In recent years, many newer condominiums are increasingly targeted at middle-income segment, especially those in Bandar Puteri Puchong and Bandar Puchong Jaya, which are located closer to Bandar Sunway and IOI Mall.
Anchored originally by IOI Properties’ townships, the Puchong area is vast and has seen the entry of many developers.
Prices on the secondary market here are strong, mirroring that of adjoining Kota Damansara. A major catalyst is the Tropicana Gardens project, which includes an MRT station and a mall, where residences were launched at over RM1,000 per square foot (psf).
Mah Sing Group Bhd has revised its sales target for the year to RM2.3 billion from RM3.4 billion and has also scaled back its launches to RM2 billion from RMM3.4 billion amid a softer market.
In the review period, transactions of non-landed residences in the secondary market have yet to breach the RM1,000 psf level, although this will likely change once Tropicana Gardens is completed, as primary prices there have exceeded that threshold.
Based on theedgeproperty.com’s analysis of transactions in the 12 months to 3Q2014, the average transacted price per square foot (psf) was RM539 in 3Q2014, while the average transacted price per unit was RM661,000.
The Tropicana address has long been associated with exclusivity. Most homes there are luxury bungalows, but new developments are mostly condominiums as land is now scarce and expensive.
The Manor will have 212 condominium units with a built-up area of between 2,426 and 7,356 sq ft. Prices start at RM1,100 psf.
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