News by EdgeProp

The most expensive projects were in the Bayan Indah enclave in Pantai Jerejak, led by Putra Place (RM660 psf)...

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. 

The Penang Transport Master Plan is expected to improve connectivity in the area with the Bayan Lepas LRT line from Gurney Drive to Teluk Kumbar and Batu Maung; and the Pan Island Link Highway project from Gurney Drive to Bayan Lepas.

The intensive construction of public transport infrastructure and residential development projects seem to be inspired by Singapore.

In the background of eye-bulging record prices, the average price of condominiums in the area was RM432 psf in 1Q2015, up 18.7% y-o-y. 

Penang is popular among expats or foreigners looking for a holiday home or retirement home under the Malaysia My Second Home scheme. Batu Ferringhi, Tanjung Bungah, Tanjung Tokong and Gurney Drive are some upmarket areas with luxury condos targeted towards foreigners.

Large projects of various kinds mark Penang, from costly residential property development to land reclamation and transport infrastructure.

Hong Leong IB Research said the Johor region remain oversupplied in near term with incoming supply and planned supply amounting to 47% of existing stock.

Numerous projects in Kepong will likely see a boost in rental demand with the MRT Sungai Buloh-Serdang-Putrajaya line due in 2022. 

Despite the price surge, Kepong is still a very affordable neighbourhood. In the 12 months to 1Q2015, some 47.8% of secondary transactions were for properties priced between RM201–RM400 psf.