Residential prices in Penang grew 5.78 per cent year-on-year (YoY) making it the second-best performing city in Southeast Asia, according to Knight Frank Asia-Pacific.

Kuala Lumpur on the other hand, saw residential prices increase by 0.34 per cent.

This was part of the findings of Knight Frank APAC’s Asia-Pacific Residential Review Index for H1 2023.

The report tracks the movement of average residential prices within the Asia-Pacific region across 25 cities.

Knight Frank Asia-Pacific in a statemennt said the price increases came after Malaysia’s economy advanced 5.6 per cent YoY and the unemployment rate tightened to 3.5 per cent in the first quarter (Q1 2023).

“Despite a slowdown in the economy with gross domestic product recorded at 2.9 per cent in Q2 2023, the recent pause in overnight policy rate hike coupled with improving labour market conditions will continue to support the housing market.”

“Improvements in road and rail links will underpin demand for well conceptualised residential products in key cities and moving forward, prices are expected to hold steady,” said Knight Frank Malaysia senior executive director of research & consultancy Judy Ong.

According to Knight Frank, 14 out of 25 cities monitored recorded positive annual price growth in 1H23, with Singapore registering as the top-performing market with 8 per cent growth YoY.

Head of residential at Knight Frank Asia-Pacific Victoria Garrett said prices plateaued six months into 2023, indicating that correction is taking place in more markets.

“With rate hikes being paused, buyers are utilising this window of opportunity to lock down on their dream homes, which is notably predominantly seen in Australia, New Zealand, and India. “While the high inflationary conditions plough on, the combination of limited housing supply, restricted new constructions and robust household formation will support prices in various markets,” she said.

Knight Frank Asia-Pacific head of research Christine Li noted the Asia Pacific maintained a balanced outlook, adapting to global challenges while showcasing resilience in key markets.

“Steady sales momentum, positive year-on-year growth in select markets, and buyer confidence in the face of diminishing affordability underscore the region’s promising outlook.

“As we move forward, the rate of price deceleration in Australasia could start to restore confidence in the Australian and New Zealand markets, while the rise in income levels, coupled with a strong aspiration for property ownership, will sustain demand in emerging markets such as India and Malaysia,” said Li.

Source: NST Online

About Sinaran Residences @ Utropolis

The residential component in the third phase of Utropolis development by Paramount Property at Batu Kawan, Penang. It is strategically located along Bandar Cassia Expressway, with walking access to Design Village outlet mall and UOW MALAYSIA KDU Penang University College. Driving to Penang International Airport will only take approximately 30 minutes via Second Penang Bridge.

This development featuring two blocks of 35 & 36-storey serviced apartments, offering a total of 964 residential units with unit size ranging between 667 sq.ft. – 1,044 sq.ft.

Find out more about Utropolis @ Batu Kawan:

• Phase 1 – Sensasi Commercial & Residential Suites (Completed)
• Phase 2 – Suasana Residential Suites (Completed)
• Phase 3 – Sinaran Avenue & Sinaran Residences (On-going)
• Phase 4 – Savana

(Photo taken Aug 2023)

Preparatory works for the Penang Silicon Island project have started yesterday and will continue until the related works are completed, Chief Minister Chow Kon Yeow said.

He said this followed the approval to the Environmental Management Plan (EMP) for the project which was obtained from the state Department of Environment (DOE) on July 21.

The go-ahead is a follow-up to the nod of the Environmental Impact Assessment Report (EIA) for the Penang South Island (PSI) project which was approved with 71 conditions by the central DOE through a letter dated April 11.

“With the approval of the agencies involved, the preparatory works for the Silicon Island will begin from today and continue until the related works are completed.

“On behalf of the state government, we express our highest appreciation to the state DOE for the careful assessment that has been given in evaluating and approving the related EMP.

“The decision is the result of cooperation and joint efforts to ensure that the development of the Silicon Island project complies with the environmental and safety standards of the local community,” he said today, also expressing the state’s appreciation to all parties which had contributed views in drafting this EMP.

In May, Chow announced that Penang would do away with two of three islands of the controversial PSI reclamation project, which meant a scaling down of 49 per cent of the total three man-made islands project.

