Central Region Property Market Report First Half 2024
Central Region: Market Activity
Source: NAPIC
1.0 CENTRAL REGION PROPERTY MARKET OVERVIEW
The Central Region property market performance improved in H1 2024, as indicated by the increase in market activities. The region registered 47,763 transactions worth RM46.09 billion, which increased by 11.6% and 35.8% in volume and value, respectively as compared to H1 2023. Combined, these three states formed 24.0% and 43.6% of the national volume and value of transactions.
In terms of transaction volume, all three states showed an upward trend. Putrajaya increased by 45.7%, followed by Kuala Lumpur (22.7%) and Selangor (8.8%).
In terms of transaction value, Kuala Lumpur and Selangor increased by 73.4% and 24.6%, respectively, whereas Putrajaya declined by 43.3%.
Chart 3: Overall Property Transactions Volume Breakdown by State
H1 2024
Source: NAPIC
Chart 4: Overall Property Transactions Value Breakdown by State
H1 2024
Source: NAPIC
By state, Selangor dominated the region’s overall property transactions, with 78.0% in volume (37,261 transactions) and 68.6% in value (RM31.64 billion) of the total transactions in the Central Region.
Chart 6: Overall Property Transactions Value Breakdown by Sub-sector H1 2024
Source: NAPIC
By sub-sector, residential continued to dominate the region’s property transactions, contributing 71.2% (34,010 transactions) of the total. Likewise, the residential sub-sector dominated the region’s overall property transaction value with a 45.5% share.
Table 1: Summary of Prominent Sales in H1 2024
Source: NAPIC
2.0 PROPERTY MARKET ACTIVITY
2.1 RESIDENTIAL PROPERTY
Transaction
The residential sub-sector was the main sub-sector for all states. Putrajaya, Kuala Lumpur, and Selangor recorded an increase of 49.2%, 12.7%, and 6.7% in the volume of transactions respectively.
The Central Region primary market declined for new launches in Selangor and Putrajaya, while it increased in Kuala Lumpur. Kuala Lumpur recorded 2,605 new launches, an increase of 26.6% compared to H1 2023 (2,057 units), meanwhile Selangor decreased by 39.9% to 3,847 units (H1 2023: 6,401 units). Putrajaya recorded nil units of new launches compared to 338 units in H1 2023.
Chart 9: Residential Newly Launch and Sales Performance
Source: NAPIC
Market Status
The residential overhang situation saw mixed movements in the review period. Kuala Lumpur and Selangor charted 3,051 units and 2,328 units, respectively, reduced by 13.7% and 31.6% compared to H2 2023 (Kuala Lumpur 3,535 units; Selangor 3,405 units). Meanwhile, overhang unit in Putrajaya increase 120.4% to 302 units, compared to H2 2023 (137 units).
The unsold under construction units in the Central Region increased by 6.4% (13,422 units) compared to H2 2023 (12,620 units). Meanwhile, the unsold not constructed units increased by 11.6% (5,360 units) compared to H2 2023 (4,804 units).
Chart 10: Residential Overhang and Unsold Units H1 2022 – H1 2024
Source: NAPIC
Construction Activity
The Central Region completion recorded a 10.0% decrease in H1 2024 (11,226 units) compared to H1 2023 (12,473 units). By state, Kuala Lumpur increased by 55.3% compared to H1 2023, while Selangor showed a decrease of 36.5%.
Likewise, starts, Selangor, and Kuala Lumpur recorded an increase of 26.7%, while Selangor showed a decline of 29.2%. However, new planned supply in Kuala Lumpur and Selangor enjoyed an increase of 65.1% and 64.5%, respectively, against H1 2023.
Completion, starts, and new planned supply units in Putrajaya remained nil in H1 2024.
Table 2: Construction Activity of Residential in Central Region H1 2024
The residential property price in H1 2024 showed mixed movements across the board. Residential properties for landed and high-rise unit in prominent and established area witnessed a marginal capital appreciation.
Double storey terraces in established schemes such as Bandar Setia Alam, Elmina West, and USJ 2 in the District of Petaling, Selangor, enjoyed an increase of 8.0%, 6.9%, and 6.9% respectively. Meanwhile, double storey terraces in Kuala Lumpur also saw a similar increase of 4.8%, 4.4%, and 4.2% in Wangsa Melawati, Taman Megah Kepong, and Taman Bukit Maluri, respectively.
In the high-rise residential segment, strong performances were recorded. In Kuala Lumpur, apartments / condominiums located in prominent areas served with efficient road linkages, indicating an increase, including Menara Warisan (16.4%), Mon’T Kiara Aman (13.3%), and Residensi Holmes (14.8%). Meanwhile, apartments / condominiums in Selangor namely Taman Pandan Indah, Juta Mines Condo, and Taman Kajang Utama, witnessed an increase of 9.7%, 9.0%, and 9.0%, respectively. However, there were instances of declines in selected schemes for terraced houses, apartments and condominiums in the region.
House Price Index
The all House Index for Kuala Lumpur and Selangor stood at 196.6 points and 220.8 points, respectively. The average all house price for Selangor stood at RM535,390 in Q2 2024P , an increase from RM534,788 in Q2 2023, while Kuala Lumpur stood at RM780,728, a decrease from RM786,956 in Q2 2023.
Chart 12: All House Price Index Annual Changes Q2 2023 & Q2 2024P
Source: NAPIC
Rental
The residential rental market in the Central Region was generally stable.
The average rental yield for double storey terrace houses in the Central Region was between 1.2% and 9.4%. In the District of Petaling, Selangor, double storey terraces in Taman Lestari Perdana @ Puchong, USJ 2, and Taman Puncak Jalil increased by 12.1%, 9.3%, and 7.9%, fetching a rental of RM1,300 - RM1,700 per month, RM1,500 - RM2,400 per month and RM1,300 - RM1,700, per month, respectively. Meanwhile, the average rental yield for apartments / condominiums across the region was in the range of 1.2% to 8.9%.
2.2 COMMERCIAL PROPERTY
Transaction
More market activity was recorded as the transaction volume in Kuala Lumpur, Selangor, and Putrajaya increased by 46.7%, 16.5% and 14.3%, respectively.
In terms of transaction value, Kuala Lumpur and Selangor recorded an increase of more than double and 36.0% respectively, whereas Putrajaya decreased by 44.3%.
