Across 32 freehold condominium schemes in Kuala Lumpur, the spread between the best and worst performers over three years was extraordinary. Scheme selection — not just “buy KL property” — determined whether an investor built serious wealth or faced negative equity. This article shows where the outcomes diverged, and what the data suggests about why.
Methodology
- Data: JPPH government transaction records, Kuala Lumpur (WP), 2021–2024 · 2025 excluded as partial year
- Filter: Freehold · Condominium / Apartment / Flat · min. 50 total transactions · min. 3 calendar years with data
- Metric: CAGR = (median price in latest year / median price in earliest year)^(1/n) − 1
- Outlier removal: IQR method on CAGR — THE ORION (+41.9%) excluded as a suspected unit-mix shift. 32 schemes remain.
- Data quality: Years with fewer than 5 transactions are flagged ⚠ — median prices for those years are less reliable.
The Full Picture
Across all 32 qualifying freehold schemes, the average CAGR was +3.48% and the median was +4.20% — roughly in line with EPF dividends on the underlying asset value. But this average masks a dramatic spread: the distribution is not a gentle bell curve. It has fat tails in both directions.
| # | Scheme | 2021 Price | 2024 Price | CAGR |
|---|---|---|---|---|
| 1 | Kondominium Pantai EstetTOP | RM 1,950,000 | RM 3,135,000 | +17.1% |
| 2 | Sri Putramas IITOP | RM 534,000 | RM 850,000 | +16.8% |
| 3 | Sri PutramasTOP | RM 430,000 | RM 680,000 | +16.5% |
| 4 | Angkasa Condominium | RM 386,500 | RM 600,000 | +15.8% |
| 5 | Pavilion Hilltop Mont Kiara | RM 1,474,000 | RM 2,110,000 | +12.7% |
| 6 | Tinggian Titiwangsa @ The Reach | RM 920,000 | RM 1,240,000 | +10.5% |
| 7 | Rampai Court | RM 260,000 | RM 350,000 | +10.4% |
| 8 | Residensi South Brooks | RM 968,000 | RM 1,268,000 | +9.4% |
| 9 | The Westside Three (Desa Parkcity) | RM 1,160,000 | RM 1,492,500 | +8.8% |
| 10 | Residensi 22 Mont Kiara | RM 1,850,000 | RM 2,250,000 | +6.7% |
| 11 | 11 Mont Kiara | RM 2,340,000 | RM 2,825,000 | +6.5% |
| 12 | 28 Mont Kiara | RM 1,800,000 | RM 2,105,000 | +5.4% |
| 13 | Residensi Duta Kiara | RM 1,575,000 | RM 1,802,500 | +4.6% |
| 14 | Bukit OUG | RM 315,000 | RM 360,000 | +4.5% |
| 15 | Taman Teratai Mewah | RM 245,000 | RM 279,000 | +4.4% |
| 16 | One Central Park Kondo | RM 1,340,000 | RM 1,519,500 | +4.3% |
| 17 | Sentul Point Suite Apartments | RM 381,000 | RM 430,000 | +4.1% |
| 18 | Taman MelatiAVG | RM 200,000 | RM 225,000 | +4.0% |
| 19 | Le Yuan Residence | RM 800,000 | RM 900,000 | +4.0% |
| 20 | Villa Wangsamas Condo | RM 460,000 | RM 500,000 | +2.8% |
| 21 | Residensi Park @ Pavilion Bukit Jalil | RM 910,000 | RM 950,000 | +1.4% |
| 22 | The Z Residence | RM 622,500 | RM 628,000 | +0.3% |
| 23 | Vista Komanwel | RM 450,000 | RM 450,000 | 0.0% |
| 24 | Laman Scenaria Kiara | RM 700,000 | RM 685,500 | -0.7% |
| 25 | Residensi Selingsing | RM 493,500 | RM 477,500 | -1.1% |
| 26 | Residensi Setia Sky Seputeh | RM 3,248,000 | RM 3,153,000 | -1.5% |
| 27 | Seni Mont Kiara | RM 2,600,000 | RM 2,468,000 | -1.7% |
| 28 | Arena Green | RM 305,000 | RM 282,000 | -2.6% |
| 29 | Sri Putramas III (Royal Regent) | RM 730,000 | RM 665,000 | -3.1% |
| 30 | Kiara VilleBTM | RM 1,495,000 | RM 1,300,000 | -4.6% |
| 31 | Residensi StarBTM | RM 2,636,500 | RM 1,615,000 | -15.1% |
| 32 | AIRA ResidenceBTM | RM 9,187,000 | RM 3,231,000 | -29.4% |
Top 3: The Winners
The three highest-appreciating schemes span luxury and mid-range — but share one trait: genuine, recurring demand rather than speculative one-off transactions.
