“Is The KL High End Condo Market In Big Trouble?”
Hard times a'coming
As prices for KLCC auction properties get cheaper by the day, I think high end property investors must be asking how low will property transaction prices get before buying interest emerges. One unit at the Pearl at Jalan Stonor was sold at below RM600 PSF recently.
My cheerful auction agent J has just Whatsapped me news the bank just cut the auction price for a freehold unit at Idaman Residence, another KLCC condo just minutes walk to KLCC’s Twin Towers by a whopping 16% to RM603 PSF. See picture below. According to J, this auction unit overlooks the Twin Towers. The auction is set for 27 June.
I first mentioned the auction unit at Idaman Residence in my inaugural KL auction property market update #1 when the auction price was much higher at RM724 PSF. Besides Idaman Residence, some KLCC auctions are seeing no buyers even at the 2nd or 3rd auctions. I can recall one leasehold auction even reached the 5th auction 😱.
Get Out The Popcorn
Last year in September, I wondered if KLCC auction property prices would head south. The title of my perhaps prescient post was “Get out the popcorn : KLCC sale in 2022?”. For analysis and insights of the KL high end property market, please check out my other posts at 360 KLCC.
“Why are KLCC rents falling when rents at Red Dot Island are rising?”
“Will rising interest rates roil the property market in 2022?”
“Does residential property hedge against inflation?”
“KL High End Condo Market -A Dead Cat Bounce?”
The property transaction prices and rentals PSF for a two bedroom Idaman Residence unit over the past 5 years are given below: Source: PropertyGuru's Pricing Insights
Post Script & Disclaimer
I am not a registered real estate agent. If you are thinking of buying auction properties please consult a BOVEA registered realtor or valuer.
Previous auction property market updates @360 KLCC : Downtown Condominium, Kirana Residence, DC Residensi, Suria Stonor, the Pearl at Jalan Stonor, Idaman Residence
