Penang’s high-rise residential market has long been a focal point for both investors and homebuyers seeking premium urban and waterfront living. The latest ranking of the 30 most expensive selling high-rise residences is based on the average transacted prices per square foot (psf) recorded in 2024 and 2025. Importantly, the list only includes completed projects with actual transactions, excluding any residences that are still under construction or only marketed by developers. This provides a clearer picture of what buyers are truly paying in today’s market.

Gurney Drive: The Island’s Platinum Mile

Gurney Drive remains Penang’s most expensive stretch for high-rise living, led by Marriott Residences (RM2,069.83 psf) at the top of the list. Just behind it is Sunrise Gurney (RM1,872.07 psf), an established luxury project that continues to achieve exceptional prices in the resale market thanks to its prime frontage and scarcity of new supply along this iconic boulevard. Other premium entries include Gurney Ville and Gurney Paragon, underscoring the area’s lasting appeal among affluent locals and foreign investors alike.

Seafront Prestige in George Town and Seri Tanjung Pinang

Waterfront exclusivity continues to drive prices at the city’s edge. Shorefront Residences (RM1,318.64 psf), located along Lebuh Farquhar at the fringe of George Town’s heritage core, offers panoramic channel views while retaining cultural proximity—an exceptionally rare combination. Further north, Straits Residences (RM1,287.71 psf) and Quayside Condo (RM1,056.14 psf) anchor Seri Tanjung Pinang as a long-standing premium township, where marinas, retail amenities, and an established expat community reinforce its position as a seafront lifestyle hub.

Lifestyle Hubs and Branded Developments

Projects with strong developer branding and integrated lifestyle concepts also command premium pricing. Alila 2 (RM1,238.60 psf) leverages hillside exclusivity, while Setia V Residences (RM1,192.94 psf) appeals with large formats and premium positioning. In the south, Queens Residences Q1 and Q2 highlight the rise of Queens Waterfront as a new urban destination, blending retail, marina facilities, and easy bridge access. These schemes show that branding and master-planning can rival geography in sustaining high values.

The Role of Design and Density

Another factor driving premiums is exclusivity through scale and design. Moulmein Rise (RM1,242.31 psf) and The Cantonment (RM1,191.40 psf) illustrate how boutique, low-density developments in mature urban enclaves can achieve values on par with larger waterfront townships. Buyers here prize privacy, exclusivity, and design-led living as much as location.

Southern Growth and Connectivity

The southern corridor of Penang island is emerging as a competitive hub, with projects appealing to professionals working in the Bayan Lepas Free Industrial Zone. Muze @ Penang International Commercial City (RM875.05 psf) represents a new generation of integrated mixed-use precincts, while Quay West Residence (RM846.15 psf) gains traction through its adjacency to Queensbay Mall and Queens Waterfront, along with direct expressway access to both George Town and the airport. This underlines how connectivity and retail integration are reshaping perceptions of value beyond the island’s traditional prime zones.

Established Names Holding Value

Several established projects continue to perform strongly in resale transactions, reflecting both location and reputation. By The Sea (RM1,092.01 psf) in Batu Ferringhi caters to resort-lifestyle buyers, while Middleton Condo (RM1,034.54 psf) in Minden Heights appeals to families seeking exclusivity near Penang’s education belt. Legacy addresses like 1 Tanjong, Waterside Residence, and even older schemes such as Bellisa Court demonstrate how limited supply in mature neighborhoods helps sustain long-term value.

The data highlights that Penang’s high-rise market remains highly segmented. Timur Laut dominates the upper tier, thanks to its established seafront addresses and branded developments, but Barat Daya is fast catching up through projects tied to Queens Waterfront and the PICC precinct.

– Ken Lim
(Founder, PenangPropertyTalk.com)