The shop sub-sector recorded 2,151 transactions worth RM3.62 billion in H1 2024, accounting for 24.4% in volume and 26.8% in value of commercial property transactions in the region.
Selangor continued to drive the sub-sector in the region with 1,793 transactions worth RM2.70 billion, accounting for 83.4% and 74.4%, respectively, of the shop transaction volume and value. Kuala Lumpur took up 16.2% of the market share in transaction volume and 24.8% of the transaction value of the shop. Followed by Putrajaya with a market share of 0.4% in transactions volume and 0.8% in terms of transaction value of the shop in the Central Region.
Market Status
The shop overhang situation improved in Selangor and Kuala Lumpur, except for Putrajaya, where no movement was recorded. Selangor (355 units) decreased by 5.1% (H2 2023: 374 units), and Kuala Lumpur (13 units) decreased by 43.5% (H2 2023: 23 units). Meanwhile, Putrajaya stagnated at 9 units. In terms of value, Kuala Lumpur and Selangor decreased by 43.5% (H2 2023: RM8.05 million), and 1.1% (H2 2023: RM439.14 million) respectively, while Putrajaya remained at RM34.33 million.
For unsold under construction units, Selangor increased by 35.1% compared to H2 2023 (H2 2023: 461 units). Meanwhile, Kuala Lumpur and Putrajaya have no unsold under construction units. Likewise, Kuala Lumpur and Putrajaya, were unencumbered with any unsold not constructed units, while Selangor recorded 105 units in H1 2024.
Chart 15: Shop Overhang and Unsold Units H1 2022 – H1 2024
Source: NAPIC
Construction Activity
Generally, construction activities in the Central Region took a downturn against the preceding half (H1 2023). Completion in Selangor (32 units) decreased by 73.3% (H1 2023: 120 units), while Kuala Lumpur, and Putrajaya remained nil in H1 2024.
Starts in Selangor showed an increase of four-digits to 468 units compared to H1 2023 (start 39 units). Meanwhile, there were no activities in Kuala Lumpur or Putrajaya in H1 2024.
Similarly, with new supply planned, Selangor showed an increase of 58.6% to 582 units compared to H1 2023 (new supply planned at 367 units). Meanwhile, Kuala Lumpur and Putrajaya recorded no activities for the new planned supply in H1 2024.
Table 3: Construction Activity of Shop in Central Region H1 2024
The prices of shops showed mixed movement, with increases and decreases charted in several areas. In Kuala Lumpur, three storey shops in Taman Sri Rampai Mukim Setapak (10.6%) and Taman Tun Dr Ismail Mukim Kuala Lumpur (5.6%), were transferred from RM1.63 million to RM1.80 million, and RM5.70 million to RM6.65 million, respectively.
In Selangor, three storey shops in Taman Kenanga (Salak Perdana Business Park), Sepang, and Taman Ijok Utama, Kuala Selangor recorded an increase of 4.3% and 3.9%, respectively, with transaction prices ranging from RM710,000 to RM870,000. While two storey shops in Taman Bayu Tinggi, Klang, and Taman Melawati, Gombak recorded an increase of 5.6% and 4.7%, respectively, which transacted between RM830,000 and RM2.00 million.
Rental
Rental of ground floor shops were generally stable, with several increases in selected commercial areas. In the central town area of Kuala Lumpur, an increase by of 7.2% was recorded in Jalan Padang Belia, Brickfields, with a rental rate at of RM3,850 - RM5,800 per month. Rental of ground floor shops in the District of Petaling, Selangor, recorded ranging ranges from RM2,500 to RM8,000 per month.
b. Serviced Apartment / SOHO
Transaction
Serviced apartments / SOHO in the Central Region recorded 4,415 transactions worth RM3.39 billion, formed representing 50.1% in volume and 25.1% in value of commercial property transactions in the region.
The Region’s market performance recorded an increase of 29.2% in volume (H1 2023: 3,418 transactions) and 52.0% in value (H1 2023: RM2.23 billion). By state, Kuala Lumpur contributed higher the highest market volume to the region, total with 53.7% (2,369 transactions) of total market share.
Market Status
The serviced apartments / SOHO overhang, unsold under construction, and unsold not constructed units showed mixed movement in the Central Region. Kuala Lumpur recorded a lower overhang at 5,204 units, while Selangor recorded an increased at 2,590 units, and Putrajaya remained at 84 units in H1 2024.
Similarly, unsold under construction units in the Central Region increased by 15.5% to 22,524 units (H2 2023: 19,507 units), and unsold not constructed units also increased by 48.1% to 8,594 units (H2 2023: 5,803 units).
Chart 17: Serviced Apartment / SOHO Overhang and Unsold Units H1 2023 – H1 2024
Source: NAPIC
Construction Activity
Generally, the construction activity situation in the Central Region increased as compared to the corresponding period (H1 2023). Completion in Selangor (4,992 units), increased by 37.0 % (H1 2023: 3,643 units), followed by Kuala Lumpur at 27.5% (H1 2023: 5,470).
Starts in Kuala Lumpur recorded 3,805 units, while the new planned supply was 2,648 units. Likewise, in Selangor, starts recorded at 1,096 units and new planned supply at 7,134 units.
Contrarily, the situation differs in Putrajaya, which remained nil in all stages of developments in H1 2024.
Table 4: Construction Activity of Serviced Apartment / SOHO in Central Region H1 2024
Prices of serviced apartments and SOHO in the Central Region saw mixed movement across the board. Serviced apartments namely Eko Residence, Arcoris Mont Kiara, and Four Seasons Place in Kuala Lumpur, increased by 10.7%, 10.1% and 6.1%, respectively.
On a similar note, serviced apartments, namely Residensi Kenwingston @ USJ 1, Verde Residence, and Perla @ Ara Sentral in the District of Petaling, Selangor increased by 7.3%, 7.0%, and 6.3%, respectively.
Rental
The serviced apartment’s rental market was generally stable. The increment in rental saw at Dataran Emerald @ Emerald Avenue in Gombak (9.7%), Urban 360 in Gombak (9.3%), Novum in Kuala Lumpur (12.5%), and KL Gateway in Kuala Lumpur (12.1%), fetching rental of RM1,100-RM1,500 per month, RM1,400-RM2,000 per month, RM2,200-RM3,000 per month and RM2,500-RM3,250 per month, respectively. Meanwhile, SOHO unit Marc Residences, in Kuala Lumpur recorded the highest rental rate at RM4,000-RM4,200 per month.
c. Shopping Complex
Transaction
The review period recorded four transactions: Brem Mall in Kuala Lumpur; Kelana Jaya Urban Centre, Giant Kinrara and Giant USJ in Selangor. The sale and purchase agreement for Brem Mall, Kelana Jaya Urban Centre, Giant Kinrara and Giant USJ were signed in 2023 and was executed on H1 2024.
