The Northern Region property market recorded a moderate performance in 2025, with mixed signals across the four states of Penang, Perak, Kedah and Perlis. According to the Northern Region Property Market Report 2025 by the Valuation and Property Services Department (JPPH), the region registered 104,689 transactions worth RM37.36 billion.

While overall transaction volume declined by 2.8% year-on-year, total value increased by 2.3%, indicating continued resilience in pricing and high-value transactions.

Penang: Highest Value Contributor in the Region

Despite recording a 3.9% drop in transaction volume to 23,474 transactions in 2025, Penang remained the region’s top contributor in terms of transaction value. The state accounted for 40.5% of the Northern Region’s total value, amounting to RM15.13 billion.

This reinforces Penang’s position as the most valuable property market in the north, supported by its strong industrial base, limited land supply and sustained investor interest.

Residential properties continued to dominate the market, forming 57.2% of total regional transactions. However, Penang’s residential sub-sector saw a 4.9% decline in volume and a 7% drop in value year-on-year. Nevertheless, the state maintained the highest average house price in the region at RM497,857 in 2025, with its All House Price Index rising by 2.7%.

New Launches and Unsold Situation

The primary market in Penang softened during the review period. New residential launches declined by 27% compared to 2024, contributing to an overall 8.6% drop across the Northern Region. Condominiums and apartments remained the main contributors to new supply in Penang, reflecting its urban and high-density development pattern.

On the overhang front, there was a mixed outcome. Unsold completed residential units in Penang improved slightly, with both volume and value declining. However, unsold units under construction increased by 1.3%, while serviced apartment and SOHO overhang rose significantly. Unsold completed serviced apartments climbed to 1,263 units worth RM771.56 million, compared to 549 units the previous year.

This suggests continued caution in the high-rise and investor-driven segments.

Industrial and Commercial Highlights

Penang’s industrial segment remained active, reflected by multiple high-value factory and warehouse transactions recorded during the year, particularly within established industrial zones such as Bayan Lepas, Valdor and Seberang Perai. These transactions underline sustained demand linked to the state’s electrical and electronics ecosystem.

In the commercial sector, transaction volume declined across the region, with Penang’s commercial transaction value dropping by 24.9% year-on-year. Nevertheless, shop properties remained stable in pricing, with landed shops in prime areas transacting as high as RM5.1 million.

Retail occupancy in Penang moderated to 70.9%, slightly lower than 2024, while the purpose-built office segment saw occupancy ease to 81.4%. Despite this, new office completions such as Ideal MSC Tower and the Ministry of Human Resources building in George Town added fresh supply to the market.

Outlook

While 2025 reflected a cooling phase in transaction activity, Penang continues to lead the Northern Region in terms of value and pricing strength. The moderation in new launches and rising high-rise overhang indicate a more selective market environment, particularly in investor-oriented segments.

That said, strong industrial fundamentals, continued infrastructure expansion and sustained house price growth suggest that Penang’s property market remains structurally resilient, albeit moving into a more measured and demand-driven cycle.

Mezon @ Park Enclave, a serviced apartment development by Aspen located along Persiaran Cassia Barat 8 in Batu Kawan. The site is situated next to Central Park and is within walking distance of IKEA Batu Kawan. Its position places the project within an established commercial and residential area that is supported by existing road networks and public amenities.

This development comprises two blocks of serviced apartments with commercial components. Tower A and Tower B are each planned as 47-storey buildings, comprising 301 units of serviced residences per tower. The units are designed with dual-key and tri-key layouts. In addition, 28 shop units are planned on the ground floor and level 1. There will be 8-level of car parking podium, while recreational facilities are allocated on levels 1 and 8.

Property Name: Mezon @ Park Enclave
Location : Batu Kawan
Property Type : Serviced residence
Total Units : 602
Built-up Size: (to be confirmed)
Land Tenure : Freehold
Indicative Price : (to be confirmed)
Developer : Aspen Group

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Source: Google Street View

The Penang Island City Council (MBPP) will begin towing illegally parked vehicles along Jalan Residensi after 5pm daily, following worsening congestion caused by vehicles parked on both sides of the road.

