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A TWO-STOREY luxury bungalow in Putra Heights, Subang Jaya, is making headlines as it is set to be auctioned at half its original market value.
The property, initially priced at RM6.2 million, will be open for bids on April 30 at a significantly reduced price of RM3.33 million.
The freehold bungalow, which boasts a private swimming pool, is built on a 15,604 square-foot plot, with a total built-up area of 11,801 square feet.
Despite the price drop, the property remains in good condition, with the roof and other main parts of the house reportedly still intact.
“A house in Putra Heights will be auctioned at half the price. The roof and all main parts of the house are still in good condition,” Sinar Harian cited an official involved in the auction process saying.
This development comes amidst concerns that property values in the area surrounding the recent gas pipeline explosion and fire in Putra Heights could face a significant downturn if swift remedial actions are not taken.
Experts are warning that property values in affected areas may drop by as much as 20 per cent, due to potential risks posed by the explosion and the surrounding infrastructure damage.
Property analyst Dr Azizul Azli Ahmad told Sina Harian that property values in areas near the gas leak and explosion site are at risk unless immediate restoration efforts are implemented.
Drawing from Japan’s effective disaster recovery strategies, Azizul suggests that the Malaysian government should act quickly to maintain market stability.
“I do not rule out the possibility that the recent gas pipeline explosion could be a new indicator affecting property valuations, alongside floods and landslides,” he told said, adding, “If the government and local authorities take swift action and ensure the infrastructure is properly restored, property values in these areas could stabilise sooner.”
However, he cautioned that delays in restoring the affected area or weaknesses in handling the crisis could lead to a more severe and prolonged drop in property prices. Azizul also noted that public perception plays a critical role in the value of property.
“Sometimes, a house may be beautiful, but if there is a negative perception about the area – for example, if it is said to be haunted or was once a burial ground – it will struggle to attract buyers,” he added.
Meanwhile, Associate Professor Sr Dr Rohayu Ab Majid, Head of Graduate Studies at the Faculty of Architecture, Universiti Teknologi Mara (UiTM), proposed that redevelopment or the introduction of new interventions could help rejuvenate property values in affected areas.
“Redevelopment with improvements in safety and design can reduce the negative effects on property values,” said Dr Rohayu. “This effort not only helps restore buyers’ confidence but also ensures the safety of residents in the affected areas.”
Dr Rohayu stressed the importance of the government acting quickly to address any damage caused by the gas explosion, including taking measures to restore property values.
Professor Madya Dr Muhammad Najib Razali, an economics and real estate finance expert at Universiti Teknologi Malaysia, predicted that property values in the area could decrease by 5 to 20 per cent, depending on factors such as proximity to the explosion site, the severity of the incident, and the local market conditions.
He also highlighted that safety concerns surrounding gas leaks, explosions, and environmental risks could deter potential buyers, leading to reduced demand and lower prices.
Despite these challenges, Dr Muhammad Najib believes that a coordinated effort from both public and private sectors could help restore the value of properties affected by external factors like the gas pipeline incident.
“Integrated initiatives from all parties involved, including the private sector, can help recover the value of land and properties impacted by gas pipelines or other negative external factors,” he added.
As the situation unfolds, attention is turning towards how quickly authorities can restore public confidence in the area and prevent further damage to the local property market. – April 5, 2025