Occupancy and Space Availability
The performance of the retail sub-sector in the Central Region remained stable with a higher overall occupancy rate in selected compexes. Selangor and Kuala Lumpur recorded a slight increase of occupancy rate at 81.2% and 84.9%, respectively compared to H2 2023 (Selangor: 79.7%, Kuala Lumpur: 83.8%). In contrast, Putrajaya recorded a lower occupancy rate of 79.0% compared to H2 2023 (79.2%).
Chart 19: Supply and Occupancy of Shopping Complex
Source: NAPIC
Table 5: Pertinent Movements in Shopping Complex
Source: NAPIC
Construction Activity
In the Central Region, only one new completion was recorded which is Bloomsvale Mall, Jalan Puchong, Kuala Lumpur offering 27,871 s.m of retail space into the market.
Table 6: Construction Activity of Shopping Complex in Central Region H1 2024
Source: NAPIC
Rental
Generally, the rental of retail space was stable for most shopping complexes. Suria KLCC in Kuala Lumpur sustained its prominence, fetching the highest rental range from RM377 p.s.m. to as high as RM2,227 p.s.m. per month. In the central town prime area, positive rental growth was recorded at Intermark Mall, with rental ranges from RM38 p.s.m. to RM1,345 p.s.m. per month.
Meanwhile, in Selangor, the highest rental ranges were recorded in Giant Hypermarket, Seksyen 13, Shah Alam and followed by Giant Hypermarket, Kota Damansara, with rental ranges from RM23 p.s.m. to RM955 p.s.m. and RM20 p.s.m. to RM807 p.s.m. per month, respectively.
d. Purpose-built Office
Transaction
The review period recorded six transactions: Bangunan Majlis Peguam @ Bar Council in Kuala Lumpur, Southbank Boutique Office, Wisma Rapid, Blok 3517 in Cyberjaya, Jaya Square, and Menara Serba Dinamik in Selangor. The sale and purchase agreement for Southbank Boutique Office, Wisma Rapid, Blok 3517, PT14, and Bangunan Serba Dinamik were signed in 2023 and concluded in H1 2024.
Occupancy and Space Availability
The performance of purpose-built offices in the Central Region remained stable, with the overall occupancy rate showing a marginal decrease of 75.0% as compared to 75.1% in H2 2023. Selangor remained firm as the occupancy rate slightly increased to 72.8%, compared to H2 2023 (72.6%). Contrarily, Kuala Lumpur recorded a lower occupancy rate of 71.8% compared to H2 2023 (72.1%), while Putrajaya remains unchanged in H1 2024.
Chart 20: Supply and Occupancy of Purpose-built Office
Source: NAPIC
Table 7: Pertinent Movements in Purpose-built Office
Source: NAPIC
Construction Activity
Only one new completion was recorded in the review period, namely Menara Felcra @ Semarak20 in Kuala Lumpur. The details are as below:
Table 8: Completion of Purpose-Built Office in Central Region
Source: NAPIC
Table 9: Construction Activity of Purpose-Built Office in Central Region
Source: NAPIC
Rental
Generally, rentals of office space were stable for most office buildings. In the golden triangle area, Menara Prestige, Jalan Pinang recorded rental growth of 9.6% with rentals ranging from RM67.28 p.s.m to RM91.49 p.s.m.
In Selangor, office space rental rates remained stable. The highest rental rate for office space was recorded in Damansara Uptown, with rentals ranging from RM40.90 p.s.m. to RM138.89 p.s.m.
e. Leisure Property
The review period witnessed the transaction of the W Hotel located at Jalan Ampang, Kuala Lumpur, which was signed in 2023 but concluded in H1 2024.
For construction activities, as at of H1 2024, there were 470 hotels (75,035 rooms) in the existing supply, another 16 hotels (3,646 rooms) in the incoming supply, and 10 hotels (1,814 rooms) in the planned supply.
2.3 INDUSTRIAL PROPERTY
Transaction
The industrial sub-sector contributed a marginal portion of 2.9% to the overall market activity in the Central Region. The region’s market performance recorded an increase of 13.4% in volume to 1,392 transactions (H1 2023: 1,228 transactions) and 27.9% in value to RM7.20 billion (H1 2023: RM5.63 billion).
The Central Region overhang units were sustained as of H2 2023. Selangor recorded 45 units, while Kuala Lumpur and Putrajaya remained at nil.
Similarly, unsold under construction units in the Central Region increased by 37.4% to 213 units (H2 2023: 155 units). On the contrary, unsold not constructed units in Central Region remained nil in H1 2024.
Construction Activity
The completion units, starts and new planned supply in Selangor were moderated. Completion and starts increased by more than double and 8.4%, respectively, while new planned supply decreased by 79.2%. There was no new construction activity recorded in Kuala Lumpur and Putrajaya.
Chart 23: Industrial Overhang and Unsold Units H1 2022 – H1 2024
Table 10: Construction Activity of Industrial in the Central
Source: NAPIC
3.0 PROPERTY HIGHTLIGHTS
3.1 Infrastructure Development
No.
Infrastructure Projects
Descriptions
Current Development Status
1.
Light Rail Transit (LRT3)
Total Length - 37.0 km
Link Bandar Utama with Johan Setia in Klang
Travel Time: 60 minutes
No. of stations: 20
Expected to be completed by Feb 2024.
Under Construction: 93.9%
2.
East Coast Rail Link (ECRL)
This east and west coast rail network connecting Kota Bharu, Kelantan to Port Klang, Selangor.
The new ECRL alignment for Section C commences from Mentakab, Gombak, Serendah, Puncak Alam, Kapar to Port Klang.
The distance from Mentakab to Port Klang is 204 km.
The project expected to be completed by December 2026
Stage of completion: 67% (overall construction) and 26% for Selangor
3.
Lebuhraya Pantai Barat (LPB) / West Coast Expressway (WCE)
The West Coast Expressway (WCE).
