Kuching, that city I wanted to buy a high-rise unit.

I used to go to Kuching often. Perhaps once every 2 years or less. I think it’s clean, better managed than many other cities in Malaysia and lots to see and most of their attractions are considered well maintained in comparison to many in West Malaysia. I will be going again this coming October. Every time I am there, I would rent a car or my friends would bring me around. I have never failed to remind my wife that one of these days, we should get a place in Kuching, a high-rise unit. There are choices but not many and as usual, I did not take any action as there were just no time to review units.

Well, it was reported in a few medias that in Kuching, there is now a shift to high-rise apartment and condominium living. It said that the demand for these units are increasing versus landed residential homes which were once the preferred choice. Well, I asked my Kuching friend who told me that locals still think landed home would be the preferred choice BUT for those hotspots, as usual prices are becoming unaffordable. This is where the force will start to shift people’s acceptance to something more palatable and perhaps even enjoyable, condos with facilities. The younger generations who has gotten married may also not be putting their family home as a main choice and prefer to move out instead.

As reported in Starbiz, according to leading property consultant CH William Talhar & Wong Sdn Bhd (WTW) said that there were a dozen new launches of apartments and condominiums in Kuching last year with most of them being part of a commercial development and 80 percent of them within the city as well as in a fast-growing Matang. As per google map, Matang is around 12km from the Kuching city and it’s around 13 minutes away. Considered near as per Klang Valley’s standard.  WTW said 6,500 units ranging from 1,000 to 3,000 sq ft will be entering the market within the next few years.

rivervaleSome high-rise projects in Kuching include The Rivervale Condominium by CMS Property Development Sdn Bhd, LD Legenda (569 units), Gala City Residence (432 units), Ataria Resort (428 units), Tropics City (352 units) and The City Gateway (200 units). WTW said that condominium studio units fetched as high as RM700-RM900 per sq ft (psf) in prime locations. Fortunately for me and some other younger buyers, the average selling prices are still around RM500 per sq ft. For landed, the choice is clear, terraced- double storeys followed by two-storey semi-detached houses. The prices for prime locations would range from RM550,000 for two-storey terraced units and more than RM1mil for semi-detached units.

I think the market continues to move but I also still believe that there are always room for continuous growth and choices. Whenever a small piece of land in a prime location is made available, the only option would be high-rise. Else, the by far fewer number of landed properties being built will be sold at prices so high no one could afford to buy. Still thinking of staying closer to parents at a prime location and yet would appreciate some private space and perhaps creature comfort conveniences like a swimming pool or a gym? I think high-rise may just be the choice for you. Happy buying Kuching.

written on 7 July 2016

Next suggested article:   Property investment? Buying and renting is a good long term strategy

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