Penang Island mayor Datuk Rajendran Anthony said the enforcement will focus on the stretch between the junction of Jalan Residensi and Jalan Vermont up to Jalan Sepoy Line. Vehicle owners whose cars are towed must claim them before 7pm at Jalan Sepoy Line (near the Polo Ground) and settle the compound. After 7pm, vehicles must be claimed at MBPP’s enforcement depot behind KOMTAR.

Jalan Residensi, located in front of Penang General Hospital, serves as a key link between Jalan Macalister and Jalan Utama, and is a main route for motorists travelling from George Town to the southwest district of Penang Island. The road also serves several major institutions, including Penang General Hospital, SK Jalan Residensi, the Penang Nursing College, and a children’s dental training centre — contributing to consistently high traffic volume.

Despite existing no-parking signages, vehicles continue to park along both sides of the road, particularly near the hospital area, causing severe congestion from Jalan Macalister up to Jalan Perak. The situation has also forced public buses to stop along the middle lane to pick up and drop off passengers, raising safety concerns.

Rajendran stressed that parking is prohibited along the entire stretch of Jalan Residensi, especially at the upstream and downstream sections, which are designated as no-parking zones at all times. However, taking into account limited parking availability in the area, MBPP will currently enforce towing after 5pm.

To ease congestion, several nearby roads — including Jalan Sepoy Line, Jalan Tull and parts of Jalan Vermont — have been converted into one-way streets, creating about 150 parking bays. In addition, the ongoing Penang General Hospital redevelopment, expected to complete in 2028, will provide approximately 500 additional parking spaces.

MBPP has also partnered with Rapid Penang to offer a free hospital shuttle bus service, encouraging patients, visitors and staff to use public transport and reduce reliance on private vehicles.

Eastern & Oriental Bhd (E&O) is stepping up its project pipeline, driven by new waterfront developments in Penang and continued township expansion at Andaman Island, as it advances the long-term master plan for the reclaimed island.

Managing director Kok Tuck Cheong said the group’s next launch will focus on a low-density commercial waterfront project within a 30-hectare belt adjacent to its Maris development at Andaman Island.

“This will be the last of the waterfront projects before we cap the entire stretch. It will be a low-density development with larger units, and we are still working to maintain our price points,” he said at a media briefing.

The project is expected to have an estimated gross development value (GDV) of about RM700 million and is targeted for launch by year-end, subject to final approvals.

The group is also advancing plans for about 1,000 affordable housing units on the island, spanning roughly 1.6 hectares, to meet state requirements and support workforce demand.

Beyond residential developments, E&O is planning a major commercial hub on the island, which may include a retail mall, luxury hotel, serviced residences and office space. The development is expected to take shape over the next five years.

In the Klang Valley, the group continues to roll out new launches, including shop units and landed homes at Laman Embun in Elmina, while exploring opportunities to expand into premium Kuala Lumpur locations through potential collaborations.

Kok said the steady pipeline across Penang and the Klang Valley will support the group’s target of launching about RM1 billion worth of properties annually.

Source: NST Online

Hunza Properties Berhad successfully hosted the PICC CNY Open House – “Treasure Hunt”, transforming the PICC Sales Gallery into one of Penang’s liveliest Chinese New Year destinations. Over the course of 2 full days (21–22 February, 11AM–10PM), the event attracted overwhelming crowds, with families, young professionals, tourists, and festive enthusiasts gathering to celebrate the Lunar New Year together in PICC Sales Gallery at the heart of Penang’s new CBD.

A Journey through Time: “Treasure Hunt” Became the Festival Highlight

One of this year’s signature treasure hunt activity has transported guests into an imaginative time-travel adventure. With a mission to uncover hidden clues and complete the challenge, participants explored various checkpoints before finally unlocking the limited-edition “Lucky Golden Horse Treasure Box”.

