17 Nov 2008: C&C real property index: Prices steady despite slowdown

By Julie Chong (theedgedaily) Prices of semi-detached houses, particularly in prime locations in the Klang Valley, have remained steady on the secondary market despite the general slowdown in the property market, say real estate agents. May Tai of Property Inns Realty says the prices have held although demand has been on the slow side over the past two months. "Demand will still be there depending on the condition and location of the semidee," she adds. According to Philip Thean of Estatecom Properties, areas such as Bangsar, Taman Tun Dr Ismail (TTDI) and Damansara Heights remain favourites of both buyers and investors. He says semidees in TTDI will continue to see "very high demand" due to the area's strategic location, amenities and easy accessibility to it via highways. In Damansara Heights, he adds, prices have remained high due to the limited units available there. "The appreciation per sq ft for semidees is very positive and that fuels demand for them. Some buyers may buy the place, tear it down and rebuild it," he says. Semidees in TTDI's Jalan Athinahappan are the most sought-after address followed by those in Persiaran Zaaba and Jalan Sulaiman, says another agent. Jalan Athinahappan is the preferred choice as it is much quieter than the other two areas. In the past two years, the value of semidees on Jalan Athinahappan has appreciated from RM1.65 million to RM1.8 million, adds the agent. According to the agents, there have been fewer purchases by foreigners this year than last year due to the current economic and political uncertainties. Eugene Liew of Jalin Realty says he had a client from China who was interested in buying a property in Damansara Heights earlier this year but he changed his mind as he felt Malaysia was not as politically stable as before. "But the quieter market aside, prices of semidees in popular locations have been stable," he adds. "Owners in Damansara Heights, for example, are holding on to their houses, preferring to wait for the market to recover. I have an owner who wants to sell his house for RM3.2 million. A buyer offered RM3 million but the owner refused to let go because he feels the house is worth keeping until the market is more stable." The trend these days, says Felicia Hew of Tech Realtors, is to go for 2½ to 3-storey semidees as buyers are looking for larger spaces. According to her, the prices have not dropped in prime areas in Petaling Jaya, including Taman Megah and Damansara Jaya, as demand outstrips supply. Read on for what semidee owners in the Klang Valley are asking for their properties.