Knight Frank Malaysia is of the belief that the high-end property market has bottomed out in mid-2019. Said Sarkunan Subramaniam, Managing Director of Knight Frank Malaysia, “This has set the right mood for the segment to make its way back, albeit slowly.”
The evidence of the high-end property market can be seen in the high number of launches in the second half of 2019.
Sarkunan also revealed that there is an increase of foreign interest in the Malaysian property market, from Singapore, Hong Kong, Taiwan, Japan, China, Australia, USA, Germany, UK, and other European countries.
And with the increase of interest from the foreign market, he expects to see more new launches and sales transaction this year within the prime areas of Kuala Lumpur, particularly Mont Kiara, Ampang Hilir/U-Thant, Bangsar, Bukit Bintang, and Damansara Heights/Kenny Hills.
“In addition to these prime areas, there are also other established neighbourhoods as well as upcoming hotspots in Kuala Lumpur that are drawing the attention of the upper-income population and high-net-worth individuals (HNWIs). They include Desa ParkCity, Taman Tun Dr. Ismail and the upcoming financial district of Imbi/Pudu-Tun Razak Exchange (TRX),” explained Sarkunan.
In a separate report from The Edge, TRX is also taking shape with the completion of Exchange 106 and Menara Prudential. These developments are complemented by the launch of the joint development project between Malaysia’s WCT Holdings Bhd and China-based China Communication Construction Group – Core Residence @ TRX by Core Previous Development Sdn Bhd.
Developments of note that were launched in the second half of 2019 include Conlay, a joint venture between Eastern & Oriental Bhd and Mitsui Fudosan Group’s joint development project, and the third project of Agile Group Holdings – Agile Embassy Garden. The average price of these units range from RM1,900 to RM2,200 psf.
(10 January 2020)
