A Short Look at Penang Property
We were in Penang recently, and it was an opportunity for us to check out the property market and overall sentiment of new projects on the island. The last time we were there was almost 3 years ago, and thing have changed a lot in terms of new developments.
Two big developers are certainly gearing up for new launches over the next 12 months - IJM Properties with their numerous projects (like College Heights and Desa Pinang 2), and E&O Pr
Incidentally, the parent companies for both these developers have a long presence in Penang. Other than that, there are many other smaller projects all over the island, and based on our observation, they are concentrated on these areas:
- Along the coastal road of Tanjung Bunga and Batu Feringghi. These are basically upmarket condos and luxury hillside bungalows. Some the ones by Ivory properties are quite impressive, they seem to have a sizeable landbank on the island.
- In and around Georgetown. Naturally being near the town, the projects are smaller condos.
- In Bayan Baru. This area is set to be a new growth area, with numerous landed projects there around the new proposed state administrative capital.
With the economy progressing and number of citizens on the island growing in an exponential rate, the need for middle and upper class housing is therefore increasing too. Penang folks, of course, still prefer to stay on the island, so the need affordable housing is correlational. On the downside, there are more and more people and cars on limited roads and landspace, but it is only inevitable for a small island like Penang.
You can check out our previous series of articles on new projects in Penang and Butterworth:
Penang Property Focus Part 1: Harbour Place and Taman Sri Bayan
Penang Property Focus Part 2: Putra Marine Resort and the CEO
Penang Property Focus Part 3: Bandar Laguna Merbuk and Taman Seri Pantai
Penang Property Focus Part 4: Alila and Bayu Mutiara
Penang Property Focus Part 5: The Mayfair Penang and D’Residence Bayan Mutiara
Penang Property Focus Part 6: Bandar Baru Air Putih and Taman Seri Bayan
There seems to be a pretty big development called Queensbay at Bayan Lepas. Any write up’s on that?
Comment by susie_q — March 30, 2006 @ 9:11 am
no, we didn’t have the opportunity to take a look at that one. maybe next trip.
Comment by Administrator — March 30, 2006 @ 9:12 am
Hello,
I am an Australian citizen who loves Malaysia. I’ve been there every year since 2002. Is it permissible for me to buy a house in Malaysia to hold as a holiday home?
Comment by Mr. Terry Lofkin — June 11, 2006 @ 9:03 am
Mr. Lofkin,
yes, it’s possible. Most developers or agents will be happy to help you find the right home. in addition to that, you can check this out…
http://propertymalaysia.blogsome.com/2006/05/17/relaunch-of-the-malaysia-my-second-home-mm2h-scheme/
Comment by Administrator — June 11, 2006 @ 7:09 pm