PROPERTY SNAPSHOT 2: What’s affordable in Southwest Penang?

• Northeast Penang is perceived as the upmarket part of the island, but Southwest Penang is becoming more appealing with numerous projects underway related to the Penang Second Bridge and Penang Transport Master Plan.
   
• Based on theedgeproperty.com’s analysis of transactions in the non-landed or strata housing market in the 12 months to 1Q2015, the average transacted price was RM408 psf, while the average transacted price per unit was about RM389,000.
   
• The Penang strata housing market is diverse. In the 12 months to 1Q2015, some 15.3% of transactions fell in the RM50,001–RM100,000 range, 14.2% in the RM300,001–RM400,000 range and 15.2% in the RM500,001–RM600,000 range. Only 1.4% were for over RM1,000,000.
   
• Many of the units transactions for more than RM1 million were for units at Putra Marine Resort Condominium in Bayan Indah. The seaside property is the most expensive project in Southwest Penang, with an average unit price of RM1,417,000. Typical units range between 2,027 sq ft and 2,730 sq ft in built-up area.
   
• Gold Coast Resort Condominium (RM735,000) and Summerton Condominium (RM712,000) are neighbours to Putra Marine Resort on Pantai Jerejak beach and enjoy seaside views. They are located between Queensbay Mall and the upcoming Penang World City development.

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The Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.