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Penang’s high-end property prices surge amid strong demand and infrastructure boost

Property News/ 7 October 2024 Leave a comment

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High-end property prices in Penang rose by 7% to 10% in 2024 from a year ago, reflecting the steady demand among locals and foreigners.

One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said prices had increased in Bayan Baru, Pulau Tikus and Seri Tanjung Pinang as buyers went for properties priced above RM1mil.

“The rising cost of building materials such as sand and the increase in sales and services tax were among the reasons for the hike in property prices,” Chandra said.

The recent federal government approval for the Penang Light Rail Transit (LRT) project to ease traffic congestion in the state is also expected to enhance property value further.

“Segment one of the Penang LRT Mutiara Line project, connecting Komtar to Silicon Island, is expected to ease traffic congestion and enhance connectivity.

“Based on the alignment, several housing projects are expected to benefit from the LRT network.

“Among the projects that will benefit from the LRT project are the Queens Residences @ Queens Waterfront in Bayan Baru, Lumina Residence in George Town and Codrington Residence in Pulau Tikus,” Chandra added.

Chandra said they were the most sought-after condominiums with built-up areas between 1,000 sq ft and 1,500 sq ft priced from RM900 per sq ft.

“The residents of these projects will enjoy easy access to the LRT when it is ready. Purchasers prefer these medium condominiums as they are easier to upkeep. Nowadays, households tend to have fewer children,” he said.

Ideal Property Group general manager (sales and marketing) Nancy Teo said although the ringgit had strengthened, making Malaysian properties more expensive, there was still a healthy level of interest to invest in high-end properties in Penang,

Teo added that the enquiries came from Taiwan, Singapore and Hong Kong.

“Our best-selling condominium projects include Lucerne Residences and Queens Residences Q3 @ Queens Waterfront.”

Prices range from RM730,000 to RM850,000 for Lucerne Residences and RM950,000 to RM2mil for Queens Residences 3.

“The mainland Chinese are restricted from taking more than US$50,000 out of China, thus it is difficult for them to shop for properties here.

“Nevertheless, we noticed that the majority of the Chinese customers prefer completed units and are keen to move in immediately. The Chinese nationals who can buy properties in Penang are the ones with investments here and they already have their funds parked outside China.”

Teo said foreigners preferred high-end projects integrated in a mixed-development scheme that were close to schools and hospitals.

Eastern & Oriental Bhd general manager (marketing and sales) Ramesh Gnanasegaran said the high-end property market in Penang, particularly for properties priced above RM1mil, has seen a noticeable uptick, as evidenced by recent project launches.

“Penang’s economic outlook is further strengthened by significant government investments in public infrastructure, indicating readiness for ongoing growth and development.

“The state continues to be a favoured destination for investors from Singapore, Hong Kong, China and Indonesia, with an increasing interest from Taiwanese buyers as well,” he said.

The number of overhang residential houses in Penang dropped to 2,400 units in the first half of 2024 from 2,901 units in the same period a year ago.

The National Property Information Centre (Napic) report estimated the overhang value to be RM2.02bil.

According to Napic, Penang ranks fourth in the country with the most overhang properties, after Perak (4,161 units), Johor (3,219 units) and Kuala Lumpur (3,051 units)

In the country, the completed but unsold units fell to 22,642 units, worth RM14.24bil, in the first half of 2024, continuing the decline from 25,816 units worth RM17.68bil in the second half of 2023.

“Condominiums and apartments accounted for 59.8% or 13,535 units of the overhang.

“Terrace houses represented 24.4% or 5,524 units, while semi-detached and detached houses comprised 8.2% or 1,867 units. The remaining 7.6% consisted of other houses,” said Napic.

Source: TheStar.com.my

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  1. rocky
    October 7th, 2024 at 18:41 | #1

    “Among the projects that will benefit from the LRT project are the Queens Residences @ Queens Waterfront in Bayan Baru, Lumina Residence in George Town and Codrington Residence in Pulau Tikus,” Chandra added…….What? Is this chandra high on ganja or just simply blur? Queens and Codrington Res are nowhere near the LRT at all!!

