Piasau Miri

Piasau, located in Miri, Sarawak, is an emerging residential area that offers a variety of housing options tailored to meet the needs of different buyers and renters.

This neighborhood blends affordability with accessibility, making it an attractive choice for families, young professionals, and investors alike.

With a vibrant community atmosphere and a range of amenities, Piasau is poised to provide a fulfilling living experience while also presenting significant investment opportunities.

Features

• Diverse Housing Options: Piasau features a wide array of properties, including single-storey homes, double-storey houses, semi-detached units, and bungalows. This variety caters to different preferences and budgets.
• Affordable Pricing: The real estate market in Piasau offers competitive prices, with homes ranging from RM230,000 for smaller rentals to over RM1.3 million for larger properties. This affordability makes it accessible for first-time buyers and families.
• Community Amenities: Residents can enjoy convenient access to essential amenities such as supermarkets, schools, healthcare facilities, and recreational parks. These facilities contribute to a comfortable and convenient lifestyle.
• Educational Facilities: Piasau is home to several reputable schools, ensuring quality education options for families with children. This focus on education adds to the neighborhood’s appeal for families looking to settle down.
• Cultural Diversity: The neighborhood showcases a rich cultural tapestry that enhances community events and interactions. Residents can engage with various traditions and festivals throughout the year.
• Natural Attractions: Piasau’s proximity to nature parks and reserves allows residents to enjoy outdoor activities such as hiking and cycling. The surrounding natural beauty offers an excellent escape from urban life.
• Connectivity: The area is well-connected through public transportation and major roads, facilitating easy access to the broader Miri region. This connectivity is ideal for commuters and those who enjoy exploring the city.
• Investment Potential: With Miri’s ongoing development, property values in Piasau are likely to appreciate over time. Investors can benefit from a growing market that promises good returns.

Sub-Sale Market Analysis

1. Overview of Recent Transactions

The sub-sale market in Piasau showcases a range of property types, each with varying transaction prices depending on size, location, and condition.

• Semi-Detached Houses: Recent transactions indicate that the price range for semi-detached homes in Piasau falls between RM270,000 and RM580,000. For instance, a notable transaction reported a semi-detached house at Jalan Piasau Lorong 1 selling for RM428,000. Larger or more modern units can command prices upwards of RM500,000.
• Bungalows: Bungalows in Piasau are also popular among buyers seeking spacious living. Prices for bungalows typically range from RM600,000 to RM1.3 million. A specific example includes a double-storey bungalow that recently sold for RM895,000, reflecting the premium for more expansive living spaces.
• Terraced Houses: The market for terraced houses is quite active as well, with prices generally ranging from RM260,000 to RM310,000. For example, a recent sale at Jalan Piasau Jaya 3D was completed for RM290,000.

2. Rental Market Insights

In addition to the sub-sale market, the rental landscape in Piasau is equally dynamic.

The rental prices vary based on property type and location but generally remain accessible for most residents.

• Rental Prices for Semi-Detached and Bungalows: Rentals for semi-detached houses typically range from RM1,200 to RM2,500 per month, depending on the property’s condition and amenities. Bungalows attract higher rental prices, often ranging from RM2,500 to RM4,500 monthly.
• Terraced Houses: The rental prices for terraced homes are more budget-friendly, often falling between RM800 to RM1,800 per month. This price point appeals to young families and professionals seeking affordable living options in a desirable location.

3. Factors Influencing Pricing Trends

Several factors contribute to the current trends in Piasau’s sub-sale market:

• Development and Infrastructure: Ongoing infrastructure developments in Miri have made Piasau an attractive location for new residents. Improved roads and access to public transportation have increased demand for housing in the area.
• Community Amenities: The availability of essential amenities such as schools, healthcare facilities, and shopping centers enhances the neighborhood’s appeal. Prospective buyers are often willing to pay a premium for properties located near these facilities.
• Cultural Appeal: Piasau’s multicultural environment and community events create a vibrant atmosphere that attracts families and individuals looking for a lively lifestyle.
• Investment Potential: As Miri’s economy continues to grow, investors see Piasau as a promising area for property investment. The anticipation of property value appreciation drives buyer interest and competition within the market.
• Market Trends: Current trends indicate a steady demand for both rental and sub-sale properties in the area. As more people relocate to Miri for work or lifestyle changes, the competition among buyers and renters intensifies, contributing to rising prices.

