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Tuesday, February 26, 2008

Millionaire havens

A look at where the most expensive properties in the country were bought

Of the total 812 transactions done in Selangor during the 2005/2006 period, over 40 per cent were residential in nature, worth RM583.57 million

Where are the country’s most expensive deals being made? The answer is literally at your feet … if you happen to live in the rich, fully developed state of Selangor.

This is according to statistics gathered from the Ministry of Finance’s latest “Million Ringgit Property Deals” report covering the 2005/2006 period.

Prepared by the Valuation and Property Services Department (VPSD), it found out that 812 transactions, each worth at least RM1 million, were made in the state during the period to the tune of RM2.38 billion.

Given the fact that 2,023 big-time residential, commercial, industrial, development land and agricultural deals worth RM7 billion were signed during the two years, it means Selangor was responsible for 40 per cent of the transactions by volume and 34 per cent by value.

In second spot was Kuala Lumpur, with 442 deals worth RM1.97 billion, followed by Penang with 208 deals (RM897.67 million) and Johor with 163 deals (RM441.91 million).

The other states that also saw million-ringgit transactions were Sabah (72 deals, RM177.19 million), Kedah (66 deals, RM304.21 million), Perak (64 deals, RM282.92 million), Negeri Sembilan (59 deals, RM109.73 million), Malacca (49 deals, RM169.35 million), Sarawak (39 deals, RM59.97 million), Pahang (26 deals, RM176.96 million), Terengganu (18 deals, RM24.19 million) and Kelantan (five deals, RM13.87 million).

Commercial trades
In Selangor, change of ownership involving million-ringgit plus commercial real estate accounted for 164 units worth RM446.74 million.

According to the VPSD report, the state’s three- and four-storey shophouses were the most popular during the period under study.

Prices paid were RM1.05 million for a unit in SS22 Damansara Jaya, RM2 million for one in SS2 PJ, RM3.14 million for a unit in Kota Damansara and RM3.64 million for another in Dataran Sunway.

In Klang, a two-a-half-storey shop went for RM4.9 million while a shopping complex in Taman Selayang Utama, in the district of Batu, changed hands for RM120 million.

Development deals
Development land dealings also made up a sizeable chunk of the million-ringgit plus transactions.

By volume, Penang had the most trades with 85 during the period, including a residential site in Persiaran Kelicap, which changed hands for RM109.17 million; vacant plots in Jalan Kelawei in George Town for RM90.44 million; land in Batu Ferringhi for RM25.96 million; as well as in Jalan Rozhan in Seberang Prai Tengah for RM13.27 million.

However, with a total cumulative value of RM533.65 million, their value was lower than the 84 transactions done in KL for a total of RM679.12 million.

These were in the Jalan Bukit Setiawangsa area of Ulu Klang (RM58.51 million), Jalan Tun Razak (RM51 million), Jalan Kuching (RM28 million), Jalan Benteng (RM19.2 million) and Jalan Ampang (RM18 million).

In Selangor, 64 plots of development land were traded for a total of RM274.71 million.

Residential take-up
Selangor was the star-performer in this sector compared to the other states.

Of the total 812 transactions done during the 2005/2006 period, over 40 per cent (or 337) was residential in nature, worth RM583.57 million.

Of these, one-third (103) were in Sungai Buloh, the area where many highend housing enclaves are situated. Among them: Valencia, Sierramas West, Sierramas Resort Homes, Damansara Indah Resort Homes, Sunway Damansara, Sierra Damansara, D’Villa, Tropicana Golf and Country Resort, Mutiara Damansara, Damansara Utama Petaling, Aman Suria Damansara, SS22 and SS22A of Damansara Jaya, Taman Bukit Rahman Putra, Bandar Utama Damansara, Sunway Rahman Putra, SS2 Petaling Jaya, Ara Damansara, Damansara Idaman and Damansara Indah Country Resort.

The properties traded were mostly detached houses, two- and two-and-a-half-storey terraces and semi-dees as well as vacant bungalow plots.

In terms of prices paid, the VPSD report noted that it was between RM1.15 million for a semi-detached unit in Valencia to RM3.38 million for a detached house in Tropicana Golf and Country Resort.

The Damansara district also saw a significant 53 deals, with detached houses transacted at RM1.18 million in SS3 PJ, RM1.75 million in Subang Saujana, RM2.15 million in SS19 Subang Jaya and RM2.2 million in SS1 PJ.

Other districts that recorded residential deals worth at least RM1 million each were Ampang, Ulu Klang, Shah Alam, Petaling, Cheras, Batu, Putrajaya, Klang and Kajang.

In KL, detached houses in Damansara Heights were transacted at between RM3 million and RM13.96 million, while those in Pantai Hills went for between RM2.5 million and RM4.5 million.

In Ampang, the range was from RM1.6 million to RM4 million and in Taman Tun Dr Ismail, from RM1.83 million to RM2.68 million.

KL’s terrace houses also found their way into sevenfigure territory, with two- and two-and-a-half-storey types in Desa ParkCity going for between RM1 million and RM1.33 million while units in Bangsar Baru found new owners for between RM1.04 million and RM1.66 million.

In the condominium category, units in Mont’ Kiara Damai went from RM1.16 million to RM4.75 million, while in Bukit Bandar Raya’s Sri Penaga project, it was from RM1 million to RM1.65 million.

Near the Petronas Twin Towers in the city centre, units at Hampshire Park were traded at between RM1.12 million and RM1.27 million.

By New Straits Times (by Zoe Phoon)

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