KL auction property market update #7 -The Pearl @RM582 PSF, Kirana Residence @ RM632 PSF to be auctioned in June

I think this is the first time a 3000+ SF freehold KLCC property has been sold at auction for less than RM600 PSF. My auction agent J just notified me a unit at The Pearl fetched RM1.8m at its auction on 26 May. See below.

But a check at PropertyGuru's website shows at least one 3000+ SF unit for sale at an even cheaper asking price. The Pearl is a 41 storey building at Jalan Stonor. More information here. PropertyGuru's Pricing Insights charts for price transactions in PSF and rents PSF for three bedroom units at the Pearl show rents have virtually halved in the past 10 years to around RM2 psf while CMVs have dropped from above RM1000 PSF to just over RM700+ PSF.

I see there were no bids for the freehold 4 bedroom 3842sf unit at Kirana Residence. The price has been reduced to RM632 PSF or RM2.43m for the next auction on 7 June. See Whatsapp snapshot below sent to me by an auction agent.

The last time I have seen a 4 bedroom unit at Kirana sold at around RM2.4m was more than 10 years ago. It was on a much lower floor. I think Kirana Residence prices have rebounded in 2022. One 4 bedroom unit sold at above RM700 PSF . See PropertyGuru's Pricing Insights chart of price transactions PSF below.

Please check out my previous KL auction property market updates at 360 KLCC.

Why do I cover KLCC property auctions?

They tell me a lot about the state of the High End KL property market. See Part 1 and Part 2 of my post, “What property auctions say about the state of the KL property market”