Bungalow lot at Jalan York, transacted for RM12.74mil

Three bungalow houses accounted for the highest-value residential property transactions in Penang during the first half of 2026, with the top transaction exceeding RM12.7 million.

#1 – Jalan York bungalow (RM12.74 million)

The most expensive transaction involved a bungalow along Jalan York, which changed hands for RM12,736,000, translating to approximately RM679 psf based on a land area of about 18,769 sq ft.

The property comprises a long-vacated double-storey structure in visibly poor condition, with a weathered white facade. Given the land size and location, the transaction is widely read as a land-value deal, with the existing structure likely to be torn down for redevelopment.

#2 – Jalan Tunku Abdul Rahman bungalow (RM7.70 million)

The second-highest residential transaction involved a corner-lot bungalow along Jalan Tunku Abdul Rahman, which was sold for RM7.7 million.

The property sits on approximately 13,670 sq ft of land and comprises an existing single-storey bungalow. The transaction represents a sizeable landed residential deal in one of Penang’s established urban areas.

Based on the land area, the transacted price works out to approximately RM563 psf.

#3 – Scott Avenue bungalow (RM7.30 million)

The third-highest transaction involved a bungalow along Scott Avenue, which was transacted at RM7.3 million.

The property has an estimated land area of approximately 12,859 sq ft and comprises an existing bungalow. The transaction works out to about RM568 psf based on the reported land size.

*This article is based on research conducted using open transaction data obtained from NAPIC, and the accompanying photos have been sourced from Google Street View. 

Penang hoteliers are calling for more consistent regulation of short-term rentals and homestays, as the industry continues to face competition from Airbnb and other private accommodation options.

Malaysia Association of Hotels (MAH) vice-president Datuk Khoo Boo Lim said licensed hoteliers had raised concerns over the growing presence of unlicensed homestays, particularly as more travellers opt for short-term rental properties.

He said private accommodation providers should be subject to regulations similar to hotels, including requirements related to fire safety and security. Khoo also called for a uniform regulatory framework covering both hotels and private short-term stays.

The issue comes amid concerns within the hotel industry that tourist arrivals and the number of direct flights into Penang have not translated proportionately into hotel occupancy and revenue.

According to Khoo, the average occupancy rate among MAH members has been around 60% in recent months. While he described the figure as encouraging following the downturn during the pandemic, he said there was still room for improvement.

He also questioned the impact of properties being purchased specifically for Airbnb use, noting that such arrangements could divert tourism-related spending away from conventional hotels, which contribute to employment in the hospitality sector.

An industry source also suggested that Penang’s tourism statistics may not fully reflect the benefits reaching the wider leisure industry, as some passengers arriving via direct flights could be transiting to other destinations. In such cases, the immediate economic benefit may be limited to businesses operating at the airport.

The concerns come as Penang’s accommodation sector continues to expand. There are approximately 894 registered hotels and commercial accommodation establishments listed across major booking platforms, offering around 22,500 rooms.

The four-star Cititel Penang, a 19-storey hotel along Penang Road in George Town, has been put up for sale at an asking price of RM163 million through an expression of interest (EOI) exercise. The hotel occupies three freehold parcels, Lots 832, 833 and 834, with a combined land area of nearly one acre.

Owned by Cahaya Utara Sdn Bhd, the 451-room hotel is managed by Cititel Hotel Management Sdn Bhd (CHM), the hotel management arm of IGB Bhd. Built in 1997, Cititel Penang has undergone various refurbishments over the years and remains a long-established hotel in the city centre.

The property is located within the George Town heritage enclave, with views towards the North and South Channels and the Penang Bridge. It is also within walking distance of Komtar and the UNESCO World Heritage Site core zone.

According to Rahim & Co Chestertons, which is handling the sale, the EOI exercise will close on Sept 30. The property is being positioned as a sizeable freehold hotel asset in a central George Town location, with potential for future value enhancement.

The proposed sale comes amid continued expansion in Penang’s hospitality sector. About 13 new hotels opened between August 2023 and 2025, adding more than 2,300 rooms, while around 10 hotels are currently under construction and another 11 have received approval.

The island has also seen several established hotel assets being refurbished or repositioned. Hotel Equatorial Penang in Bukit Jambul is undergoing refurbishment after being closed since 2021, while the former Penang Mutiara Beach Resort in Teluk Bahang is being transformed into the InterContinental Penang.

Other recent additions include the Penang Marriott Hotel and Marriott Executive Apartments along Gurney Drive, as well as new international brands such as Capri by Fraser, JdV by Hyatt and Galaxy Minyoun Penang.

For a potential buyer, Cititel Penang offers an established hotel operation on freehold land in a mature part of George Town, where opportunities for sizeable hotel sites in central locations are relatively limited.

About Merione Residences

Merione Residences is a freehold waterfront residential development by IJM Land located within The Light City in Gelugor, Penang. Situated above Merione Grand at The Light Waterfront, the development comprises 145 low-density units with built-up areas from 1,055 sq ft, featuring three-bedroom layouts and private balconies. Residents have access to lifestyle facilities, dedicated parking and a covered connection to nearby commercial, retail, hospitality and future transit facilities within the waterfront precinct.

Find out more about Merione Residences

A full moon reminds us that there’s no place quite like home.

Mid-Autumn is a season for reunion, togetherness and celebrating with the people we love. And while you’re out enjoying the festive atmosphere, why not take a little time to explore a home for your next chapter too?

Whether you’re looking for your first home, a home for your family, or your next property, visit Iconic’s Mid-Autumn Property Roadshow! ✨

The roadshow will showcase a range of residential options, including:

• Iconic Harmony – Affordable Homes
• Iconic Vue – Affordable Homes
• Iconic Skies – Luxury Condominium
• Future Project – A preview of an upcoming development

Iconic’s sales team will be there to walk you through the available properties, answer your questions, share the latest promotions and packages, and help you explore which home could be the right fit for you. 🔑

No need to just browse online! Come down, have a chat with the sales team, view the available options and take the first step towards owning your own home! 🏠✨

Mid-Autumn Property Roadshow

• Date: 24–27 Sept 2026
• Time: 10AM–10PM
• Venue: Sunway Carnival Mall, LG (In front of Black Canyon)

Drop by Iconic’s booth. Meet the sales team. Explore your options. And who knows? This Mid-Autumn could be the season you find a home to call your own.

For more information, please call:

• 016-4583222
• 016-4289888
• 012-7397888

See you at Sunway Carnival Mall!