KONDOMINIUM PANTAI ESTET
Mukim Kuala Lumpur
+17.1%
annual change (CAGR)
Entry Price (2021)
RM 1,950,000
Latest Price (2024)
RM 3,135,000
Total Change
+RM 1,185,000
Govt. Transactions
85 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 1,950,000 | 23 |
| 2022 | RM 2,200,000 | 31 |
| 2023 | RM 2,500,000 | 27 |
| 2024 | RM 3,135,000 | 4 ⚠ |
A luxury freehold development in the sought-after Bangsar–Pantai corridor. Prices climbed steadily each year, driven by limited new freehold supply in this established neighbourhood. The jump to RM 3.135M in 2024 is based on only 4 recorded transactions — treat the final data point as indicative. Nonetheless, the consistent appreciation across 2021–2023 (85 total transactions) gives confidence to the overall upward trend.
SRI PUTRAMAS II
Mukim Batu
+16.8%
annual change (CAGR)
Entry Price (2021)
RM 534,000
Latest Price (2024)
RM 850,000
Total Change
+RM 316,000
Govt. Transactions
108 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 534,000 | 8 |
| 2022 | RM 525,000 | 15 |
| 2023 | RM 800,000 | 35 |
| 2024 | RM 850,000 | 50 |
The sister complex to Sri Putramas I, sharing the same Sri Hartamas address. Prices were largely flat in 2021–2022 before re-rating sharply in 2023 — a pattern common across mid-range freehold stock as post-pandemic demand returned. The 2024 median of RM 850,000 is supported by 50 transactions, the strongest year on record for this development.
SRI PUTRAMAS
Mukim Batu
+16.5%
annual change (CAGR)
Entry Price (2021)
RM 430,000
Latest Price (2024)
RM 680,000
Total Change
+RM 250,000
Govt. Transactions
132 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 430,000 | 7 |
| 2022 | RM 450,000 | 15 |
| 2023 | RM 600,000 | 53 |
| 2024 | RM 680,000 | 57 |
The most liquid of the top 3 — 132 government-recorded transactions across all four years gives the highest statistical confidence of any scheme on this list. With the most affordable entry point of the top performers (RM 430,000 in 2021), Sri Putramas attracted genuine owner-occupier and upgrader demand rather than speculative activity. The steady year-on-year climb with deepening transaction volumes confirms real, sustained demand.
The Average: +3.5% p.a.
The mean CAGR across all 32 qualifying schemes is +3.48%. At face value this looks reasonable — but it is barely ahead of EPF dividends on the raw asset, and well below the financing cost on a leveraged purchase. The “average” KL freehold condo did not beat EPF in this period on a cash-flow basis. Taman Melati is the scheme closest to the mean.
TMN MELATI
Mukim Setapak · closest to average
+4.0%
CAGR (avg: 3.48%)
Entry Price (2021)
RM 200,000
Latest Price (2024)
RM 225,000
Total Change
+RM 25,000
Govt. Transactions
77 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 200,000 | 4 |
| 2022 | RM 225,000 | 35 |
| 2023 | RM 222,500 | 18 |
| 2024 | RM 225,000 | 20 |
Bottom 3: The Losers
All three underperforming schemes have one thing in common: they are luxury properties. Entry prices range from RM 1.5M to RM 9.2M. Where the top performers benefited from genuine upgrader demand, the bottom performers faced a combination of luxury oversupply, thinner transaction volumes, and in some cases data that reflects composition changes rather than pure price movement.
Note: years with fewer than 5 transactions are flagged ⚠ — median prices for those years carry higher uncertainty.
AIRA RESIDENCE
Mukim Kuala Lumpur
-29.4%
annual change (CAGR)
Entry Price (2021)
RM 9,187,000
Latest Price (2024)
RM 3,231,000
Total Change
RM -5,956,000
Govt. Transactions
71 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 9,187,000 | 7 |
| 2022 | RM 7,760,000 | 28 |
| 2023 | RM 3,556,000 | 27 |
| 2024 | RM 3,231,000 | 9 |
An ultra-luxury development with a 2021 median of RM 9.2M — but only 7 transactions that year, making the starting price the least reliable figure in this analysis. The collapse to RM 3.2M by 2024 is partly a real cooling of the ultra-premium segment, and partly a composition shift (different unit sizes transacting in different years). Either way, buyers who purchased at the 2021 peak on leverage faced severe negative equity.
