Ampang has potential for growth despite its maturity

 

Ampang’s history dates back to the tin mining days of Malaya. (Property Advisor pic)

The history of Ampang goes back to the tin mining days of Malaya. The name itself comes from the old Malay word “ampangan”, which means dam.

Under the British, Ampang was part of Selangor, in the greater Kuala Lumpur district.

In 1974, with the creation of the Federal Territory of Kuala Lumpur, Ampang was split into two. The western half came under the Federal Territory and the eastern part remained in Selangor.

In total, Ampang spans 14,350ha. It covers the Ampang, Pandan and Gombak parliamentary constituencies, stretching from Pandan Indah in the south, through Ampang town, Hulu Klang, Melawati and the Klang Gates Dam in the north.

A Property Advisor analysis reveals that transaction volumes for both high-rise and landed properties in Ampang have been on a downward trend since 2018, with transactions for high-rises dropping nearly 19% year-on-year in the first half of 2019 (1H2019), followed by a plunge of 78% in 1H2020.

Despite the drop in the number of transactions, the median price for high-rise residences spiked 37% in 1H2020, after a slight dip of 9% in 1H2019 compared with 1H2018.

A similar trend can be seen in landed property transactions. They dropped 13% in 1H2019 and plummeted 75% in 1H2020. The median price trend, however, was the total opposite with a 21% spike in 1H2019 and a smaller increase of 7% in 1H2020. - FMT