PROPERTY SNAPSHOT 1: Bukit Jalil growth spurt

This is the first in a series of four snapshots on Bukit Jalil. Look out for part two tomorrow.

•    This week, we focus on the non-landed residential properties in Kuala Lumpur’s Bukit Jalil area, which is creating a buzz with news of the second Paradigm Mall and second Pavillion Mall coming up.

•    Bukit Jalil has seen a wave of new projects, riding on its location between established townships such as Cheras, OUG and Sungei Besi, with the growing areas of Puchong / Kinrara, Seri Kembangan and Putrajaya.

•    One of the biggest upcoming projects is the 50-acre Bukit Jalil City integrated development, a joint venture between Ho Hup Construction Co Bhd and Malton Bhd. Ho Hup is also developing the adjacent Aurora Place. Other residential projects recently launched in the area include The Rainz, The Seedz, The Andes, Casa Green, The Link 2 Residences and Twin Arkz.

•    With the newer condominiums often setting new benchmark prices, Bukit Jalil is transforming into an increasingly upmarket neighbourhood.

•    Based on theedgeproperty.com’s analysis of transactions, the average transacted price per square foot (psf) rose 19.3% y-y to RM444 psf in 3Q2014, following an already impressive surge of 25.1% y-y in the preceding year. Average home prices have been boosted by new projects such as The Treez and Kiara Residence,  KM1 and The Z Residence.

•    In contrast to most other areas, transaction volume for the 12 months to 3Q2014 was stable, slipping only 5.1% from 395 to 379 units.

•    Bukit Jalil will benefit from infrastructure upgrades. The Bukit Jalil – Puchong Highway will be upgraded while the Sri Petaling LRT extension will include two new stations at Awan Besar and Muhibbah. The National Sports Complex will be undergo an RM1 billion refurbishment.

The Analytics are based on the data available at the date of publication and may be subject to further revision as and when more data is made available to us.