ONLINE property portal iProperty.com Malaysia Sdn Bhd has revealed the 10 most expensive residential properties sold in Malaysia last year.
As expected, the majority of the expensive properties sold are in affluent Kuala Lumpur suburbs while two lesser-known neighbourhoods, Gasing Heights and Keramat, made surprise appearances at number five and six respectively.
The data is based on the review period for the whole of last year while transaction data is sourced from the Valuation and Property Services Department (JPPH). It is compiled by iProperty.com.my‘s big data solution, iPropertyIQ.com.
A bungalow in Damansara Heights was the most expensive home sold in the country last year. The property changed hands for RM16 mil.
Damansara Heights is one of the most affluent neighbourhoods in the country’s capital with its sprawling bungalows, villas and other luxury residences. Its immediate affluent neighbours are Bukit Kiara, Sri Hartamas, and Bukit Tunku.
Other than upper-class Malaysians, there are many expatriates living in Damansara Heights. This panoramic township is positioned high up on the hills in quiet surroundings, just minutes away from the city centre. It is considered a very prime location and easily accessible from the city centre and Petaling Jaya.
The second most expensive property sold last year was a bungalow in Kenny Hills, Kuala Lumpur, which fetched RM12 mil.
Kenny Hills in Bukit Tunku made it to the top two of the list of the most expensive homes in Malaysia for two years in a row. The neighbourhood comprising mansions and custom-built houses is home to many corporate figures, expatriates and ambassadors of foreign countries.
The median per sq ft (psf) price for bungalows in Bukit Tunku is RM677.
The third most expensive property sold was a serviced residence at St Regis in KL Sentral which fetched RM9.5 mil.
St Regis is one of a few luxury hotel and residential developments in Kuala Lumpur. The first six floors of St Regis are designated for an exclusive and luxurious six-star hotel, and from the seventh floor up are private residences. The residential units here range between 766 and 4,523 sq ft and most units are semi-furnished.
The median psf price for the serviced residences is RM2,063.
Besides the brand name and finishings, St Regis is located at KL Sentral, the public transportation hub, and that is why the property is expensive.
Previously Knight Frank Malaysia had said the overall outlook for the Kuala Lumpur high-end residential market remained challenging amid the supply and demand imbalance.
Nevertheless, the real estate firm expects to see more new launches and transactions in the prime areas of Kuala Lumpur city – Bukit Bintang, Ampang Hilir, U-Thant, Mont Kiara, Bangsar, Damansara Heights and Kenny Hills.
It believes a series of projects launched in the last six months of 2019 has assisted in the recovery of the high-end residential market in Kuala Lumpur. – Feb 14, 2020