The Edge - Gasing Heights three-storey bungalow\'s reserve price drops 36%

PETALING JAYA (Feb 17): A three-storey bungalow in Gasing Heights, Petaling Jaya, which couldn’t find a new owner in the auction market saw its reserve price dipping to RM10.5 million in Dec 2015 from RM16.5 million in August 2015.

According to the online auction listing platform AuctionGuru.com.my, the freehold bungalow which went under hammer on Dec 14, 2015, however, remained unsold.

This seven-bedroom, six-bathroom bungalow with a land area of 29,622 sq ft has a reserve price of RM10.5 million, or an average of RM354.50 psf.

The bungalow is close to Bukit Gasing Forest Reserve which is one of the urban green lungs in Kuala Lumpur.

The platform’s executive director Gary Chia told TheEdgeProperty.com that although the reserve price had decreased, it still remained the highest value residential property in the auction market last year.

A recent listing dated Feb 4 in TheEdgeProperty.com shows that a three-storey bungalow in Gasing Heights with a land area of 30,000 sq ft has an asking price of RM27.8 million or RM926.70 psf.

The data of the highest value residential property in the auction market last year also showed a two-storey bungalow in Taman Tun Dr Ismail (TTDI), which has a land area of 10,807 sq ft, had a reserve price of RM6.6 million or an average of RM610.70 psf.

According to TheEdgeProperty.com, a three-storey bungalow with a similar land area located in TTDI Hills is asking for RM9 million or RM869 psf.

Besides this, another three-storey bungalow with a built-up size of 25,078 sq ft in Persiaran Bukit Tunku is also being put up for auction with a reserve price of RM8.45 million, or RM336.95 psf.

Chia said despite the attractive pricing, it is still far beyond the purchasing ability of many people, making it less appealing to the auction property buyers.

“New bungalow developments with modern designs and attractive promotion packages are competing for buyers’ attention in the market. With the current market condition, auction buyers will take a wait-and-see approach for better bargains,” he added.

By Tan Ai Leng / TheEdgeProperty.com | February 17, 2016 1:39 PM