Island A, now known as Silicon Island, measures about 920ha.

Meanwhile, Chow said, in line with the state government’s commitment to make ex-gratia payments to the fishing community affected by the project after the approval of the EMP, the payment of 75 per cent of the ex-gratia would begin to be credited in phases starting today while the remaining 25 per cent would be completed in early 2024.

“Payments will be made in phases taking into account the scope of the PSI project which has been reduced to an island, compared to the previous initial planning.

“The development of the Silicon Island project is designed based on environmental, social and governance (ESG) principles. It is expected to become a leading technology centre in the region and open up new job opportunities by injecting lasting economic benefits to the locality.

“To begin with, a total of 600 sea and land-based job opportunities will be offered over the next 18 months. Priority will be given to fishermen and local residents,” he added.

On April 26, Chow announced that Penang had finally obtained the EIA approval for the PSI project, which came with 71 conditions to be fulfilled.

The approval was for the three islands, namely A, B and C.

The controversial reclamation project had undergone a comprehensive process with regards to the EIA report approved on June 25, 2019, but there was an appeal until the decision was overturned.

Several revised reports were subsequently submitted.

PSI involves the development of three artificial islands, with an area of 1,800ha, in the waters off Permatang Damar Laut, near Bayan Lepas.

However, the project received objections from the fishing community and environmental non-governmental organisations in the state because it was alleged that the project would damage the marine ecosystem in the area.

Source: NST Online

Proposed luxury condominium development by Instant Icon Sdn. Bhd. at Batu Ferringhi. Strategically situated on a freehold cliff land along the coastal road of Jalan Batu Ferringhi, where the well-known Boon Siew Villa is currently located. It sprawls across a vast land area of approximately 1.1 acres, and the property is expected to offer an unobstructed panoramic sea view.

This development entails the creation of a 43-storey condominium, comprising 66 upscale residential units accompanied by 2 levels of recreational and utility spaces. Additionally, the structure will incorporate 8 levels dedicated to car parking.

The project is in its planning stage and still pending approval. More details about the development to be available upon its official launch.

Project Name: (to be confirmed)
Location : Batu Ferringhi
Property Type : Condominium
Built-up Size: (to be confirmed)
Land Area: 1.1 acres
Total Units: 66
Land Tenure: Freehold
Indicative Price : (to be confirmed)
Developer: Instant Icon Sdn. Bhd.

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.

Petaling in Selangor has emerged as the most populated district with 2.3 million residents, according to the statistics department.

Johor Bahru is the second most populated district with 1.8 million people, followed by Ulu Langat in Selangor with a population of 1.5 million, Bernama reported.

Petaling also recorded the highest density with 4,783 persons per square kilometre, followed by Timur Laut, Penang (4,710) and Seberang Perai Tengah, Penang (1,845).

Meanwhile, three districts in Sarawak have the least number of residents. Tanjung Manis has a population of 7,900, Song has 10,000, and Bukit Mabong has 10,400.

The statistics department also categorised eight districts as ageing districts, with over 7% of its population aged 65 and above.

They are Johor Bahru, Johor; Kota Bharu and Kuala Krai in Kelantan; Seberang Perai Utara and Barat Daya (Penang); Kota Kinabalu (Sabah); Miri (Sarawak); and Ulu Selangor (Selangor).

Meanwhile, three districts in Sarawak have the most number of elderly residents, with 14.4% of those in Lubok Anti aged 65 years and above, followed by Sri Aman (12.8%) and Song (11.9%).

Terengganu has the highest composition of Bumiputeras in 2023 with 99.7% followed by Nabawan, Sabah (99.6%) and Hulu Terengganu, Terengganu (99.4%).

Meanwhile, the highest composition of Chinese is in Timur Laut, Penang, with 63.9%, followed by Kampar, Perak (48.3%) and Sibu, Sarawak (48.2%).

The highest composition of Indians is in Bagan Datuk, Perak, followed by Klang in Selangor, and Port Dickson, Negeri Sembilan, with a composition of 23.2%, 18.8% and 18.4% respectively.

Source: FMT Online