KL and Selangor record 75% of condo sales

A total of 7800 condominiums was transacted via sub-sale throughout Malaysia including both the Peninsular and Sabah and Sarawak from April 2016 to May 2017. This number reflected a decline of 6.9% in this sector when compared to the previous period of 12 months.

With the exception, of Kuala Lumpur, Selangor and Penang, all other states recorded 3% or less in number of transactions during the period reported. Kuala Lumpur and Selangor dominated the market by recording robust sub-sale transactions of 39% and 36% respectively. Surprisingly Penang, an active property market only garnered 13% of the total recorded condominium sub-sale transactions during the review period. Johor is yet another market that failed to deliver in this category. It recorded a mere 3% of the total sales during the period. Johor’s performance is on par with Sabah and Negeri Sembilan.

Malacca too recorded only 1% of total condominium sub-sale transactions for the period stipulated which is rather unexpected given the number of major projects, the state is undertaking to boost its economy. It’s performance of 1% places it in the same position as the states of Sarawak, Perak and Pahang where less initiatives that are economic drivers have been reported. Two states recording less than 1% of growth are Kelantan at 0.3% and Kedah at 0.3%, respectively.

An evaluation of the average type of condominium sold by price and size has also highlighted some interesting observations. As for pricing of sub-sale condominium, Penang’s median price of RM505 per sq ft puts in the highest pricing tier for this category in Malaysia even above Kuala Lumpur and Selangor. The median price of a sub-sale condominium in Penang is RM600,000.
In Kuala Lumpur, the median price of a condominium transacted in a sub-sale is RM630,000 while its average price per square foot is RM408. The median size of the condominium is also bigger at slightly more than 1500 square feet. As expected both Sabah and Sarawak have recorded higher pricing averages in the condominium sub-sale sector than almost all states in Malaysia. Sabah was in the third highest position just after Penang and Kuala Lumpur forcing Selangor into the fourth position.

The median price of a Sabah condominium sub-sale transaction during the review period was RM500,000 with the median price per square foot of RM480. Selangor records a median price per square foot that was almost RM70 lower than Sabah at only RM409. The median size of Sarawak sub-sale condominiums was interestingly one of the largest at almost 1300 square feet while the median price was RM508,45 and its median price psf is RM398.

States which commanded a median price in the RM300 per sq ft range were Johor, Perak, Pahang and Kelantan. The median price in Johor was the highest at RM332,000 with the median price psf at RM326. Perak recorded a median price of RM330,000 with a median price psf at RM271 while Pahang follows closely behind with a median price of RM325,000 and a median price psf at RM315. The median price in this sector in Kelantan was RM315,000. It is also commanded the highest median psf in this range at RM348.

Malacca and Kedah recorded a median price of RM282,000 and RM275,000 respectively while the median per sq ft in Malacca was RM247 and in Kedah, RM272. Finally, Negeri Sembilan which recorded a high share of 3% in total sales only recorded a median price psf of only RM117.

 

DISCLAIMER: The source of Sale data is from the Valuation and Property Services Department (JPPH) which officially records a property transaction once the stamp duty for the Sales and Purchase Agreement is paid while the source of rent data is from agents’ listings listed at iProperty.com. 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.

 

 

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