PROPERTY SNAPSHOT 2: What’s affordable in Kuching?

• While the overall Kuching property market has been tepid, the high-rise segment continues to perform relatively well, as it offers an affordable alternative to increasingly expensive landed homes.
   
• Based on TheEdgeProperty.com’s analysis of transactions in the 12 months to 1Q2015, the average transacted price was RM193 psf in 1Q2015, while the average transacted price per unit stood at about RM203,000.
   
• While the newer developments are becoming increasingly more upmarket, the secondary market in Kuching is still concentrated in the mass-market segment. The majority of transactions (40.6%) fell within the RM50,000 – RM100,000 price range. About 91.4% of transactions were for units priced RM500,000 and below. Only two units were transacted for prices above RM1 million.
   
• The most expensive unit sold during the review period was a duplex unit in Riverine Sapphire. The 2,863 sq ft unit was transacted for RM1.29 million in September 2014. Riverine Sapphire is also the most expensive project with an average price per unit at RM648,000. The condominium is the latest addition to the Kuching Riverine Resort by IJM Land Bhd. Located in the city centre near the Sarawak River, the resort comprises two residential towers, an office tower and a hotel tower. Development of the second condominium, Riverine Diamond, is on-going.
   
• The other million-dollar transaction was for a 2,917 sq ft unit at D’Jewel Condominium. The unit was sold for RM1.1 million in January 2015. Located off Jalan Sherip Masahor, this is the first luxury condominium project by the prominent local developer Lee Onn Construction Co. Not far away, the company is developing its second upmarket project, The Royalle condominium, where units are reportedly priced between RM990,000 to RM1.9 million.

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