and Residensi Far East.
Old Klang Road has remained popular due to its prime and strategic location between KL and Petaling Jaya, providing great accessibility for occupants.
One end of Old Klang Road links to the New Pantai Expressway (NPE) and Petaling Jaya, while the other end leads to Jalan Syed Putra. Its direct link to mature neighbourhoods of Kuchai Lama and Taman Desa also offers many alternative routes in and out of the area. Overall, Old Klang Road is a popular area for the middle-income segment of the population.
MRT2 Putrajaya line includes stations at Bandar Malaysia and Kuchai Lama, which are located nearest to Old Klang Road. Occupants are reasonably close to Mid Valley City and mega malls at the south of Old Klang Road such as Pavilion Bukit Jalil and Paradigm Garden City at Taman OUG. These are also pull factors for investors and homebuyers.
The tranquil Taman Desa is also receiving a facelift given its strategic location and accessibility to the city centre.
Although its development has lagged behind Bangsar, TTDI, Mont Kiara and Petaling Jaya, Old Klang Road remains one of the more highly populated areas in the Klang Valley, due to its strategic location.
Source: Listings on PropertyGuru
Taman Tun Dr Ismail (TTDI) was reportedly established in 1973. Sitting at the fringe of Kuala Lumpur, TTDI enjoys good accessibility to the Damansara areas and the Kuala Lumpur City Centre.
TTDI is mainly a low-rise area with mostly landed properties and a few condos. It has a few hubs with restaurants and shops that are a short drive away from one another. The locals are generally a mix of affluent Malaysians and discerning expats.
For public transport, the elevated TTDI MRT station (Kajang Line) is directly above Jalan Damansara and it serves TTDI, KL and Damansara Utama. The station’s location was the third choice, after two earlier locations received objections. TTDI is also easily accessible via the Damansara–Puchong Expressway (LDP), Sprint Expressway, New Klang Valley Expressway (NKVE), Penchala Link, and Jalan Damansara.
Low-rise to high-rise properties in TTDI includes TTDI Ascencia, Sri TTDI, The Residence Condominium, Sinaran TTDI, The Greens @ TTDI, Villa Flora, and The Plaza Condominium. One of the few and relatively new commercial buildings in TTDI is Menara Ken.
There isn’t much-undeveloped land in TTDI. Thus, there aren’t many new projects in the area. Due to the limited supply of units, property prices are likely to appreciate through the years. Whether the demand is sustainable despite high prices, will largely depend on an improvement in household income and Malaysia’s economic growth.
TTDI is a popular residential area as it is close to favoured malls such as 1 Utama, the Curve, Ikano Power Centre (IPC), IKEA, and 3 Damansara. It is also near prime housing areas such as Bandar Utama, Damansara Utama, Damansara Jaya, SS2, Mutiara Damansara, Damansara Perdana, and Kota Damansara.
Taman Melawati was a rubber plantation called Hawthornton Estate, and it was developed in the 1970s. Located in Ulu Kelang, the mature neighbourhood is often positioned as a tranquil residential area as it is set against the greenery of the Klang Gates Quartz Ridge.
Examples of newer properties in Taman Melawati include LEA by the Hills, KL East – The Ridge, Upperville @ 16 Quartz, Nadayu63, Serini Melawati, Residensi Permata, and M Adora.
Taman Melawati has a thriving community, with spillover from its neighbours, including Wangsa Maju, Setiawangsa, Ampang, Gombak, and the KL city centre (which is about a 20 minutes drive away). The area enjoys accessibility via the Ampang-Kuala Lumpur Elevated Highway (AKLEH) and Duta-Ulu Kelang Expressway (DUKE), the Middle Ring Road 2, Setiawangsa-Pantai Expressway (SPE), and the Genting Klang-Pahang Highway.
Taman Melawati has attracted purchasers due to the natural setting of hills and greenery, easy accessibility to major highways and surrounding amenities. Its location within the vicinity of the city centre is also a plus point.
3) The Allure of Transport Hubs – Sungai Besi
Property buyers are getting used to the concept of TOD (transit-oriented development) living. It’s gaining popularity as it promotes convenient mobility, higher property values, and environmental sustainability. That said, proper planning and design are important factors for a successful TOD.
One of the first developments that spurred various TOD projects in Malaysia is Kuala Lumpur Sentral, Malaysia’s most extensive transit system. Another upcoming TOD is located in Sungai Besi.
Sungai Besi is located at the edge of Kuala Lumpur city centre, and was largely untouched by urbanisation surrounding it. This former tin mining town thrived on heavy industries such as steelworks and plants.
The Royal Malaysian Air Force (RMAF) moved from its base in Sungai Besi in 2018 to enable the area to be developed. The 197-acre land will be turned into a mixed township, and Bandar Malaysia is among the developments underway.
Bandar Malaysia had originally been designed as a transport hub for the much-anticipated KL-Singapore High-Speed Rail (HSR) line. In August 2022, Prime Minister Datuk Seri Ismail Sabri Yaakob said that he hopes to speed up the revival of HSR. Bandar Malaysia will include links for KTM Komuter, Mass Rapid Transport (MRT), and Express Rail Link services.