RESIDENSI STAR
Kuala Lumpur Town Centre
-15.1%
annual change (CAGR)
Entry Price (2021)
RM 2,636,500
Latest Price (2024)
RM 1,615,000
Total Change
RM -1,021,500
Govt. Transactions
73 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 2,636,500 | 22 |
| 2022 | RM 1,167,500 | 18 |
| 2023 | RM 1,446,000 | 25 |
| 2024 | RM 1,615,000 | 8 |
The dramatic 2021→2022 drop from RM 2.64M to RM 1.17M in a single year suggests a composition change (different unit types transacting) rather than a pure market decline. The partial recovery to RM 1.615M by 2024 is consistent with this reading. Regardless of mechanism, an investor who paid RM 2.6M in 2021 now holds a property valued at RM 1.6M — a RM 1M nominal loss before leverage effects are considered.
KIARA VILLE
Mukim Batu
-4.6%
annual change (CAGR)
Entry Price (2021)
RM 1,495,000
Latest Price (2024)
RM 1,300,000
Total Change
RM -195,000
Govt. Transactions
52 recorded
| Year | Median Price | Transactions |
|---|---|---|
| 2021 | RM 1,495,000 | 3 ⚠ |
| 2022 | RM 1,610,000 | 16 |
| 2023 | RM 1,310,000 | 24 |
| 2024 | RM 1,300,000 | 9 |
The most modest decline of the bottom 3, and the most data-reliable (3 txns in 2021 is the weak point). Kiara Ville is a mid-to-upper tier development in the Mont Kiara submarket — an area that saw significant new supply come online from 2020–2023, suppressing resale values. The -4.6% CAGR does not look catastrophic until leverage is applied: a 10% down buyer saw their equity position eroded by the price decline.
What Separates the Winners from the Losers?
Price tier: The bottom 3 are all priced above RM 1.3M. The top 2 accessible performers (Sri Putramas I and II) sit in the RM 430k–RM 850k range where genuine owner-occupier and upgrader demand is strongest. The mid-range segment is where the largest pool of buyers compete — and that competition drives price up. The ultra-luxury segment had fewer buyers and, in some cases, more supply than demand.
Transaction depth: Sri Putramas has 132 transactions across the period — every year's median is statistically meaningful. By contrast, AIRA Residence has only 7 transactions in 2021. A thin baseline means any CAGR calculation is sensitive to which units happened to transact. The extreme -29.4% CAGR is partly real cooling of the ultra-premium market and partly a composition artefact.
Supply dynamics: The Mont Kiara–Mukim Batu corridor contains both winners (Sri Putramas I and II) and a loser (Kiara Ville). The same postcode, very different outcomes. Kiara Ville sits in a submarket that saw significant new luxury launches from 2019–2022, suppressing resale demand. The Sri Putramas developments, despite being in the same area, occupy a different price tier with less competing supply.
What RM 430,000 Did Differently — Top vs Average vs Bottom
To make the comparison concrete: assume three investors each put 10% down on a property in 2021, took a 25-year loan at 4%, and held for 3 years. The only variable is which scheme they chose.
| Investor | Entry | Down (10%) | 2024 Value | Equity (2024) | Net Gain |
|---|---|---|---|---|---|
| Top — Sri Putramas | RM 430,000 | RM 43,000 | RM 680,000 | RM 321,753 | +RM 205,205 |
| Average — Taman Melati | RM 200,000 | RM 20,000 | RM 225,000 | RM 58,374 | +RM 4,174 |
| Bottom — Residensi Star | RM 2,636,500 | RM 263,650 | RM 1,615,000 | -RM 581,745 | RM -1,296,259 |
Net gain = equity − total cash invested (down payment + 36 months of EMI). Loan balance computed at 4% p.a., 25-year term, after 36 payments (factor: 0.9257). Residensi Star equity is negative — the property is worth less than the outstanding loan.
The Takeaway
“Buy KL property” is not a strategy — it is a starting point. The data from 2021 to 2024 shows a 46.5 percentage point CAGR gap between the best and worst qualifying freehold schemes. Scheme selection matters more than timing.
The pattern that emerges: mid-range freehold developments with strong upgrader demand (RM 400k–RM 850k) outperformed the average by a wide margin. Ultra-luxury schemes concentrated in a narrow buyer pool and faced oversupply headwinds — and leverage turned modest price declines into severe negative equity events.
Past performance is not a guarantee of future returns. These are median transaction prices, not asking prices. Always conduct full due diligence — including surveying actual comparable sales, not just asking prices — before committing to any purchase.
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