hood and hob, plus a microwave
oven.
SLOWER GROWTH EXPECTED FOR
LANDED HOMES
According to Sulaiman, slower
growth in landed home prices due
to the surge in supply over the
last 18 to 24 months. Prices would
have to be supported by actual
occupation or tenancy demand to
be sustainable in the long run..
“Nevertheless, fluctuations in price
growth rates do occur and generally,
prices are still climbing,” he adds.
Developments north and south of
KK will continue to be targeted by
genuine and first-time buyers due to
their affordability says, Sulaiman.
An average y-o-y growth of 7.36%
(about RM27,000) was recorded
during the 3Q2013 review, slower by
1.54% compared with 2Q2013. The
average y-o-y growth for the same
review period in 2012 was 8.41%,
indicating slower growth of 1.05%.
Taman Indah Permai continues to
lead price growth for the second
consecutive review period with an
average growth of 11.67% y-o-y
(about RM35,000) in 3Q2013.
Q-o-q, the area recorded 1.52%
growth — up RM5,000 from
RM300,000 in 2Q2013. Values for
homes in Taman Indah Permai,
which currently hover at RM450,000
to RM500,000, are set to catch
up with those of neighbouring
developments such as Taman Bukit
Sepangar as they are marginally
lower.
According to Sintia, a similar
scenario is seen in Taman Jindo,
which recorded 11.43% growth
y-o-y in 3Q2013 — up RM40,000
from RM350,000 in 3Q2012. In
comparison, y-o-y growth for the
same period during the previous
year was 7.69%.
Two-storey terraced houses are
priced from RM450,000 to as high as
RM1 million.
Ujana Kingfisher recorded 9.72%
y-o-y price growth in 3Q2013, slower
by 1.71% and 1.05% compared with
2Q2013 and 3Q2012 respectively.
For other sampled properties, y-o-y
growth was between 3.57% and
4.44%, all below the average y-o-y
growth for the current review.
Single-storey terraced houses
saw price growth of 10.22% y-o-y
(about RM25,000), slower by 1.06%
compared with the previous quarter.
Compared with 3Q2012, however,
growth rose 3.65%.
Taman Sri Kepayan was the only
area to record q-o-q growth (1.72%)
— up RM5,000 from RM290,000 in
2Q2013.
Strategically situated in the Kepayan
area, off Jalan Pintas Penampang,
Taman Sri Kepayan continues to
lead the price growth chart with 18%
growth y-o-y, or about RM45,000.
Though homes there are sought
after because of the good location
and accessibility, the higher asking
prices makes it hard for potential
buyers to obtain loans.
Taman Tuan Huat recorded an
average y-o-y growth of 9% — higher
by 2% compared with 2012, while
Taman Nelly Ph9 recorded 4%
growth, the same as last year.
CONDOMINIUMS TO PERFORM
WELL
The strong sales performance of
condominiums in the city, including
the “100% sold out” luxury Pelagos
Designer Suite (priced at almost
RM1,000 per sq ft) as well as The
Loft (prices start at an average of
RM700 per sq ft), suggests the
market will continue to perform well,
according to the report.
Overall, the outlook for the
condominium market has been
positive over the last five years,
especially in some of the earlier
schemes such as The Peak
Condominium, where values rose
56% to about RM500 per sq ft,
Sulaiman says. Some renovated
units were transacted for as high as
RM700 per sq ft.
The second best performing
condominium development was
Alam Damai, which saw prices
increasing 51% in three years (from
RM290 to RM440 per sq ft).
The average price for condominium
units in KK rose from RM403 p
in 3Q2012 to RM434 per sq ft in
3Q2013 — an increase of 7.79%.
This was, however, slower by 0.44%
compared with the average growth
of 8.23% in 2Q2013 and down
2.22% compared with the 10.01%
recorded in 3Q2012.
The sampling registered a y-o-y
growth of between 4% and 11%.
Likas Square was the best performer
(11% growth) while Alam Damai
continued to impress (10% growth).
With the exception of Radiant Tower
and Marina Court, the other samples
recorded more than average growth.
Marina Court registered 4% y-o-y
growth, which is the same as
2Q2013 and the slowest pace since
2011.
Although newly launched
condominiums have been known to
be launched at RM700 per sq ft (The
Loft), the price appreciation for units
in Marina Court was rather sluggish
despite being located in the town
centre, says Sintia.
This, he adds, might be due to the
large number of new units in the
primary market, leaving buyers
spoilt for choices. Another factor
may be a new development, Ocenus
Waterfront Mall, which is under
construction, will block the sea view
once enjoyed by Marina Court.
STEADY GROWTH IN RENTAL
YIELDS
Rental growth for 2-storey terraced
houses averaged 12.72% y-o-y,
3.47% higher than that recorded in
3Q2012.
Taman Indah Permai registered the
highest growth rate at 22.22% (from
RM900 per month in 3Q2012 to
RM1,100 per month in 3Q2013). This
was followed by Ujana Kingfisher
with 20% growth y-o-y (up RM200
from RM1,000 per month in
3Q2012).
Overall, rents for 2-storey terraced
houses are still growing, with all
Northern Corridor of Kota Kinabalu City
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