Involves the Selangor State Line of 93.8 kilometers and the Perak State line of 139.2 kilometers.
The construction is divided into 11 packages, of which seven are in Selangor and the others are in Perak.
In Selangor, the first six packages are completed and open to traffic. While for Package 7, namely Assam Jawa Elevated Interchange to Tanjung Karang Elevated Interchange is currently under construction. It is divided into Package 7A (19.5 kilometers) and Package 7B (10.0 kilometers).
Package 7 is expected to be completed by 2026.
Under Construction: Package 7A: 100%
Package 7B: 44% Expected to be completed on March 2026
4.
East Klang Valley Expressway (EKVE)
The EKVE starts from Sg Long at the SILK Highway in the south to Ukay Perdana in the north. The 39 km spans are a dual carriageway with a closed toll system that accommodates five (5) toll plazas at this interchange;
Sg. Long Interchange
Bandar Mahkota Cheras Interchange
Hulu Langat Interchange
Ampang Interchange
Ukay Perdana Interchange
The project was delayed due to several legal and civil disputes and is expected to be fully completed by end of 2025.
Under Construction: 91%
5.
Flood Mitigation Projects in Sungai Langat
The flood mitigation project in Sg. Langat involves two phases;
Flood Mitigation Plan for Sungai Langat Phase 1; in the process of acquiring land and is expected to be completed in 2027.
Flood Mitigation Plan for Sungai Langat Phase 2; the project is expected to begin this year and be fully completed in 2030.
Constructed by phase
6.
Construction of New Water Plant Facility
To ensure adequate reserve margin for clean water supply in Selangor, several new plants will be constructed, including:
Rasau Water Supply Scheme Phase 1 – expected to be completed by 2025.
Rasau Water Supply Scheme Phase 2 – expected to be completed by 2028.
Langat Water Supply Scheme Phase 2 – expected to be completed by 2030.
Labohan Dagang Water Supply Scheme Phase 2 – expected to be completed by 2029.
Pulau Ketam Desalilination Plant – expected to be completed by 2026.
Constructed by phase
7.
Sungai Rasau Water Supply Scheme
In respond to issued with the quality of raw water, the Selangor State Government is implementing the Sg Rasau Water Scheme Project. This is considered to be the biggest Off-River Storage Facility (ORS) project in the country.
Details of project:
Stage 1 is expected to produce clean water supply to Pulau Indah, Port Klang Free Zone (PKFZ), Pulau Ketam, Taman Bukit Lipat Kajang, Seksyen 16, Bukit Rajah Industrial - North Port, Bukit Tinggi & Botanik, Bandar Puteri & Putera 2, Taman Sri Andalas, Taman Sentosa, Bayu Perdana, Bandar Klang, Teluk Gedung, Persiaran Raja Muda Musa, Sobena Jaya, Pandamaran, Jalan Tengku Badar and up to Sijangkang (Kuala Langat).
Stage 2 is expected to produce clean water supply to Klang and Petaling regions.
Under Construction Expected to be completed: State 1: 2024 Stage 2: 2028
8.
Integrated Development Region in South Selangor (IDRISS) Project
The Selangor government has introduced five incentives to drive investments into its Integrated Development Region in South Selangor (IDRISS).
IDRISS is a strategic economic development effort in southern Selangor that includes various aspects, including education, housing, investment, and transportation, covering an area of 40,000 acres in the district of Sepang and Kuala Langat.
They comprise a special premium scheme, interest-free installment payment for development charges, tax exemption for vacant land assessment, a 50% discount on the vacant building assessment tax, and business license fee exemption.
Site clearing & Land conversion process.
9.
MRT Circle Line (MRT 3)
Total Length: 50.8 km
No of Stations: 33 (26 elevated and 7 underground)
The circle line is from Bukit Kiara to PPUM
Link densely populated areas such as Mont Kiara, Segambut, KL Metropolis, Titiwangsa, Setapak, Setiawangsa, Ampang, Salak South, Pandan Indah, Pantai Dalam, Cheras and University Malaya.
Land acquisition process is expected to start in stages from 2024.
3.2 Mega Project
No.
Commercial Projects
Descriptions
Current Status
1.
Central Park Damansara, Damansara Perdana
Location: Jalan PJU 8/8, Damansara Perdana
Total land area: 10.687 acres (4.3249 hectares)
The detail of development is as below
D’Clover Residences @ Central Park Damansara
- Land area: 3.27 acres
- 1 block of 46 storey building with 593unit services residence.
- Selling price starting at RM918,500 to RM1,130,360
- Expected to be completed by 2027
D’Terra Residences @ Central Park Damansara
- Land area: 3.747 acres
- 1 block of 49 storey building with 767 units services residence.
- Selling price starting at RM749,870 to RM979,330
- Expected to be completed by January 2027
D’Teserra Residences @ Central Park Damansara
- Land area: 3.67 acres
- 1 block of 49 storey building with 671 units services residence.
- Selling price starting at RM899,140 to RM1,122,660
- Expected to be completed by January 2027
D’Vine Residences @ Central Park Damansara
- Land area: 2.54 acres
- 1 block of 46 storey building with 1,450 units Affordable Service Apartment
- Selling price at RM270,000
- Expected to be completed by September 2026
Phase 1 Under construction 30%
Phase 2 Under construction 35%
Phase 3 Under construction 35%
Phase 5 Under construction 35%
2.
Suria Garden @ Puchong
Location: Jalan Puchong Utama 2, Taman Puchong Utama, Puchong, Selangor
Land area: 5.69 acres
Consists of 3 towers of multi-storey service apartments with a total of 972 units.
The detail total units per block are as below :
Tower 1 - 444 units of 28 storey service apartment,
Tower 2 - 374 units of 27 storey service apartment,
Tower 3 - 146 units of 14 storey affordable service apartment (RSKU) and 8 units service apartment.
Built up area :
Type A - 81.38 sqm
Type B - 85.18 sqm
RSKU - 51.65 sqm
Selling price starts from RM516,800 to RM657,556 and RSKU
at RM270,000.
Estimated completion phase 1: May 2027
Under construction 85%
3.
Gravit8, Klang
Gravit8 is a mixed development project involving apartments, corporate offices, a shopping mall and a hotel which is estimated to cover approximately 15 acres of freehold land in Kota Bayu Emas, South Klang.
The development phase includes:
First Phase - 22 office shop units with the size of 4,909 to 18,190 square feet.
