Property News


Penang Property Outlook: The COVID-19 Effect

As the effects of COVID-19 pandemic are felt around the world, property is undoubtedly one of the most impacted industries in Penang. Although CMCO is now lifted, the ongoing corresponding containment measures are expected to worsen the already slow and cautious property market here. Looking back at the first quarter ... Read More

Holiday Inn Resort to close down by end of this month

The list of hotel closures in Penang continues to increase with the latest casualty being the iconic Holiday Inn Resort. Hong Kong-based Harilela Group - via Asia Garden Sdn Bhd - announced that it will close the property which it had been operating for over four decades in Batu Ferringhi ... Read More

Ceiling price reduced for foreign home buyers

Penang has reduced its minimum price threshold for foreign property ownership by up to 40% to clear RM2.6bil worth of overhang units in the state. Penang local government, housing, town and country planning committee chairman Jagdeep Singh Deo said the revised pricing was valid for one year starting yesterday. “For ... Read More

10% discount for affordable homes in Penang

Penang government has announced a 10 percent discount for all types of affordable housing in the state for a period of one year starting from today. State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the discount package is part of the Housing Ownership Campaign ... Read More

SITE PROGRESS: Imperial Grande (Jun 2020)

About Imperial Grande A mixed development by Modular Platinum Sdn. Bhd. (Ideal Property Group) in Sungai Ara, Penang. It is located along Jalan Fettes, surrounded by Iconic Skies, Gardens Ville and Imperial Residence. This development will offer a mix of landed and high-rise properties, with 2 level of shop offices ... Read More

Property sector big beneficiary of Penjana

Incentives introduced under the fourth Covid-19 stimulus package, dubbed Penjana, will help boost investor sentiment towards the property sector. Nevertheless, analysts in general remain largely neutral on the sector, citing subdued prospects due to the challenging economic outlook. For instance, CGS-CIMB Research said it expected the property sector to trade ... Read More
market recovery

Penang property sales lower in second quarter

The number and value of residential property transactions in Penang are projected to decline between 50% and 60% in the second quarter of 2020 from the preceding first quarter. “We project a 50%-60% drop from the first quarter because the property market went into a silent mode after the movement ... Read More
the zen progress jun 2020 5

SITE PROGRESS: The Zen (Jun 2020)

About The Zen A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop ... Read More

Property buying activities to increase with PENJANA incentives

The National Economic Recovery Plan (PENJANA) incentives announced on Friday are expected to heighten property buying activities in the next few months. ExaStrata Solutions Sdn Bhd’s chief real estate consultant and chief executive officer, Sr Adzman Shah Mohd Ariffin, said the stamp duty exemption under the revived Home Ownership Campaign (HOC) ... Read More
economic recovery for property

Economic Recovery Plan for Property Sector

To stimulate the property market and provide financial relief to home buyers, here are the incentives announced by Prime Minister today: 1. Home Ownership Campaign (HOC) to be reintroduced: Stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 to ... Read More