Knight Frank's 1st Half 2019 Highlights on Kota Kinabalu's Residential Property Market
Domestic and foreign investors observed to have growing interest and explorations in Sabah.
The existing supply of residential units in Kota Kinabalu (excluding Penampang and other administrative districts) stood at 63,759 units as at end of 2018, a slight increment of 3.3% as compared to the previous year (2017: 61,739 units). The growth rate of the high-rise residential segment (condominium/ apartment) continuously outpaces its landed counterpart, contributing to circa 25,932 units of the total supply (40% share). In terms of incoming supply, some 5,854 units (77% share) out of the total 7,614 residential units in the pipeline are categorised as condominiums / apartments.
There was a total of 796 overhang residential units in Kota Kinabalu that are completed with Occupancy Certificates (OC) issued as of end 2018, the majority of units (circa 95%) in the condominium/ apartment category. As for the under construction residential schemes, there were a total of 374 unsold units with the condominium/apartment category contributing the highest share (64% or 240 units).
Beside Damaisari Kolombong, Park Lane @ Taman Bukit Sepangar and Forest Hill Residences, there were no other notable entry of residential projects in 1H2019. Developers continue to focus on subsequent phases of their previously launched schemes.
SCP Group officially launched Damaisari Kolombong, a gated and guarded landed residential development earlier in March 2019. The development, spread across 6.96 acres, features 96 units of two and three-storey terraced houses with built-up areas ranging from 2,305 sq ft to 3,454 sq ft. Situated in the prime location of Kolombong, the residential units are priced between RM730,000 and RM1.4 million. The project is fully sold and scheduled for completion in June 2021.
Nestled within the residential area of Bundusan, Forest Hill Residences is the latest brainchild of Peak Sunrise Development Sdn Bhd after the group’s completion of The Bay Residences and Spinnaker Suite. Spanning across 4.85 acres of land, the project comprise 396 units in total with typical sizing of 838 sq ft and 986 sq ft that spread over three blocks of 28-storey towers.
Wah Mie Group previewed its latest development, Park Lane @ Taman Bukit Sepangar in March 2019. The landed residential development offers 115 units of double-storey terraced houses with built-up sizes of 1,876 sq ft and 1,929 sq ft. To date, the project has been well received with approximately 50% sales. Sri Moraine Sdn Bhd has recently launched phase 2 of its project “Vision Garden Elite” after phase 1 (Vision Garden) was fully taken up. Enclaved within one of the growing areas of Penampang, the second phase of the project comprises 25 units of doublestorey terraced houses, 16 units of double-storey semi-detached houses and a unit of three-storey detached house. Standard built-up sizes range between 2,080 sq ft and 2,614 sq ft for the terraced and semi-detached houses. The project has achieved a take-up rate of 55% during the review period. The delay on the issuance of OC for the residents of The Gardens @ Bundusan was finally put to an end in January 2019 after the successful court ruling. The condominium project, completed at the end of 2016, was denied the issuance of OC by PDC due to a dispute between Unsur Pancar Sdn Bhd and the developer, Marvelgold Development Sdn Bhd.