PROPERTY SNAPSHOT 3: What are prices like in Kuching?

• TheEdgeProperty.com’s analysis of transactions shows the average price of condominiums in the area was RM193 psf in 1Q2015, up 10.8% y-o-y.
   
• The majority (61.7%) of transactions in the 12 months to 1Q2015 were for units priced below RM200 psf, while 33.3% were for units priced between RM201–RM400 psf.
   
• Prices in the high-rise segment have yet to match those in Kota Kinabalu, let alone the Klang Valley. The most expensive condominium in the period under review was Riverbank Suites, at an average transacted price of RM431 psf. It was developed by Rahsia Estates, which is behind several other prominent projects such as the new Kuching Courthouse and Merdeka Plaza. Capital values at Riverbank Suites benefit from its strategic waterfront location near the Sarawak River in the city centre. The most expensive transaction in the review period was for a 1,076 sq ft  2-bedroom unit for RM641 psf in May 2014.
   
• The next-most expensive project was The Tropics Condominium, at an average price of RM400 psf, completed at the end of 2013. Located off the prime area of Jalan Song, it is near amenities such as CityONE Megamall, The Spring Shopping Mall, and the recently opened Vivacity Megamall. Its developers are hoping to emulate its success with the upcoming Tropics City commercial and soho  development located next door.
   
• The least expensive projects were low-cost flats in less central areas, mostly built under the Rancangan Perumahan Rakyat housing scheme by the Housing Development Corporation. They are led by the Taman Orchidwoods flats (RM76 psf), RPR Taman Sri Cahaya (RM91 psf) and RPR Taman Sri Harmoni (RM102 psf). 

Rolling like the river. Tap 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.