PROPERTY SNAPSHOT 3: What are prices like in Kota Kinabalu?

• TheEdgeProperty.com’s analysis of transactions shows the average price of condominiums in the area was RM340 psf in 1Q2015, +12.7% y-o-y.
   
• The city has a fairly sizeable expatriate population who work mainly in the oil and gas industry, and because of the city’s reputation as a retirement and holiday destination. Sales of newer luxury residences have been known to achieve prices of up to RM1,200 psf on the primary market.
   
• However, these prices are yet to be reflected on the secondary market: 64.4% of transactions in the 12 months to 1Q2015 were for units priced between RM201 psf-RM400 psf; 15% in the RM401–RM600 psf range; and just 1.4% in the RM801-RM1,000 psf range.
   
• The most expensive condominium was The Loft Private Residences at KK Times Square, with an average price of RM722 psf.
   
• The next-most expensive project was The Peak SOHO, with an average price of RM609 psf. Developed by SBC Corporation, it is part of The Peak Collection which includes The Peak Condominium (RM567 psf), The Peak Suites and The Peak Vista, which are omitted from this review due to a lack of transactions.
   
• These luxury projects are nestled in the exclusive Signal Hill in Likas and boast panoramic views over the South China Sea. Peak SOHO and The Peak Suites offer smaller units. The Peak Vista’s units measure between 1,288 and 2,428 sq ft.
   
• The least expensive projects were low-cost flats in less central areas, led by Bambangan Apartment (RM177 psf), Seraya Apartment and Agathis Apartment (RM184 psf).

Plenty of trending activity at The Peak Vista 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 becomes available.