High end KL condos, future looks brighter? More units coming.

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According to Nawawi Tie Leung Property Consultants Sdn Bhd (NTL), high-end condominiums in Kuala Lumpur has risen by 4.4% to RM784 per sq ft in the second quarter of 2018 (2Q18). (What this meant is that a 1,000 sq ft high-end condo should be priced at close to RM800,000.  I think if the condo is priced lower than RM600,000 then it is not considered under this high-end category. Yes, I think this apply to those condos in Mont Kiara too. My current office is there inside Solaris Mont Kiara. Based on the food prices there, it’s definitely high-end. Haha…)  There were however a substantial additional supply of 1,168 condominiums into the market. “The two developments are The Fennel in Sentul East (916 units) and Dorsett Residences in Bukit Bintang (252 units),” NTL said in its latest “Kuala Lumpur 2Q18” property report, which was released today. Full report in EdgeProp here. 

According to NTL, within the second half of 2018 (2H18), another 5,260 high-end residential units are expected to be completed, of which 40% will be in the city centre. (If we refer to the words used where 1,168 new units are considered substantial, I am not sure how to describe these additional 5,260 new high-end condo units. Let’s hope that the market will be supported by many capable buyers, especially the high-rise upgraders.) NTL also praised the plan by the new government to build at least one million affordable homes and introduce a special housing loan scheme, which will encourage youths to buy their first home. It said, “These initiatives will likely increase the number of transactions and encourage more affordable housing projects by both public and private sectors.” Here’s the report in Edgeprop.my

Always be reminded that average numbers are meant as a reference point. Just as when average prices are up, it does not mean every project would have the same change. As for whether the prices will continue to go up, it really depends on the total transactions and not the new units coming into the market. In an earlier report, it was pointed out that the median property price in KL city was RM580,000. Please refer to the report in TheMalaysianReserve here.   Based on the B40 and M40 households, I think RM580,000 is out of reach for most of them. This is the reason why the prices would have to be lower for newer units. Size may be the determinant in this case. If we need to maintain the same price, we need to build smaller. Else, we need to buy outside the KL city perhaps. Happy getting your keys.

written on 14 Aug 2018

Next suggested article: Positives. Indirectly showing potential for Kuala Lumpur

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