Sungai Besi is accessible via major highways including the Sungai Besi Highway (Besraya), Kuala Lumpur-Seremban Highway, North-South Expressway (NSE) and KL-Putrajaya Dedicated Highway. The area is also served by LRT (Sri Petaling Line) and MRT (Sungai Buloh-Serdang-Putrajaya Line (SSP Line)) stations.
Examples of newer properties in Sungai Besi include Damai Residence, The Vyne, Kenwingston Avenue, Anyaman Residence, Razak City Residences (RC Residence), Avenue 8 Residence, The Starz @ KL South, Quaver Residence, and KL48.
|Old Klang Road|
|Median Price||RM654,000 Based on 18,852 units sold preceding 12 months|
|Annual Growth Compound annual growth rate in median price||-0.9%|
4) The Damansara areas in Petaling Jaya – Kota Damansara, Bandar Sri Damansara, Damansara Perdana
There are so many of them right? But these three are more searched, largely because they are newer, more affordable and developing Damansara areas in Petaling Jaya, compared to the mature Damansara Utama and Damansara Jaya.
These three neighbouring townships enjoy accessibility via Damansara Puchong Expressway (LDP), Sprint Highway (via Penchala Link), and New Klang Valley Expressway (NKVE). Some areas in Kota Damansara are near Persiaran Surian, which leads motorists to Jalan Sungai Buloh.
The upcoming completion of the Damansara-Shah Alam Elevated Expressway (DASH) is expected to provide a boost to these townships.
Occupants enjoy a multitude of shopping malls and recreational options offered by Sunway Giza, Tropicana Gardens Mall, The Strand, the Curve, IPC, Lotus’s @ Mutiara Damansara, Giant, IKEA, 1 Utama Shopping Centre, The Place, Perdana Trade Centre, Empire City Mall, Decathlon, DA Square @ Damansara Avenue, Selangor Polo and Country Club, Seri Selangor Golf Club, and Tropicana Golf and Country Resort, among others.
Each area also has several commercial/retail hubs. So, there’s no shortage of amenities and facilities within a short walk or drive of these townships.
Source: Listings on PropertyGuru
Kota Damansara is a relatively newer township, close to Sunway Damansara and Damansara Damai. It was launched by PKNS in 1992, and has since attracted big-name developers including Sunway Property and Tropicana Corporation Bhd.
The opening of Tropicana Gardens Mall and stations along the MRT Kajang Line is seen as an added value and enhancement to the area. Plus, newer high-rises in the area could be attracting younger crowds and potential home purchasers from other areas.
Examples of newer properties in Kota Damansara include Tropicana Gardens, Emporis Kota Damansara, Sunway d’hill Residences, The Estana, and Mahogany Residences.
As for Bandar Sri Damansara, it is located in the northernmost part of Damansara — surrounded by Damansara Perdana to the south, Damansara Damai to the west and Desa ParkCity to the east.
The area was mainly developed by Land & General Bhd (L&G) in the mid-1990s. The township was in the limelight recently, following Uniqlo’s first roadside megastore in Malaysia. The fashion retailer is located at DA Square @ Damansara Avenue.
Residents in Bandar Sri Damansara comprise mainly of those looking to start a family, and those living in Kepong who are looking to upgrade to newer homes.
The prices of terrace houses in Bandar Sri Damansara are generally higher than those in Kepong and Bandar Menjalara, but lower than in Desa ParkCity.
Bandar Sri Damansara is near the Kepong Sentral KTM Komuter station, which is connected to the Sri Damansara Timur Putrajaya MRT station (Putrajaya Line). Other stations there include Sri Damansara Sentral and Sri Damansara Barat Putrajaya MRT station.
Examples of newer properties in Bandar Sri Damansara include Damansara Seresta, and Ativo Suites @ Damansara Avenue.
It has been reported that the former Sri Damansara Clubhouse, which had a driving range and other facilities for residents, has been demolished and will be redeveloped into a mixed-use development by L&G.
Bordering Kota Damansara, Kampung Sungai Penchala and Mutiara Damansara, is the Damansara Perdana township. Damansara Perdana used to be an Orang Asli settlement and was developed by MK Land Saujana Triangle Sdn Bhd in 1996.
Empire City Mall is part of the RM5 billion Empire City Damansara (ECD) project that was launched by Mammoth Empire Holding Sdn Bhd (MEH) in 2011. The mall is slated to open in the first quarter of 2024.
In 2019, Mammoth Empire Holding Sdn Bhd sold a 61-acre tract in Damansara Perdana to Exsim. The land was for the Empire City Damansara 2 (ECD2) project, and Exsim has renamed the development Central Park Damansara.
The mixed-use development is scheduled for completion in eight years, and will feature serviced apartments, retail units, a Hill Park, an al fresco retail park and a Sanctuary Park.
Examples of newer properties in Damansara Perdana include Mossaz @ Empire City, D’Erica Residences, D’Vervain Residences, D’Cosmos Residences, D’Quince Residences, and The Essence.
Traditionally, Damansara Perdana has been a family-oriented residential area. The surge in micro units there has seen more young working adults moving into the area.
|Median Price||RM1.03mil Based on 81,898 units sold preceding 12 months|
|Annual Growth Compound annual growth rate in median price||10%|