Analysis of the Commercial Market

1. Overview of Recent Transactions

The commercial property landscape in Piasau has shown a range of transaction prices, reflective of the diversity in property types available.

• Retail Shops: The pricing for retail spaces varies considerably based on size, location, and facilities. Recent transactions indicate that retail shops in Piasau typically range from RM350,000 to RM1.2 million. For instance, a 3-storey shop located in the Piasau Business Centre was recently sold for RM1,000,000, highlighting the potential for profitable ventures in this commercial area.
• Warehouses and Industrial Properties: Warehouses and industrial buildings have also seen significant activity in recent months. Transaction prices for these properties can range from RM2 million to RM7.7 million, depending on size and location. A noteworthy transaction includes a detached factory/warehouse in the Piasau Jaya Industrial Area that sold for RM7.77 million, illustrating the high demand for industrial space as businesses expand.
• Office Spaces: Commercial office spaces are becoming increasingly popular as more companies establish or relocate their operations in Miri. The prices for office units can range from RM500,000 to RM1 million. Recent sales indicate that smaller office spaces are typically priced around RM600,000 to RM800,000.

2. Rental Market Insights

The rental market for commercial properties in Piasau is also experiencing growth, with varying rental rates based on property type and location.

• Retail Rentals: Retail spaces in prime locations command higher rental prices, typically ranging from RM2,000 to RM10,000 per month. For example, a well-located retail shop can attract rents upwards of RM8,000 monthly, especially in busy areas that benefit from high foot traffic.
• Warehouse Rentals: The rental prices for warehouses generally vary between RM3,000 and RM15,000 per month. Larger industrial spaces, particularly those with advanced facilities, often command higher rental rates. A recent listing indicated a large warehouse available for rent at RM10,500 per month.
• Office Rentals: Office spaces can be rented at competitive rates, typically falling between RM1,500 and RM5,000 monthly. Smaller office units usually start around RM1,500, while larger or more centrally located offices may reach up to RM5,000 per month.

3. Factors Influencing Pricing Trends

Several factors influence the current trends in the commercial market in Piasau:

• Economic Growth: As Miri’s economy expands, businesses are increasingly interested in establishing a presence in Piasau. This economic growth stimulates demand for various commercial properties.
• Infrastructure Development: Ongoing infrastructure improvements enhance accessibility and connectivity in Piasau. Better roads and transportation options make it easier for businesses to operate and attract customers.
• Increased Business Activity: The rise of new businesses entering the market contributes to heightened competition among commercial property owners. As demand increases, landlords may adjust rental prices accordingly.
• Location Dynamics: Prime locations within Piasau command higher transaction and rental prices due to increased visibility and foot traffic. Businesses seeking to maximize their exposure will often pay a premium for well-situated properties.
• Investment Potential: Investors are drawn to Piasau’s commercial market due to the potential for return on investment (ROI). As more companies seek space in the area, property values may appreciate over time.

Comparative Analysis of Nearby Properties in Piasau

1. Overview of Comparative Properties

The following properties have been selected for comparison, categorized into residential semi-detached houses and bungalows, as well as commercial retail spaces.

Each property is located within a five-kilometer radius of Piasau.

1. Semi-Detached Houses

The semi-detached houses in the surrounding area range in transaction prices from RM420,000 to RM480,000.

2. Bungalows

Bungalows in the vicinity show transaction prices from RM600,000 to RM750,000.

3. Commercial Retail Spaces

The commercial properties around Piasau illustrate varying needs and price points.