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Thread: Prices in 'hot' areas holding up even in soft market

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    Default Prices in 'hot' areas holding up even in soft market

    [url]http://www.businesstimes.com.sg/real-estate/prices-in-hot-areas-holding-up-even-in-soft-market[/url]

    [B]MALAYSIA PROPERTY OUTLOOK[/B]

    [B][SIZE=5]Prices in 'hot' areas holding up even in soft market[/SIZE][/B]

    By Pauline Ng

    [email][email protected][/email]

    12 Nov

    Kuala Lumpur


    SENTIMENT in Malaysia's real estate market may be soft, but even ponying up a generous premium may not be enough to tempt owners to sell their prized assets if these are in popular areas.

    Take the upmarket suburb of Bangsar. An owner of a two-storey shop lot in the main Telawi area there had asked for RM7.7 million (S$2.9 million) for the property, which had been valued at between RM5.5 million and RM6 million. The prospective buyer agreed to pay the 40 per cent premium, but the Singapore owner of the unit then changed his mind, recalled Nixon Paul, the immediate past president of the Malaysian Institute of Estate Agents (MIEA).

    Another property, a 5,500 sq ft bungalow, was valued at RM7 million, but even an offer of RM10 million could not persuade the owner to sell it.

    Mr Nixon, speaking at the MIEA's Property Market Outlook 2015 in Kuala Lumpur on Tuesday, said: "So yes, the market is slow, but not in all areas. It is selective."

    In essence, there are hardly any sellers in the Klang Valley's older established suburbs such as the commercial hotspots of Damansara Utama, SS2, Taman Tun Dr Ismail and Sri Hartamas; in the Bukit Bintang tourism belt, the same is true.

    "These prime locations are doing well in rental and sales. There is strong pent-up demand, but supply is scarce."

    Sales are moving slowly in up-and-coming but less established areas such as Kota Damansara, where several new shop houses are on the market. Mr Paul said he expects prices to grow by 5 to 10 per cent annually in prime locations, but remain flattish - at least this year and maybe the next - in less popular spots.

    However, the MIEA generally expects prices to continue heading north because there is so little development land left in the Klang Valley.

    MIEA deputy president Erick Kho said that land prices are projected to breach RM4,000 per sq ft (psf) soon in Kuala Lumpur's prime KLCC area. Prominent land deals there have gone from RM1,385 psf in 2010 to more than RM2,000 in 2012 and to around RM3,300 last year.

    Because supply is limited, land owners are taking their time to make land available. "If you are waiting for prices to come down, you will have to wait a very long time," MIEA president Siva Shanker declared.

    But the gap between sellers' asking price and what buyers are willing to pay is narrowing, he said, adding that buyers might get a break if speculators who purchased on easy financing schemes in the last few years decide to offload their soon-to-be-delivered units at prices that are only slightly more than they paid for them, or perhaps even slightly less.

    For now, most owners appear to be keeping to their loan schedule.

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    Bangsar, Mont Kiara, TTDI, Damansara etc are quite resilient markets, esp for shops & landed properties. So the news does not come as a surprise really.

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    KL is anytime better the JB if must put $$ in Malaysia
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

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    How are the KLCC areas?
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

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    Quote Originally Posted by minority View Post
    How are the KLCC areas?
    I think the resilient properties in KL are shops & landed property. KLCC condos pricing is on the high side for locals (just like SG CCR), so it has more of a foreign interest element, while landed property & shops/offices in Petaling Jaya are predominantly local dominated, hence their prices are more resilient.

    Of course, one may argue that without strong foreign interest, the potential for fast capital appreciation may be lower, but its risks are correspondingly lower. Guess it's a balancing act betw the two.

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    Quote Originally Posted by minority View Post
    KL is anytime better the JB if must put $$ in Malaysia
    Is that why u force a Penang murder news into a JB thread?

    pathetic.
    [FONT=Comic Sans MS][SIZE=2][COLOR="#FF0000"]A classic line (he was so excited with that announcement he even called it his long "TREM" PLANS ) from a 40plus self-contradictory uninspiring father of a few kids who loves rote learning.......after calling JB a "backwater shythole",


    Originally Posted by [FONT=Arial Black][SIZE=4][COLOR="#008080"]xebay11 [/COLOR][/SIZE][/FONT]
    "Let's get the facts straight,

    1. JB is in my long trem plans to retire..."[/COLOR][/SIZE][/FONT]



    HE ALSO MADE THIS STATEMENT ON 16/SEP/2015..0937AM....STOKING SOCIAL UNREST...

    "now I am only waiting for the racial unrest to filter down from KL to JB ha ha ha ha ha ha.."

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    Quote Originally Posted by polarinda View Post
    Is that why u force a Penang murder news into a JB thread?

    pathetic.
    JB n KL are all malaysia no? Makes me wonder if you are really pathetic.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    [URL="https://www.facebook.com/shutdowntrs"]https://www.facebook.com/shutdowntrs[/URL]

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    Quote Originally Posted by minority View Post
    JB n KL are all malaysia no? Makes me wonder if you are really pathetic.
    hahaha Geylang and Desker are Spore No??? So you live in redlight country No???? wahahhahahahaha
    “Be fearful when others are greedy. Be greedy when others are fearful.” - Warren Buffet

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    Quote Originally Posted by minority View Post
    JB n KL are all malaysia no? Makes me wonder if you are really pathetic.
    your mother and wife also women ,no? Who did u had kids with?

    Or ask obama to.set up white house on hawaii island next to a cliff. Still USA soil mah, no?

    Or ask your country's chicken.farms to all.shift to ION orchard basement la. Still spore mah, no?

    Or ask all sporean ic put 'spore' as address la. All living on spore island mah, no?

    Clown
    Last edited by polarinda; 17th November 2014 at 09:47 PM.
    [FONT=Comic Sans MS][SIZE=2][COLOR="#FF0000"]A classic line (he was so excited with that announcement he even called it his long "TREM" PLANS ) from a 40plus self-contradictory uninspiring father of a few kids who loves rote learning.......after calling JB a "backwater shythole",


    Originally Posted by [FONT=Arial Black][SIZE=4][COLOR="#008080"]xebay11 [/COLOR][/SIZE][/FONT]
    "Let's get the facts straight,

    1. JB is in my long trem plans to retire..."[/COLOR][/SIZE][/FONT]



    HE ALSO MADE THIS STATEMENT ON 16/SEP/2015..0937AM....STOKING SOCIAL UNREST...

    "now I am only waiting for the racial unrest to filter down from KL to JB ha ha ha ha ha ha.."

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