PROPERTY SNAPSHOT 3: Central KL, city of price extremes

• We continue our focus on Central City Kuala Lumpur (excluding the KLCC area) by looking at average prices on a per square foot (psf) basis. Based on transactions analysed by theedgeproperty.com, the average price of condos in the area was RM687 psf in 1Q2015, up 11.7% y-o-y. 
   
• The strata market in Central City Kuala Lumpur is dominated by transactions of high-end condos and low-cost flats, with few middle-class products. In the 12 months to 1Q2015, 21.7% of transactions fell in the RM801–RM1,000 psf range,  20.4% in the RM201–RM400 psf range, and 19.1% were above RM1,000 The most expensive were Pavilion Residences and St Mary Residences, at average prices of RM1,629 psf and RM1,360 psf, respectively.
   
• Next was Swiss Garden Residences (RM1,212 psf), off Jalan Pudu. Transactions here consisted primarily of studio and 1-bedroom serviced apartments, hence the high average price. Next door, is the The Robertson by Gamuda Land, a 3-acre mixed-use development. 
   
• Despite its age, the average price at Berjaya Times Square Serviced Apartments remains high at RM1,103 psf, buoyed in part by its location atop Berjaya Times Square and surrounding malls, as well as the upcoming Bukit Bintang City Centre development next door.
   
• The least expensive projects are remnants of the city’s past: Malayan Mansion (RM171 psf), Tepian Loke Yew Apartment (RM192 psf) and San Peng Flat (RM206 psf). Located in the less developed quarter of the city , they are often poorly maintained.

Related stories:
PROPERTY SNAPSHOT 1: Central City KL condos moderating
PROPERTY SNAPSHOT 2: What’s affordable in Central City, KL?



What keeps the values of Berjaya Times Square Serviced Apartments in the sweet spot? Tap here to find out.

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.