Besides the full-day Treasure Hunt, God of Prosperity appearance, Hanfu Experience, Festive Treats Tastings, and the Golden Guess Challenge – where visitors guessed the number of gold coins and ingots in a mystery box, the two-day celebration also featured a continuous line-up of performances and activities from morning till night:

21 February 2026

• Wushu Performance
• Face Changing Show
• Pony Rides
• Food Stalls
• Traditional Dance
• Live Band
• War Drum Performance
• LED Dragon Dance Performance

22 February 2026

• World Champion Acrobatic High Pole Lion Dance Performance
• “Tee Ching” Lions Dance Blessing
• 24 Festive Drums
• Pony Rides
• Food Stalls
• Salmon Cutting Show
• Prosperity Yusheng Ceremony
• Traditional Dance
• Traditional Musical Instrument Performances

Crowds gathered in excitement throughout the day, creating a warm and energetic CNY ambience across PICC.

Global Livestream: International Audience Joined the Celebration

Hunza’s Chinese New Year celebration on the fifth day of the Lunar New Year was also successfully livestreamed across multiple countries, allowing both local and overseas buyers to experience the lively atmosphere and festive joy in real time. The livestream not only enabled those who could not attend physically to participate online, but also provided a clearer and more immersive understanding of the Penang International Commercial City (PICC) masterplan, as well as the modern lifestyle offerings of its Phase 2 serviced residence, Senze@PICC — further strengthening engagement and connection with Hunza’s growing international buyer community.

Many overseas viewers tuned in specifically to watch the Hunza DoubleUP Bi-Annual Lucky Draw, bringing double the excitement and anticipation for both local and foreign homebuyers.

The First 10 Lucky Winners of Hunza DoubleUP Announced

During the event, the first session of the Hunza DoubleUP Bi-Annual Lucky Draw was conducted both on-ground and via livestream, led by Dato’ Lily. The audience witnessed the announcement of the first 10 lucky PICC homebuyers, who received the initial RM50,000 worth of prizes*, creating a lively and celebratory atmosphere both online and at the venue. As part of the bi-annual reward structure, the remaining RM50,000 will be distributed in the next lucky draw session to another 10 fortunate homebuyers, adding continued excitement and anticipation throughout the campaign.

The Hunza DoubleUP campaign offers an impressive RM2,000,000 total reward pool*, where every key to a new Senze@PICC or Muze@PICC home opens up the possibility of not just owning a dream residence, but also moving closer toward a brand-new car.

This PICC home-owning campaign features a multi-tier reward structure that gives homebuyers more reasons to celebrate:

• Instant Rewards: A POPMART Blind Box and a mystery gift upon purchase*
• Bi-Annual Lucky Draw: Homebuyers stand a chance to win prizes worth up to RM100,000*
• The Grand Draw: A remarkable RM600,000* Hunza Diamond Car Credits*, redeemable at partnered automobile dealerships

*Terms & Conditions Apply

Hunza in Step with Penang’s Golden Five Years: PICC Shapes the Next Urban Core for Live–Work–Play

As Penang enters what many describe as its Golden Five Years, driven by major catalysts such as the construction of the Penang LRT Mutiara Line, the expansion of the Penang International Airport, extensive road and infrastructure upgrades, and the nationally spotlighted development of Penang Silicon Island, the masterplan of PICC is perfectly aligned with these transformative milestones.

Situated at the convergence of all four key upgrades, PICC is rapidly emerging as Penang’s most promising LIVE · WORK · PLAY international urban hub, integrating mobility, commerce, technology, and modern lifestyle into one.

With these unprecedented developments unfolding simultaneously, PICC stands at the epicentre of Penang’s next era of growth and is poised to become the new city centre for residents, businesses, and global investors alike.

With Penang’s major infrastructure upgrades unfolding simultaneously, opportunities like this are exceedingly rare. PICC offers homebuyers and investors a chance to secure a strategic position early — and to enjoy the long-term benefits of enhanced connectivity, modern convenience, and potential capital appreciation as Penang transforms over the next five years.

Find out more about Senze@PICC: Fully Furnished & Smart Homes in Penang’s New CBD