Penang, the Oriental Pearl of Malaysia is a favorite for many reasons: her tasty delicacies, her beautiful beaches and sea, her unique historical culture, as well as her waterfront properties.
For most foreigners, Penang has always been viewed as the best place for retirement, having such a unique combination of arts, culture and modern structures. With the introduction of the Malaysia My Second Home Program, Penang has received even more attention than previous, as well as a rise in the sales of its properties.
This is quite evident in the increase of various property development projects across Penang, especially its waterfronts and beaches. On the north near Tanjung Bungah, we have a few luxury condominium projects available: Infinity, The Cove, and Gurney Paragon; we have waterfront hubs such as Queensbay, The Light and Kelawei View. All of these are high-end high-rise boasting a superb, unobstructed waterfront/ seaside view, which appealed to most of its target audiences: retired foreigners, foreign expats and upper-class locals. The people who definitely can afford the property in mind.
As observed by Ho Chin Soon, Director of Ho Chin Soon Research Sdn Bhd. Penang's property industry will continue to do well into the future. Aside from its properties-with-a-good-view, big infrastructural projects such as the Second Monorail link and the Second Penang Bridge, when completed, will bring about more convenience for future residents; not to mention future commercial and infrastructural projects that will emerge along with the route of these 2 giant projects.
And one mustn't forget the main reason why many had chosen to purchase properties on the island: affordable property prices. Quoted from Starbiz's (Thursday 23 April) Property Insights, they have estimated that the value for Penang beachfront lands ranged from RM23psf. to RM350psf. Still considered quite a low price for such prime locations. However, given the rather fast-paced development on the island, no one can really guarantee if the prices may rise in the future with more appreciation for its properties' value.
Despite the advantages of development, there may be some worries that Penang's property market may face the problem that KL and parts of Klang Valley had already see within their area: over-supply of high-rise properties such as condominiums and office towers. But then again, it is another concern for another research.
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