KUCHING: The Kota Kinabalu (KK) property scene has grown from strength to strength over the years and is regarded as being on par with Kuala Lumpur and Penang in terms of current prices as it has outperformed the national price index over the last decade.
In a property sector update focusing on the city, Yee Mei Hui from HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) highlighted that robust demand with rising interest from foreigners and more developers jumping onto the bandwagon were among the key points that made the market there robust and vital.
“We were positively surprised by the strength of the property market with prices matching those in Kuala Lumpur and Penang.
“New condo launches in town are hitting RM600 to RM900 per square foot (psf) with some breaching RM1,000 psf,” she said.
She cited an example in the form of The Peak (a series of premium condominiums), for which asking prices ranged from RM1400 to RM1,800 psf in the secondary market.
She added that there was robust demand from locals driven by strong cash flows from plantations – which were still profitable despite softer crude palm oil (CPO) prices – and non-locals from Korea, Japan, Hong Kong, Brunei and Sarawak.
“The value of property transactions in Sabah had more than doubled over eight years to a record RM4.4 billion in 2011 (three per cent of Malaysia’s total).
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