Luak Bay is a captivating coastal destination located in Miri, Sarawak, known for its stunning beaches, vibrant community life, and diverse property offerings.

This picturesque area combines the charm of seaside living with modern conveniences, making it an attractive location for residents and visitors alike.

From its scenic esplanade to various recreational activities, Luak Bay serves as a serene escape while remaining close to urban amenities.

Features

Scenic Esplanade: Luak Bay Esplanade features a beautiful white sand beach, ideal for picnics, barbecues, and enjoying breathtaking tropical sunsets.
Upgraded Facilities: Recent enhancements include new footpaths, benches, gazebos, BBQ stands, and a children’s playground, making it a family-friendly destination.
Recreational Activities: The area offers ample opportunities for outdoor activities such as camping, leisurely walks along the beach, and enjoying water sports.
Community Vibe: Luak Bay is known for its friendly atmosphere where locals frequently engage in social gatherings and events, fostering a strong sense of community.
Proximity to Other Beaches: The coastal highway south of Luak Bay leads to additional picturesque beaches such as Bungai Beach and Sibuti Beach, perfect for day trips or weekend outings.
Diverse Property Market: Luak Bay boasts a range of housing options including modern apartments, semi-detached houses, and luxurious bungalows to cater to different preferences and budgets.
Convenient Location: Situated just 11 kilometers from Miri city center, residents can easily access shopping centers, schools, and essential services while enjoying the tranquility of coastal living.

Subsale Market Analysis

1. Recent Transaction Prices

The subsale market in Luak Bay showcases a variety of properties with differing price points based on location, size, and type.

Below are some key highlights:

Luak Bay Apartment:
- Median Transaction Price: Approximately RM 225,000.
- Price Range: Recent transactions have shown prices ranging from RM 75,680 for smaller units to RM 374,320 for larger ones.
- Average Size: Units typically range from 278 to 1,379 square feet.
- These prices indicate that the apartment market remains accessible to first-time buyers and investors looking for rental opportunities.
Semi-Detached Houses:
- Median Transaction Price: Around RM 680,000.
- Example Transaction: A semi-detached house with a built-up area of approximately 1,872 square feet was sold for RM 680,000 in March 2024. This equates to about RM 184.77 per square foot.
- This segment of the market reflects the demand for larger family homes that offer more space and comfort.
Terrace Houses:
- Median Transaction Price: Approximately RM 650,000.
- Example Transaction: In September 2022, a terraced house with a built-up area of around 1,905 square feet was transacted at RM 650,000, representing a price of RM 163.16 per square foot.
- This pricing indicates a stable demand for terrace houses in Luak Bay, appealing to families seeking affordable yet spacious housing options.

2. Rental Prices

The rental market in Luak Bay also reflects the area’s desirability.

Rental rates vary based on property type, size, and location. Here are some insights into the rental prices:

Apartments:
- Average Rental Price: Monthly rental rates for Luak Bay Apartments typically range from RM 1,200 to RM 1,800 depending on the unit’s size and amenities.
- The affordability of these rental prices attracts young professionals and families looking for convenient living arrangements close to the beach.
Semi-Detached Houses:
- Rental Price Range: Rentals for semi-detached houses can start from around RM 2,000 per month and may go up to RM 3,500 depending on factors like location and furnishings.
- These homes cater to families seeking more space and comfort while enjoying the benefits of living in a coastal community.
Terrace Houses:
- Average Rental Price: Monthly rents for terrace houses typically range from RM 1,500 to RM 2,500 based on their size and condition.
- This competitive pricing makes terrace houses an appealing option for tenants looking for budget-friendly accommodations without sacrificing quality.

3. Market Trends

The subsale market in Luak Bay is characterized by several notable trends:

Increasing Demand: As Miri continues to grow, there has been a noticeable increase in demand for properties in Luak Bay. The area’s proximity to nature and urban amenities makes it an attractive choice for both residents and investors.
Price Stability: The transaction prices for various property types have shown stability over recent years. This suggests that Luak Bay is maintaining its value as a desirable residential area.
Rental Growth Potential: With ongoing developments and upgrades in the surrounding area, rental prices are expected to rise gradually. Investors seeking rental income should consider Luak Bay as a promising opportunity.

Comparative Analysis of Nearby Properties in Luak Bay

Property Type	Median Transaction Price	Rental Price Range	Size (Approx.)	Key Features
Luak Bay Apartment	RM 225,000	RM 1,200 – RM 1,800	278 – 1,379 sq ft	Family-friendly, communal amenities
Semi-Detached Houses	RM 680,000	RM 2,000 – RM 3,500	~1,872 sq ft	Spacious living areas
Terrace Houses	RM 650,000	RM 1,500 – RM 2,500	~1,905 sq ft	Affordable pricing, community feel
Grace Hill Phase 2	Starting from RM 700,000	Expected RM 2,200+	Varies	Modern design, high-quality finishes

1. Luak Bay Apartment

Overview

Type: Freehold Apartment
Size: Units range from 278 to 1,379 square feet
Median Transaction Price: RM 225,000
Rental Price Range: RM 1,200 to RM 1,800 per month
Key Features: Access to communal amenities, proximity to the beach, family-friendly environment

Appeal

Luak Bay Apartment is ideal for first-time homebuyers and young families. Its affordability and proximity to recreational areas make it a popular choice among those looking for a coastal lifestyle.

2. Semi-Detached Houses in Kampung Luak

Overview

Type: Semi-Detached House
Size: Average built-up area around 1,872 square feet
Median Transaction Price: RM 680,000
Rental Price Range: RM 2,000 to RM 3,500 per month
Key Features: Spacious living areas, garden space, suitable for larger families

Appeal

These semi-detached houses cater to families seeking more space and comfort. The larger built-up area allows for more personalized living spaces, making it an attractive option for those with children.

3. Terrace Houses on Jalan Luak Bay

Overview

Type: Terrace House
Size: Built-up area approximately 1,905 square feet
Median Transaction Price: RM 650,000
Rental Price Range: RM 1,500 to RM 2,500 per month
Key Features: Affordable pricing, close-knit community feel, access to local amenities

Appeal

Terrace houses are a popular choice for budget-conscious families or individuals who desire a balance between space and affordability. The price point makes these homes accessible while still offering comfort.

4. Grace Hill Phase 2 Housing Project

Overview

Type: Double-storey Semi-Detached and Terrace Houses
Size: Varies based on unit type
Transaction Prices: Starting around RM 700,000 for semi-detached houses
Rental Prices: Expected to range from RM 2,200 upwards per month
Key Features: Modern design, high-quality finishes, new development with contemporary amenities

Appeal

The Grace Hill project targets buyers looking for modern living spaces with contemporary designs. The new development aspect offers potential buyers peace of mind regarding construction quality and neighborhood standards.