PROPERTY SNAPSHOT 3: What are developments priced at in Ampang?

• We continue our focus on Ampang, Selangor, by looking at average prices on a per square foot (psf) basis. Based on analysis by theedgeproperty.com, the combined average price of condos and apartments in the area was RM272 psf in 3Q2014, up 2.0% y-o-y.
   
• Ampang offers a diverse property landscape: one side of the Middle Ring Road 2 lies an exclusive ’hood frequented by expats; while on the eastern side of the MRR2, properties are older and in the affordable range.
   
• In the 12 months to 3Q2014, 52.5% of transactions fell in the RM201 – RM400 psf range; 15% were between RM401 – RM600 psf. Only 1.2% of transactions were for units priced above RM600 psf.
   
• The most expensive address is Ukay Bayu, at an average price of RM502 psf. Despite being completed in 2008, at least six units were sold slightly below market value by the developer in 2014, lowering the overall average price.
   
• The next most expensive address by average price is Axis Residence at RM501 psf. This serviced apartment is part of the Axis Pandan mixed-use development which includes a 3-level retail mall.
   
• Many buyers were able to secure Axis Residence units below market value in 3Q2014. For example, in March 2014, an 840 sq ft, 3-bedroom unit had transacted for just RM446 psf. This explains the low average price of RM501 psf. Current asking prices range between RM540 and RM590 psf.
   
• The most affordable dwellings are led by low-cost flats in less accessible locations such as the Pangsapuri Kampung Tasik Tambahan (RM100 psf) and the Taman Mulia Jaya Flats Flats (RM105 psf).

See price trends for Axis Residence in Pandan, Ampang, and its neighbouring properties here.

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