Miri Waterfront is a dynamic urban landscape that seamlessly integrates both residential and commercial properties.

This area has seen significant growth due to its strategic location and the diverse property options it offers.

Here, we provide an analysis of the new projects, subsale market, and rental prices for both residential and commercial properties in the Miri Waterfront area.

Sub-Sale Market Analysis

1. Residential Properties

New Developments:

The Wharf Condominium: This is a prominent residential development within the Miri Waterfront Commercial Centre. It stands as an 18-storey building featuring 182 luxury condominium units. Each unit includes 2+1 bedrooms, with sizes ranging from 1,531 to 1,760 square feet. Prices start around RM900,000. The development is equipped with premium amenities such as a swimming pool, sky garden, gym, and 24-hour security, catering to modern urban lifestyles.

Subsale Market:

The subsale market for residential properties in Miri Waterfront varies widely. While specific data is limited, factors influencing subsale prices include the property’s age, condition, location within the development, and current market demand. Typically, properties like those in The Wharf Condominium can command higher subsale values due to their premium facilities and strategic location.

Rentals:

Rental prices for The Wharf Condominium are competitive in the market, with monthly rates reaching up to RM4,000. These units are particularly attractive to both local residents and expatriates looking for quality living spaces coupled with modern amenities and a strategic location.

2. Commercial Properties

New Developments:

Marina ParkCity: This development is envisioned as a transformative project aimed at enhancing Miri’s urban landscape. It focuses on creating a vibrant waterfront commercial hub that emphasizes livability, sustainability, and community vitality. This project is designed to support flourishing businesses and enhance the overall quality of life in the area.

Subsale Market:

A noteworthy transaction in the commercial subsale market was recorded in March 2024, involving a leasehold shop unit on Jalan Permaisuri. This property featured a land area of approximately 1,355 square feet and a built-up area of about 5,231 square feet. It was transacted at RM1,500,000, which translates to approximately RM1,107 per square foot. This transaction highlights the robust demand for commercial spaces in Miri Waterfront.

Rentals:

While specific rental rates for commercial properties are not readily available, they generally vary based on factors such as location within the waterfront area, size of the unit, and prevailing demand.

3. Transaction Prices:

Median Transacted Price: The median transacted price for properties in Miri Waterfront is RM 1,700,000 with a median price per square foot of RM 1,107[3].

4. Rental Prices:

General Rental Prices in Miri: Rental prices for properties in Miri range from RM 900 to RM 4,000, with an average cost of RM 1,899[2]. However, specific rental prices for Miri Waterfront properties are not provided in the available sources.

5. Key Insights:

Market Trends: The Sarawak property market, including Miri, has seen a decline in total transactions in volume and value, with a significant decrease in the first quarter of 2023 compared to the previous quarter[4].
Property Types: The majority of residential transactions in Sarawak are for 2-3 storey terraced houses, which make up the largest segment of landed residential transactions[4].
Price Ranges: Most residential transactions in Sarawak are below RM 500,000, with more than half transacted below RM 300,000 and less than 2% above RM 1 million[4].

Additional Information:

Miri Waterfront Commercial Centre: The commercial segment, particularly in areas like Miri Times Square, has attracted investors and businesses due to its strategic location and modern amenities[1][2].
General Market Outlook: The commercial property market in Sarawak is expected to see a decline in demand for office and retail units in less strategic locations, while industrial properties and landed residential properties are expected to see steady demand[4].

Sources:

[1] rentkl.com.my
[2] pullmanmiriwaterfront.com-malaysia.com
[3] www.iproperty.com.my
[4] www.wtwy.com
[5] www.booking.com

Comparative Analysis of Nearby Properties to Miri Waterfront

Feature	Pullman Miri Waterfront	Emart Hotel (Riam) / Mercure Miri City Centre	Homestays (e.g., Come Inn Homestay, HomezStay Airport Miri)
Amenities	Outdoor swimming pool, hot tub, fitness center, restaurant, bar/lounge, executive lounge[2]	Basic amenities, details not specified[1]	Basic accommodations with balconies, gardens, BBQ facilities[1]
Location & Accessibility	Overlooking Baong River, panoramic views, central location[1][2]	Varies by location, not as central[1]	Scattered locations near attractions like Boulevard Shopping Complex[1]
Price & Value	Premium pricing reflecting comprehensive services and amenities[2]	More budget-friendly than Pullman[1]	Budget-friendly options with fewer services[1][5]
Safety & Health Measures	Temperature checks, wheelchair access, masks available, social distancing[2]	Not specified	Not specified

1. Amenities and Services:

- Pullman Miri Waterfront provides an outdoor swimming pool, hot tub, fitness center, restaurant, bar/lounge, and executive lounge, making it a comprehensive choice for both leisure and business travelers[2].
- Other Properties:
  - Emart Hotel (Riam) and Mercure Miri City Centre are mentioned as alternatives but without detailed information on their amenities[1].
  - Homestays like Come Inn Homestay 1379, HomezStay Airport Miri, Jee Foh Homestay, Mojisu Homestay, The Wharf Homestay, and Joyful Homestay Miri offer more basic accommodations with fewer amenities, such as balconies, gardens, and BBQ facilities, but lack the extensive services of Pullman Miri Waterfront[1].

2. Location and Accessibility:

- Pullman Miri Waterfront is strategically located overlooking the Baong River, providing panoramic views and easy access to the city center[1][2].
- Other Properties:
  - Homestays are scattered around Miri, with some closer to specific attractions like Boulevard Shopping Complex and Imperial Mall & Court, but they do not offer the same level of accessibility and views as Pullman Miri Waterfront[1].

3. Price and Value:

- Pullman Miri Waterfront offers a premium experience with its range of amenities and services, which is reflected in its pricing. However, it provides a comprehensive package that includes free Wi-Fi, complimentary parking, and a smoke-free environment[2].
- Other Properties:
  - Homestays and other hotels may offer more budget-friendly options but with fewer amenities and services[1][5].

4. Safety and Health Measures:

- Pullman Miri Waterfront emphasizes safety and health with temperature checks, wheelchair access, masks available to guests, and social distancing measures in place[2].
- Other Properties:
  - The information available does not detail the specific safety and health measures of other properties in the area.

Sources: