Press Release: A Shift In Property Trends
Bigger homes outside large cities are attracting more buyers and showing signs of great value appreciation
The promise of job opportunities and urban growth, among many other factors have pulled a huge population to cities. According to National Geographic, half of the global population already lives in cities, and by 2050 two-thirds of the world’s people are expected to live in urban areas.
With more and more people gravitating towards the city centre, property prices in large cities are already costing a bomb and it is projected to further skyrocket over the years. Additionally, with the ongoing pandemic posing various challenges for most industries, people are spending more time at home and transforming their homes into office spaces.
Hence, with the realisation of the importance of a spacious and comfortable home coupled with the rapidly increasing value appreciation of property in large cities, people are now getting out of the rat race and settling for bigger and cheaper homes on the outskirts of Kuala Lumpur.
One such example is IJM Land Bhd’s Seremban 2 residential project, Rimbun Jasmine in Negeri Sembilan which was fully taken up within three hours of its private preview in September this year.
In 2016, it was reported that the average house prices in Kuala Lumpur was RM749,305. However, Rimbun Jasmine buyers were able to own a spacious double-storey link house with 4-bedroom and 3-bathroom layout from RM 542,800 onwards, while bumis enjoyed it from RM 488,520 onwards. Moreover, the spacious layout makes for sufficient space that can be compartmentalized for different daily activities of play, work and study, making Rimbun Jasmine a great value for money.
Based on the data and statistics collected during the private preview of Rimbun Jasmine, IJM Land has reported that the homebuyer demographics showed that people from Negeri Sembilan comprised 68% of the buyers, followed by Selangor (12%), Kuala Lumpur (8%), Melaka (4%) and Johor (3%), with other states making up the remaining 5%.
“In comparison to similar properties offered in the city center, we believe that Rimbun Jasmine has the edge when it comes to the pricing, surrounding land space and serene environment that is high in demand nowadays. It is evident, when more than 30% of Rimbun Jasmine homebuyers are from foreign states, that the market is seeping into suburban areas with bigger homes at lower prices,” said Dato Hoo Kim See, Senior General Manager (Central Region) of IJM Land.
As the flagship township of IJM Land, Seremban 2 itself also plays a huge role in the shift as the thriving township in Negeri Sembilan leverages on abundant, vast green spaces, offering a peaceful and relaxing lifestyle that can help residents to wind down while enjoying the benefits of nature. The 45 acres of park space that extends across the township and 30-acre sports complex also encourages healthy and balanced living for residents that is hard to attain from a bustling city life.
Properties in the city fetch a hefty price tag mainly due to being close to basic infrastructure and amenities. However, the self-sustaining Seremban 2 township has set a benchmark for the standard of living in Negeri Sembilan with residents having quick access to a multitude of commercial and retail services such as AEON Mall, Mydin Mall, Tesco, Palm Mall and NSK Trade City within a 5km distance. Convenient outlets to source for basic necessities, the assortment of medical facilities such as hospitals and clinics, and the availability of major bank branches and schools further amplify the convenience of living in the township.
Strategically placed near major highways, Seremban 2 residents are in close proximity to the North-South Highway, ELITE and LEKAS highways that provide quick access to and from major hotspots such as Kuala Lumpur, Putrajaya, Cyberjaya, Malacca. Furthermore, residents can also access a toll free road that directly connects the township to KLIA and KLIA2.
Although the property market in Seremban pales in comparison to the rapid growth that large cities are experiencing, future developments in the area shows promising growth in property value.
As part of the ‘Greater Kuala Lumpur Conurbation’, the Malaysian Vision Valley (MVV) development project which is much-touted as the country’s new economic corridor will cover a large swath of land in Negeri Sembilan, including Seremban.
“Although properties in the city centre are still considered as a better investment with the rapid increase of property value and better rental yield, we are confident that Seremban is positioned well as a future major economic hub that will contribute to the growth of the property market in the area exponentially,” Dato’ Hoo added.
IJM Land is now targeting to launch sizable 2 storey link homes (Rimbun Kiara) and single storey link homes (Rimbun Aman) with affordable prices and easy-own-schemes in Q1 2021 to make home buying possible for everyone.
For more information on IJM Land’s upcoming projects, please make an appointment to visit the sales gallery or register now for the latest news and updates at https://seremban2.ijmland.com/contact-us/.
— End of Press Release —
Love to be updated of investment news? Sign up for KopiWeekly. (once per week for property, finance, investment news and more)
Next suggested article: Rimbun Jasmine by IJM Land