Is Taman Desa part of the Property Bubble?
I was in the Casa Desa gym today and I overhead two guys talking excitedly in Cantonese. Now, I know a little Cantonese but by the names these guys were mentioning it was clear they were talking about properties worth buying nearby. And about property prices in general. Go around town these days and you'll pretty much hear the same topic being discussed at mamak stalls, office canteens, family gatherings and meeting room small-talk. Everyone is either keen on investing in property - both commercial and residential - or keen on attending a property investment seminar. Some, naturally, are into both.
It goes without saying that Taman Desa comes into the conversation due to the rapidly appreciating property prices here. Our own condo has nearly doubled in price since we moved in three years ago and real estate agents keep spamming my mobile with SMSs about 'potential' buyers. It's annoying about I'm not the only person getting such attention. Check out the Absolute Taman Desa Facebook page by the way, where you'll see similar complaints.
Anyway, condos are now launching in KLCC reaching the RM1,500 p.sq ft threshold selling price already, while in the inner suburbs a luxury condo can already fetch RM1,000 p.sq ft. Don't even dream of landed properties being less than that. Simple terrace houses within the KL and PJ area can go from RM600,000 upwards and the general price for an average semi-D will break the million mark. You have to go to Shah Alam to find cheaper semi-Ds under a mill.
Bubble or not, I think a smart colleague of mine who works in Finance said the simplest, smartest thing about surviving your investment. What will withstand the test of the bubble being burst and speculations gone bad are three simple things: location, location, location. Just get the best location you can find. Unless, you plan to make it your permanent home.
Thus, spend wisely. And that means you'll probably end up investing in Taman Desa! But who knows how much the prices are going up? It's your pick. I already made mine.