Second Phase - Two tower buildings called Nordica and Andria.
- A total of 374 units of serviced apartments.
- Price: RM510,883 - RM787,606
- Built-up area: 952 to 1,206 square feet.
- There are also 42 affordable housing units with an area of 551 square feet which will be sold at a price of RM270,000.00 per unit.
Third Phase - Development such as offices, boutique hotels, grocery stores, shopping mall.
Phase 1: Completed
Phase 2: Phase 2A & 2B Completed
Phase 2C The Tresor Stage of completion 100% CCC: 1 April 2024
Phase 3: Future Project
4.
Bandar Bukit Raja, Klang
The scheme located in Bandar Bukit Raja which offers easy access to major highways such as West Coast Expressway, NKVE, Shahpadu Highway and Federal Highway.
Located in a strategic location close to BBR Townpark, Columbia Asia Hospital, AEON Bukit Raja, Terminal Bus Klang Central, schools, commercial centre (Taipan BBR) and other facilities.
Details of development:
Bandar Bukit Raja 2 Fasa R1A (Nadira)
- Nadira is divided into two phases namely Phase R1A-1 and Phase R1A-2.
- The development consists of 242 units of two-storey terrace houses
Phase R1A-1 – 119 units,
Phase R1A-2 – 123 units,
- Built up area: 177 - 207 square meter
- Price starts from RM783,888 – RM1,067,888.
Bandar Bukit Raja Fasa R11B2 (Lyra)
- Lyra development consists of 156 units of 2-storey terrace
houses.
- Built up area: 161 - 213 square meter
Stage of completion: 100% CCC: 10 Mei 2024
Stage of completion: 100% with CCC dated 23 Oct 2023
5.
Interpoint, Bandar Bukit Tinggi
The scheme is situated in Bandar Bukit Tinggi and provides easy access to highways such as KESAS Highway, NKVE, SKVE, and Federal Highway.
Details of development:
Serviced apartment consisting of 998 units, 36 shop units and 30 units office.
Divided into 3 blocks:
- Tower A: 332 unit (35 floors)
- Tower B: 344 unit (34 floors)
- Tower C: 322 unit (33 floors)
Serviced Apartment
- Built up area: 722 - 1,207 squares feet
- Price: RM 423,800 – RM 841,850
Shop units:
- Built up area: 1,690 - 2,917 square feet
- Price: RM1,288,500– RM2,553,088
Office:
- Built up area: 667 - 850 square feet
- Price: RM 386,860 – RM 495,000
Expected to be completed by Mac, 2027.
Stage of completion: 30%
6.
Ferrous Fasa A10-01, Alam Impian
The Alam Impian plan provides convenient access highways, including the Federal Highway, KESAS Highway, Elite Highway, and Lebuhraya Kemuning – Shah Alam (LKSA).
Details of development:
- 136 units of 2-storey terrace houses.
- Built up area: 1,897 - 2,146 square feet.
- Price: RM 843,800 – RM 1,283,800.
- Expected to be completed by October 2025.
Stage of completion: 20%
7.
Desa Arowana, Jeram
Located at Pekan Kuala Sungai Buloh, Kuala Selangor. Access is available via the Klang-Teluk Intan, LATAR, and WCE highways.
Details of development:
Phase 1:
- 106 units of single storey terraced house
- 254 units of 2-storey terrace house
Phase 2:
- 175 units of 2-storey terrace house.
Single storey terraced house:
- Price: RM368,000 – RM 529,000
- Land area 130.06 square meter
- Floor area: 105.07 square meter
2-storey terraced house
- Price: RM 550,000 – RM 663,000
- Land area: 167.62 square meter
- Floor area: 226.96 square meter
Expected to be completed by May 2026
Stage of completion: 10%
8.
Astrum Jelatek / Ampang
Location: Jalan Ampang/Jalan Jelatek
Land area: 2.5212 hectares
Developer: Green Stone Development Sdn Bhd
Composition of development: 6 towers comprise of 5,228 units of Rumah Selangorku with a price at RM230,000 per unit.
Consists of 3 blocks of 27-storey serviced apartments with a total of 899 units. The detail total units per block are as below:
Blok A – 297 units,
Blok B – 297 units,
Blok C – 305 units.
Size unit: 51.28 – 79.80 square meters.
Price Launch: RM314,000 and above
Expected to be completed in 2025.
Under construction 85%
10.
Mutiara Hills, Semenyih
The total project area covers 485.60 hectares which consists of mixed development which is divided into 3 development sectors, consisting of residential, Rumah Selangorku residential program as well as business hubs.
Pearl Hills is also equipped with the development of recreation areas, school complexes, synagogues, halls and petrol stations.
Details of development:
Residential
- Involves 5 phases in stages
- Double storey terrace houses: 814 units
- Rumah Selangorku: 810 units
Business
- Shop/office 2 & 3 Floors: 33 units
Petrol Station
Phase 1A: Completion 100% (30 April 2024)
11.
Residensi Begonia Selangorku @ Eco Majestic
Location: This project is part of the development of the existing project scheme at Eco Majestic, which is located near the Kajang-Seremban Highway and connects the LEKAS Highway to Jalan Semenyih.
Land area: 3.440 hectares
Development consists of 3 blocks of 30 storey with the total units are 933 condominium units.
Details of development:
Block A – 317 units
Block B – 308 units
Block C – 308 units
This project is also providing the facilities such as a playground, prayer hall, gymnasium, management office, swimming pool & 24-hour security.
Built up area: 1,045 square feet
Price: RM250,000
Under Construction: 35% completed
Expected to be completed in 2026
12.
Residensi Oleander Selangorku @ Eco Majestic
Location: Selangorku Oleander Residency @ Eco Majestic is part of the development in the existing project scheme at Eco Majestic.
Land area: 48,563.50 meter squares
Development consists of 4 blocks of 30 storey with the total unit is 1,200 units condominium.
This project also provides facilities such as a playground, prayer hall, gymnasium, management office, swimming pool & 24-hour security.
Built up area: 1,045 square feet
Price: RM250,000
Under Construction: 35% completed
Expected to be completed in 2026
13.
Se’Duduk D’Kajang
Location: Semenyih, Hulu Langat
Land area: 6.92 acres
Details of development:
1,220 units Serviced Apartment and 25 commercial units.
