PROPERTY SNAPSHOT 1: Puchong’s story continues

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

•    In recent years, Puchong has enjoyed its moment in the limelight. Property prices here are more affordable than Petaling Jaya, and its proximity to Putrajaya and Cyberjaya has expanded its sprawl. The landscape here is less dense, with pockets of vacant land available for larger scale projects. As a result, Puchong has been experiencing a boom with ample opportunities for both buyers and developers alike. This week, the spotlight falls on its non-landed residential properties.

•    Anchored originally by IOI Properties’ townships, the Puchong area is vast and has seen the entry of many developers. For analytical purposes, the boundaries of Puchong in this study span from Bandar Puchong Jaya up to the Klang River in the north, to Taman Tasik Puchong and Taman Putra Prima at the Air Hitam Lake down south. Bandar Kinrara, Bandar Bukit Puchong and beyond have been excluded from this study.

•    Based on theedgeproperty.com’s analysis of transactions, prices of properties in Puchong grew substantially in 2012 — 2013. However, the market softened slightly in 2014, with both growth of capital values and transaction volume moderating.

•    The average transacted price per square foot (psf) rose 10.6% y-y to reach an affordable level of RM334 psf in 3Q2014. In the preceding year, the average price grew an impressive 21.4% y-y. Total transaction volume for the 12 months to 3Q2014 declined 33.1% y-y from 1,576 to 1,054 units.

•    Future catalysts for Puchong would likely come with the LRT Extension Project due in 2016. With 8 new stations joining the Sri Petaling to the Kelana Jaya LRT lines at Putra Heights, it is expected to significantly improve connectivity and relieve traffic congestion.

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.