An old housing estate’s potential
Damansara Jaya continues to draw home buyers.
Damansara Jaya continues to draw home buyers.
Set up in 1984, Penang-based Kerjaya Prospek has established a niche in building premium high-rise buildings with most of its equipment fully depreciated.
PHB’s list of investments now stands at 22 — from around 13 in 2014 — of which 18 developments have been completed.
The rental market in Cheras is driven by its proximity to Kuala Lumpur City Centre.
Tan Sri Datuk Sri Leong Hoy Kum expects the local property market to hit a turning point soon and anticipates demand to pick up in the second half. “Various indicators point towards a turning point. Residential property transactions have bottomed out as there was a milder contraction in Q42015 compared with the third quarter and second quarter of last year,” says Leong, the managing director of Mah Sing Group Bhd.
Up until recently, the property market in Cheras has consisted predominantly of mature, middle-class condominiums and apartments.
Trend is expected to continue for the rest of the year.
EWI’s property projects in London and Sydney had already collectively secured cumulative sales of £712.5 million as at Jan 31, 2016.
The most expensive project was Vistaria Residensi with an average transacted price of about RM699,000 per unit.
In 2015, new launches (in unit) dropped 19% as developers delayed their launches after a fall in take-up rate from 45% to 41%. Despite the rise in number and value of unsold units (which increased 16% and 56% respectively), it still remains manageable as the total of unsold units only represents about 1.6% of existing housing stock.