Type A
- Built up area 1,000 square feet
- Three bedrooms and two bathrooms
- Launch price @ RM 400,000
Type B
- Studio unit
- Built up area 550 square feet
- Launch price @ RM 270,000
Expected to be completed in 2027.
Stage of Completions: 10% (Clearing Site & Piling)
14.
Anja Residence, Bangi
Location: Bandar Baru Bangi, Hulu Langat
Land area: 4.02 acres
Details of development:
900 units Serviced Apartment and 37 commercial units
Built up area from 550 – 1,019 square feet
Price @ RM 490,000 – RM 600,000
Expected to be completed in 2027.
Stage of Completions 10% (Clearing Site & Piling)
15.
Serenia City
This project consists of 3 new phases that is Serenia Amalia, Serenia Aiora and Serenia Ariya.
Location: Jalan Pintas Dengkil - Putrajaya (FT29), Bandar Serenia, Sepang.
Developer: Sime Darby Property (Serenia City) Sdn Bhd.
Details of development:
Serenia Amalia:
202 units of town house and 230 units single storey terrace house.
Price: ▪ RM250,000.00 – RM300,000.00 for terrace house. ▪ RM42,000.00 – RM100,000.00 for town house
Built up area: ▪ Terrace house: 65.03 square meters ▪ Town house 65.03 – 69.68 square meters
This phase is under the initiative project of affordable housing Rumah Selangorku.
Serenia Aiora:
273 units of double storey terrace house.
Land area: ▪ Intermediate/end lot: 6.10 x 21.34 meter ▪ Cornet lot: 6.60 x 21.33 meter
Built up area: ▪ Intermediate unit: 173.36 square meters ▪ End unit: 179.95 square meters ▪ Corner unit: 198.07 square meters
Land area: (6.70 meter x 21.33) meter – (10.66 meter x
21.33 meter)
Built up area: 181.24 – 287.24 square meters
Price: RM805,888 – RM2,407,888
Serenia Aqila:
72 units of double storey semi-detached house.
Land area: 12.19 meter x 24.38 meter
Built up area: 281.47 square meters
Price: RM1,712,888 – RM2,760,888
Serenia Amalia: Completed with CCC
Serenia Aiora: Completed with CCC: 28 November 2023
Serenia Ariya: Completed by February 2023 (A9-1 & A9-2)
Serenia Anisa: Expected to be completed in February 2025
Serenia Aqila: Expected to be completed in October 2024
16.
Compass, Kota Seri Langat
Compass @ Kota Seri Langat is an integrated industrial and logistics hub development located in Kota Seri Langat, Kuala Langat District, Selangor.
The development can be connected via the West Coast Expressway via a special junction as well as a connection to Jalan Langat.
This development offers larger land plot sizes ranging from 9,290.00 square meters to 92,903.00 square meters.
The following is a brief description of the development, namely:
Covers 80.93 hectares for the Integrated Industrial Park
Easy access via direct junction to the West Coast Expressway (WCE)
Permanent Tenure Land
Location close to cities, ports and major airports
24-hour security control system
Expected to be completed in May 2025.
Start Construction 21%
17.
M Senyum @ Salak Tinggi
M Senyum is 40.5 hectares (100 acres) landed residential development located at Salak Tinggi.
The development comprising a total of 1,176 units of double storey terrace which are:
Camellia
Camellia 2
Rosalia
Rosalia 2
Wisteria (coming soon)
Wisteria 2 (coming soon)
Shoplot (coming soon)
Camellia (Phase 1A) - 262 units of double storey terrace house.
- Land Area: 6.096 x 18.28 meter
- Selling Price: RM546,000 – RM731,000.
- Expected completion by May 2025
Camellia 2 (Phase 1B) - 270 units of double storey terrace house.
- Land Area : (6.096 x 18.28 meter) and (6.096 x 21.33 meter)
- Selling Price: RM592,000 – RM837,000
- Expected completion by August 2025
Rosalia (Phase 2A) - 139 units of double storey terrace house
- Land Area: (6.096 x 21.33 m)
- Selling Price: RM719,000 – RM925,000.
- Expected completion by Dec 2025
Rosalia 2 (Phase 2B) - 270 units of double storey terrace house
- Land Area :(6.096 x 18.28 m) and (6.096 m x 21.33 m)
- Selling Price: RM672,000 – RM929,000
- Expected Date of Completion: April 2026
Wisteria (Phase 3A) - 150 units of double storey terrace house.
- Land Area: (6.096 m x 18.28 m)
- Selling Price: RM551,000 – RM766,000
- Expected Date of Completion: September 2026
Wisteria 2 (Phase 3B) - 195 units of double storey terrace house.
- Land Area: (6.096 m x 18.28 m)
- Selling Price: RM555,000 – RM780,000
- Expected Date of Completion: December 2026
Under construction
Phase 1A 99%
Phase 1B 68%
Phase 2A 76%
Phase 2B 40%
Phase 3A 16%
Phase 3B 3%
18.
Tropicana Aman
Gemala Residence
Development type: 116 units of double storey terrace house (superlink).
Land area: (9.75 x 22.86 meter) – (9.75 meter x 26.51)
Built up area: 245.99 – 265.69 square meters
Price: RM1,540,800 – RM2,055,800.
Expected completion by February 2025
Under Construction: 95% completed
19.
Gamuda Cove
Maya Bay
Development type: 972 units of service apartment.
Built up area: 51.09 – 89.92 square meters
Price: RM465,800 – RM731,800.
Mio Spring
The scheme development consists of 2 phases of 618 units double-storey terrace houses. The composition is divided into: • Phase 1E-1: 296 Units • Phase 1E-2: 322 Units
Land area: (6.096 x 19.81 meter) – (10.36 x 18.28 meter)
Built up area: 171.59 – 257.99 square meters
Price: RM780,000 – RM2,501,952.
Project status: 30 %
Expected completion: January 2026 (1E-1)
Expected completion: February 2026 (1E-2).
Completed by 02 February 2024
Under Construction: 30% completed.
20.
Sejati Lakeside 2
Sejati Lakeside 2
Sejati Lakeside 2 is another project after completion of Sejati Lakeside (418 units of 2 storey terrace and 2 storey semi-detached in 3 phase) under Paramount Property Sdn. Bhd.
Development type: 234 units of double storey semi-detached house.