  2. Ryu
    October 7th, 2024 at 22:21 | #2

    @rocky
    Queens waterfront is good? This is really a joke & full with night racing noise & lousy security management with full illegal parking.
    It suppose to be PICC Muze price appreciate because of LRT project nearby. Zen6 is good development as fully unblock seaview.

  3. millionaire
    October 8th, 2024 at 09:02 | #3

    @Ryu
    Joke or no joke people are professional on property. Believe they have data to back up and not simply said.

  4. Ryu
    October 8th, 2024 at 09:37 | #4

    @millionaire
    Is Queens waterfront near by proposed LRT? Where is the impact to this? Is the point misleading? Where is the data shown? At least PICC already stated nearby LRT for master plan

  5. I❤LRT
    October 8th, 2024 at 12:17 | #5

    Based on the Penang Transport Master Plan’s proposed Tanjong Tokong LRT Line alignment, there is to be an LRT station situated in close proximity to Lumina Residence aka Pykett station.

    https://en.wikipedia.org/wiki/Tanjong_Tokong_line

    Back in 2023, there was news that the MRT Corp reviewed the proposal and felt that the LRT line should be extended all the way to Tanjung Bungah, with no mention on proposed stations. The building and construction of this Tanjung Bungah LRT alignment, if approved and materialized, will take many more years beyond 2030 following the targeted completion & commissioning of the confirmed Mutiara Line.

  6. AG sucks
    October 8th, 2024 at 12:51 | #6

    @millionaire, this guy “ryu” is a AG joker trying very hard to sell Zen 6 which is a commercial land bought over from Ivory and super high density affordable house comes with lowest quality.he even use my old name to write, really joker.

  7. Steve
    October 8th, 2024 at 14:45 | #7

    @AG sucks
    Complicated. Plenty of name already miss use without control. We don’t know which is which or who is who. We read the comment & ignore those unnecessary comment.

  8. millionaire
    October 8th, 2024 at 15:16 | #8

    @AG sucks
    I knew that. Even this name “Ryu” is also he copied from others.
    Actually easy to recognize him as he always promotes AG properties and trying to condemn others by trying to hide behind using different names or copied others names.
    This is so called the psychology of illusion, trying to confuse people.

  9. penang siao kia
    October 8th, 2024 at 15:46 | #9

    simply say to boost sales~~

  10. Ryu
    October 8th, 2024 at 16:19 | #10

    @millionaire
    Talk based on data.
    Check the Google review of Queens vs AG review.
    No illusion needed. Data spoke itself.
    Where is the LRT link? Simply goreng for sales.

  11. rocky
    October 9th, 2024 at 10:24 | #11

    @I❤LRT
    As of now, rush hour traffic along main road of Tanjung Tokong is really bad. If nothing is done soon, residents there will be angry for sure. Of course, compared to that Bukit Jambul big roundabout crazy traffic jam in Bayan Baru, tanjung tokong jam is nothing lah.

  12. Oh nice
    October 9th, 2024 at 17:22 | #12

    LRT or no LRT does not matter, no sane person is going to take LRT anyway….unless there is connecting transport for the last leg. The only impact of living close to LRT station I can see is sound pollution and traffic nightmare…

  13. Dennis
    October 10th, 2024 at 12:49 | #13

    Absolutely nonsense. That’s so many unsold unit & yet developer sales personal trying to boost sale in difficult time.
    Lumina sale only 30% taken very slow.
    PICC many unsold unit despite LRT address as a selling point.
    Queens waterfront near LRT? Even with LRT it will turn it from bad to worse. Very noisy environment. Reclaimed land across linear waterfront will give a damp. The price will drop gradually year by year later.

  14. Ryu
    October 10th, 2024 at 22:00 | #14

    @Dennis
    agree. Some of them quite a joker here. Psychology talked won’t be working in here. Look at data. When I check on the tenant & Google review, I really shock with data info & photo shown with mat rempit gather party Infront of residence guard house & some complaining of heavy noise traffic in midnight. Some complaining of illegal parking. OMG.
    Whereas, Zen plenty of complimentary from happy owner & appreciation in review after key collection. Good management & quick respond too.

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