Promising outlook on Penang property market

Read this yesterday on The Edge Property. I generally agree that Penang’s property market outlook is still promising and prices of residential property (especially landed) were generally on the uptrend. What caught my attention was the comment that Tree Residency @ One Residences transacted at RM1.5 million. Unless this is referring to a 2-storey semi-detached unit (or a corner unit with a really big garden), otherwise the number looks questionable to me.

Read this: 

Despite its weak performance last year, Penang’s property market outlook is still promising, according to the National Property Information Centre (NAPIC).

“Forward-looking, Penang’s property market would remain promising. In recent times, various developments are taking place in Batu Kawan, particularly the new township of Bandar Cassia. Batu Kawan is the third satellite town of George Town, after Bayan Lepas and Seberang Jaya,” Napic said in its recently-released Property Market Report 2015.

Some major projects in the pipeline are One Auto Hub, Penang Development Corp, LRT and Pan Island Link Highway between Gurney Drive and Bayan Lepas.

In 2015, the Penang property market was on the downtrend. There were 21,555 transactions recorded worth RM11.7 billion, down from 15.7% and 15% respectively in 2014.

The residential sub-sector remained the biggest sector, capturing 70.9% of total transactions, followed by the commercial, agricultural, development land and industrial sub-sectors.

All sub-sectors witnessed negative growth in volume with the exception of the industrial sub-sector, which was up by 25.4%.

However, prices of residential property were generally on the uptrend.

For example, terraced houses near higher learning institutions and industrial areas recorded positive growth.

A substantial growth in values was recorded at Dua Villa @ One Residences and Tree Residency @ One Residences on the island, which were transacted between RM1.3 million and RM1.5 million.

On the other hand, the primary market saw the number of units launched in 2015 almost halved to 2,348 units from 4,469 units in 2014.

Nonetheless, sales performance improved to 48.2% from 43.9% a year ago.

Source: TheEdgeProperty.com.my

  1. Sathu
    April 27th, 2016 at 09:25 | #1

    Tree Residency terrace transacted at RM1.5Mil. So many rich people here.

  2. Hemsley
    April 27th, 2016 at 10:03 | #2

    1.5M should be referring to Dua Villas.

  3. property_fans
    April 27th, 2016 at 10:14 | #3

    The initial price 1.3M? i knew of of my friend father bought it 3 years ago in that area. should be tree residency as same entrance. but his unit is double storey corner lot.

  4. Heskey
    April 27th, 2016 at 10:58 | #4

    I have bought 2 condos this year. Looking for another one.

  5. andy
    April 27th, 2016 at 11:02 | #5

    Hi, what is your budget like?may be we can talk..i am just another investor.

  6. Getha
    April 27th, 2016 at 13:39 | #6

    ya..lets talk shop

  7. kayabun
    April 27th, 2016 at 17:08 | #7

    Speculators beware. There are more measures being discussed at various gov depts to counter speculation. Measures will be introduced towards the end of this year or next year.

  8. Getha
    April 27th, 2016 at 17:48 | #8

    Ya better ‘be wear’

  9. James
    April 27th, 2016 at 22:49 | #9

    I guess.. 1.3M should be from intermediate double storey unit, it is potentially to be continue uptrend till 1.5M

  10. WF
    April 28th, 2016 at 17:49 | #10

    Landed Freehold property in Penang island particularly on prime location with good infrastructure, shall perform well in longer term. History have proven that again and again.

  11. dua villas
    April 29th, 2016 at 11:07 | #11

    Any1 interest to buy dua villas pls email me. No agent 10q

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