Development type: consists of 2 phases of 234 units double-storey semi-detached houses. The composition is divided into:
Phase 1 – 122 units,
Phase 2 – 112 units,
Land area: (10.972 x 22.860 meter) – (10.972 x 24.382 meter)
Built up area: 223.62 – 284.19 square meters
Price: RM1,484,400 – RM2,082,800.
Expected completion: November 2024 (Phase 1) & June 2025 (Phase 2).
Under Construction: 50% (Phase 1) 15% (Phase 2)
21.
Urban Renewal Program - Kampung Sungai Baru Redevelopment Project
Land Acquisition Under the Land Acquisition Act 1960 (Act 486) for the Kampung Sungai Baru Redevelopment Project, Bandar Kuala Lumpur on 38 land titles and 72 strata titles which have been gazette under Section 4 with No. Gazette 9400 dated 18 June 2021 and Section 8 with No. Gazette 9412 dated 21 June 2021.
It’s located in Kampung Sungai Baru, a suburb of Kampung Baru, Kuala Lumpur.
Land acquisition process: Completed
Construction stage: 0%
22.
Urban Renewal Program - Flat Rajawali, Jalan Desa Aman
This project will redevelop 1 block of Rajawali Flat from 80 units to 2- block condominium with 693 units.
All existing owners will acquire one new condominium unit (House Replacement) with this “Key-to-key Home Swap Redevelopment Concept” without involving any costs to the owner.
Built up area 900 square feet with 3 bedrooms, 2 bathrooms and 1 carpark bay.
With luxurious condominium facilities such as recreation spaces, sports venues, swimming pools, community halls and others.
Land acquisition process: Completed
Construction stage: 0%
23.
Merdeka 118
Location: Jalan Hang Jebat, Kuala Lumpur
Land area: 7.6 hectares
The development was divided into three phases.
Phase 1: Iconic Merdeka towers with 118 floors and the surrounding infrastructure;
Phase 2: 118 Mall and Merdeka Boulevard @ 118 linear park;
Phase 3: Three residential towers.
Upon completion, the Merdeka 118 tower will be the region’s tallest at 678.90 meter. The Chart 118 represents the number of floors in the building.
Spanning over 3.1 million square feet of floor area, the Merdeka 118 tower includes 1.7 million square feet of net lettable area of premium Grade-A rentable office space.
Phase 1: 100% Completed with CCC dated 22/12/2023. Launched at 9 January 2024
Phase 2: Under Construction
24.
Pavilion Damansara Heights
Location: Jalan Damanlela, Damansara Heights, Kuala Lumpur.
Land area: 16 acres
The integrated development project comprises of three blocks of luxurious residences, nine blocks of corporate towers and the 1.2 million square feet retail mall.
Phase 1: 533,361 square feet net lettable area;
Phase 2: 529,353 square feet net lettable area;
The mall will also offer 1,800 car park bays for its customers
Phase 1: Completed and open to the public on 9 October 2023.
Phase 2: 75% (under construction)
25.
Tun Razak Exchange
Location: Jalan Tun Razak, Kuala Lumpur
Land area: 28.3 hectares
The master plan includes a total of 30 buildings with a combined gross floor area of 24 million square feet spread across the office, retail, hotel, residences and cultural offerings.
The entire TRX development is anticipated to have a gross development value of more than RM40 billion.
➢ The Exchange TRX ○ Land area: 17 acres
○ The development consists a hotel, an office building, a two million square foot shopping mall (The Exchange TRX), and six residential towers with a combined 3,800 residential units (known as TRX Residences).
➢ The Exchange 106 ○ Height: 445.5 meter
○ The tallest building in TRX and one of the tallest in Malaysia;
○ It has 106 floors with massive column-free floor plates ranging from 28,000 to 34,000 square feet;
○ Phase 1 of The Exchange TRX is made up of the retail podium, which comprises two levels and roughly 70 retail shops.
○ Phase 1 will be focused on food and beverage (F&B), and service-related offerings and combined with The Exchange TRX, will create over 1.5 million square feet of retail space within the TRX master plan.
Completed; ▪ Menara Exchange 106 ▪ TRX Residence A ▪ TRX Residence B ▪ TRX Mall ▪ Menara Affin ▪ Menara TS Law ▪ Menara IQ ▪ Menara Prudential
Under Construction: ▪ Menara Golden Eagle ▪ Kimpton Hotel
26.
Bukit Bintang City Centre (BBCC)
Location: Jalan Hang Tuah, Bukit Bintang, Pudu.
Land area: 19.4 acres
Gross Development value: RM8.7 billion
The leasehold project features 1.4 million square feet retail mall, six luxury residential towers, strata offices, hotels and an 80-storey signature tower.
The development was divided into three phases.
Phase 1 ○ Lifestyle mall; ○ 43-storey strata office tower; ○ An entertainment hub; ○ Hotel; ○ A live event hall that can accommodate about 2,500 people; and ○ Two towers of serviced apartments;
Phase 2 ○ One office tower; and ○ Three residential suite towers;
Phase 2 and 3: Under construction and expected completion by 2025.
27.
Terra @ Precinct 8
Location: Precinct 8, Putrajaya
A lakeside mixed development with component of luxury apartment, services apartment, waterfront retail, retail mall including offices and event hall
Expected completion - 2024
Under construction with 60% completion
28.
Residensi Sakura
Located at Precinct 11, Putrajaya
Tenure: Freehold
The project comprises 463 units of condominium with the size ranging from 828 - 2,120 square feet
Price ranging
Block 1: RM350,000.00-RM980,000.00
Block 2: RM457,000.00- RM978,000.00
Expected date of completion by January 2026.
Under Construction: 90%
29.
Teja (Fasa 1)
Located at Precinct 16, Putrajaya
The project comprises 28 units of 2½ storey terraced strata house with freehold tenure.
Type A: 16 units
Type B: 12 units
Land Area from 1,432 - 3,563 square feet
Build up area from 2,944 – 3,753 square feet
Selling priced start from RM1,386,000.00 to RM2,981,000.00
Expected date of completion by January 2025.
Under Construction: 30%
3.3 State Government Policy
State
Descriptions
Selangor
Rumah Idaman
Rumah Idaman is an initiative and formula by MBI Selangor and the Selangor State Government to provide a solution for home ownership for Selangor citizens. The objective is to achieve the Selangor State Housing Policy by providing “A Perfect Home for A Family”.
