Sweeping views from the private dining room at KR7 Residences located at Taman Mas Puchong. The 484-unit project with two towers is being developed by the Masteron Group.
There are many townships in the Klang Valley that came from humble beginnings. Some that were once doubted will thrive, and are now actually a burgeoning place for homeowners, and investors. One of those places is none other than Puchong.
It is an area that keeps expanding as it’s a popular location for many to live and grow their families. This is supported by PropertyGuru, which showed that Puchong is one of the six areas with a consistent increase in its median property price from 2018 to H1 2021. Not bad for a former tin mining and rubber plantation area that only started gaining attention in the 1980s.
“Puchong is a large prime and well-established residential neighbourhood with a big local industrial presence. It is strategically located and is in the center of other major growth centres such as Sunway Integrated City (to its north), Bukit Jalil City – Technology Park Malaysia (to its east), Cyberjaya and Putrajaya (to its south) and Subang Jaya and Putra Heights on the remaining side,” said Savills Group Managing Director Datuk Paul Khong.
Access To All The Good Stuff
Puchong is renowned as a go-to place for good food, and of course, the area enjoys fantastic accessibility via the Damansara-Puchong Expressway (LDP), Maju Expressway (MEX), South Klang Valley Expressway (SKVE) and North-South Expressway Central Link (ELITE).
The extension of the light rail transit (LRT) has made Puchong even more accessible. The Ampang and Sri Petaling LRT line has 11 stations and seven of them are in Puchong – Kinrara BK5, IOI Puchong Jaya, Pusat Bandar Puchong, Taman Perindustrian Puchong, Bandar Puteri, Puchong Perdana, and Puchong Prima. The Sungai Besi station in the MRT2 development will be linked to the Ampang/Sri Petaling LRT line, and that’ll elevate the accessibility of Puchong.
There are also numerous amenities in the vicinity, including IOI Mall Puchong, SetiaWalk, Lotus’s Puchong, Hero Market Bandar Puteri and As-Salam Mosque (“the floating mosque”).
Adding to the mix, business landmarks such as Puteri Puchong’s commercial enclave including Puchong Financial Corporate Centre (PFCC) consisting of 4 office towers (3 are MSC-accredited) and a 4-star hotel (Four Points by Sheraton).
Growing Popularity, Growing Population
The demand for residential properties in the area has seen the development of many townships, including Pusat Bandar Puchong, Puchong Intan, Puchong Utama, Puchong Perdana, Puchong Hartamas, Bandar Bukit Puchong and Saujana Puchong.
As pointed out by Khong, the official estimates for the population in Puchong is expected to double from around 300,000 in 2015 to 650,000 by 2035 (a CAGR of 3.6% p.a.).
Let’s have a quick look at developers who are big in Puchong and Puchong South, and their developments there (which will surely contribute to the population growth there).
Puchong South is an emerging hub and it is expected to benefit from the maturing townships around it, and the neighbouring Putrajaya-Cyberjaya enclave.
Prem Kumar, Deputy Managing Director at Jones Lang Wootton also pointed out that Puchong is located next to Shah Alam and Kelang, both of which are industrial hubs that provide huge job opportunities.
Kumar, who has over 32 years of experience in providing real estate professional services, is also positive on the Puchong’s property market in 2022 as it continues to be a sought after location.
“Developers especially the bigger players are paying attention to Puchong because it has a large population catchment which has adequate purchasing power capacity,” he added.
Demand And Prices Holding Steady
One of the earliest developments in Puchong is Bandar Puchong Jaya by IOI Properties Group Bhd in 1990. The group’s latest project is the 72-acre IOI Rio City, an integrated development in Bandar Puteri Puchong.
Apart from IOI Properties, other property developers in Puchong include Glomac Bhd, LBS Bina Group Bhd, S P Setia Bhd, YTL Land & Development Bhd, and Masteron Group, among others.
Masteron is no stranger to Puchong. The group has been building quality homes at affordable prices in Puchong since 1997. To date, Masteron has completed close to 10,000 units with a total gross development value (GDV) of over RM1 billion. Its latest project is KR7 Residences – a 484-unit project located at Taman Mas Puchong.
Artist impression of the artistic building façade at KR7 Residences. Phase 1 (Tower A) of the project, comprising of 2- and 3- bedroom units, is open for sale.
Demand for earlier projects by the group has also rebounded since the pandemic. Listing data on PropertyGuru Malaysia show that Koi Kinrara Suites in Bandar Puchong Jaya by Masteron Group rose from RM378.81 per sq ft in H1 2020 to RM402.87 per sq ft in H1 2022* for a 3-bedroom unit. Meanwhile, prices at another project – Koi Suites Condominium saw a 13.7% rise over the same period.
Properties in Puchong with the most listings in PropertyGuru
Based on PropertyGuru’s DataSense for residential properties and serviced apartments in Puchong, the median price for sub-sale properties increased from RM415,000 in H1 2020 to RM623,000 H1 2021. For new developments, it increased from RM900,500 to RM930,000 for the same period.
In 2021, the projects with the most listings in PropertyGuru are:
Glomac Lakeside Boulevard
LBS Skylake Residence
For upcoming projects, those with the most listings in PropertyGuru are:
2023 – E’Island Lake Haven @ Puchong
2024 – Mixed development at Puchong Utama (Plot 3)
2025 – KR7 Residences
2026 – Suria Garden @ Puchong
Upcoming trends and job opportunities in Puchong
Khong also shared that upcoming trends such as adaptive use of industrial properties, where industrial units are repurposed as warehouses, F&B and entertainment outlets, show units, service centres, logistics, galleries, education and others, in legacy industrial estates of Puchong. This similar trend is observed in industrial assets in Section 13 and Section 51A in Petaling Jaya.
Job creation opportunities are expected to rise with property demand
It is also worthy to note that between 2017 and 2021, median transaction price in Puchong’s industrial sector has been holding steady.
With the rapid development of residential, commercial, office, and industrial projects, the prospects for Puchong and new launches in the area, like KR7 Residences, remain bright.
To view KR7 Residences’ latest listings, click here.
*data as of 27 May 2022