It is an upgraded Rumah Selangorku with better specifications and interior fixtures and fittings like tile, furniture, etc. offered to B40 and M40 that do not own a house yet.
Skim Smart Rental and Skim Smart Rental Ownership to Stay (2Stay)
Was introduced in 2020 and continues until 2024
This programme is affordable rental for a maximum of a 5 years rental period with the option to transition to a rent-to-own scheme.
Tenants are eligible for a 30% rebate of their total rent payment.
The rental of Rumah Selangorku Harapan and Rumah Idaman units is aimed at helping those who find it difficult to get a bank loan to buy their first house as well as helping the low-income group (B40) to own a home for less than RM200,000.
Rumah Selangorku Harapan and Rumah Idaman units are equipped with air conditioning, kitchen cabinets, clothes cabinets and water heaters.
Through the Selangor Budget 2023, the State Government has agreed to allocate RM115 million for the purchases of 500 additional units and aim to prepare up to the year 2025 as much as 3,000 units of the Smart Rental Scheme.
To realize the target of 3,000 Smart Rent Scheme units up to year 2025, the proposed purchase of the Rent Smart Scheme will continue in the year 2024 with a target of 810 units with an additional allocation of RM220 million.
Skim Ceria Home Repair Programme
This scheme was introduced to repair a house for B40 group which is the property which is considered are not suitable for occupied.
Selangor State Government has allocated RM10 million for the year 2024.
Selangor Affordable Homes (Rumah Selangorku 3.0)
This policy is provided to supersede the Selangorku 2.0 and have been implemented since 2 April 2018.
This policy still maintained its objective as “Satu Keluarga Satu Kediaman Yang Sempurna”.
Previously Rumah Selangorku have been classified into various types of units, depending on the income level.
Under the Rumah Selangorku 3.0 initiative which was launched in January 2023, there are some changes in the aspect of development zones, development components, specifications, development control and enforcement.
The development has been categorised into 4 zones as follows:
- Zone 1: High Density Area
- Zone 2: Urban Area
- Zone 3: Sub-Urban Area
- Zone 4: Rural Area
The components of developments as follows:
Types
Minimum Area/ No of Rooms
Selling Price (RM)
Solo
450 square feet / 1 Room
114,750.00
Duo
600 square feet / 2 Rooms
153,000.00
Trio
750 square feet / 3 Rooms
191,250.00
Quad
900 square feet / 3 Rooms
229,500.00
Quad (terraced)
900 square feet (20’ x 60’)
250,000.00
Rumah Selangorku 3.0 also offers an option for singles with a 1-room unit of 450 square feet at a price of RM114,750 for singles aged 30 and under and still working in the city centre.
Integrated Development Region in South Selangor (IDRISS)
Government Incentives towards IDRISS development project such as follows:
- Special premium scheme
- Interest free instalment of development charge
- Exemption of vacant land Assessment Rate
- 50% off for building Assessment Rate
Housing Quota for Single Mother
Selangor State Government provides a special quota for single mother to own a property via Rumah Selangorku scheme.
This will be realised between the cooperation of Lembaga Perumahan Hartanah Selangor (LPHS) and the developer.
Restoration Of Abandoned Housing Projects
The Selangor State Government through the Selangor Housing and Property Board (LPHS) has taken proactive steps in overcoming abandoned projects problem by ensuring the restoration of abandoned housing projects with the establishment of the Jawatankuasa Pemulihan Projek Terbengkalai (JPPT) for the purpose of discussion and cooperation of all parties involved.
A total of 178 abandoned projects involving 36,342 buyers were recorded to date. The Selangor State Government has successfully completed as many as 101 housing projects in the State of Selangor involving 39,476 housing units since 2007.
In 2024, the State Government has also allocated RM18 million into the Selangor State Tabung Pemulihan Projek Terbengkalai (TEPAT) to accelerate the restoration of abandoned housing projects.
The State Government expects to restore more abandoned projects in Selangor. For example, the state government has spent approximately RM11.4 million to develop infrastructure facilities in the Projek Pembesaran Kampung Koskan in Serendah and Desa Mawar in Kuala Selangor which has been abandoned for more than 20 years. The infrastructure repair works have been fully completed and the residents of the village can now enjoy the new infrastructure facilities.
In addition to using the available remaining TEPAT Fund, the State Government with the cooperation of the Ministry of Housing and Local Government (KPKT) has agreed to restore three (3) abandoned projects in Selangor under the provisions of the Inisiatif Belanjawan 2023 Pemulihan Projek Perumahan Swasta Terbengkalai amounting to RM7.25 million. It consists of two projects i.e. one at Taman Meru Makmur in Klang and another at Pangsapuri Impian Meru, Klang.
Task Force for Initiative of Issuing Strata Title for Housing and Property
The State Government plans to establish a committee/ task force to resolve issues related to issuance of strata title for apartments that have been occupied for a long time without strata ownership.
This committee/ task force will be coordinated jointly by the Selangor Housing and Property Board (LPHS) and Selangor Land and Mines Office (Pejabat Tanah dan Galian Selangor) and given an allocation of RM200,000 from the State Government to resolve issues related to the issuance of strata title.
Strata Community Rewang Programme, Empowering The PPR Community and Smart Rental Scheme (Program Rewang Komuniti Strata, Memperkasakan Komuniti PPR dan Skim Smart Sewa)
The Strata Community Rewang Programme is a programme that strengthen the role of the community among the residents in the apartments. An estimated RM500,000 will be allocated for this programme. This programme is expected to last for two (2) days and one (1) night with maximum community participation through various events such as gotong royong, sports, cultural performances and so on.
A provision of RM300,000 under the Baikpulih Projek Perumahan Rakyat will be allocated for programmes that are capable for empowering the PPR community and Smart Rent Scheme as well as promotions related to affordable housing.
Rumah Kerajaan Prihatin untuk golongan B40
This programme is intended to help the B40 group and the less capable to have a comfortable and safe residence through the implementation of the Program Bantuan Rumah Kerajaan Prihatin. There are two (2) types of assistance under this programme, namely home improvement and assistance to build a new house, which are subject to the conditions set upon.
In 2023, the Selangor State Government will have spent RM1.994 million to help 38 families. This programme continues in 2024 with an allocation of RM2 million and is placed under the Portfolio Pembasmian Kemiskinan. The main focus will be given to home improvement assistance applications to ensure more people can be assisted and reap benefits from the existing provisions.
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