/// Hot Topic
/// HOT TOPIC
Penang Property Market
Properties in Penang have historically commanded some of the highest prices in Malaysia. Relative scarcity of
land on the island has always meant that Penang real estate is perceived as attractive investments.
issue of Asia Pacific Business
Traveller magazine listed
George Town as the eight
most liveable city in Asia,
after Singapore, Kobe, Hong
Kong, Tokyo, Yokohama,
Taipei and Macau.
This is impressive as George
Town is compared to major
cities with much larger
populations and more
sophisticated facilities and
infrastructures. For the
survey, consultancy firm ECA
International determined
Penang light waterfront
L
arge new commercial
projects planned
for the island is a
testament to long-term
confidence in the future
of Penang as a major
destination. Since 2008,
the state government’s call
to action of establishing
George Town as an
‘international and intelligent’
city has been answered by
multinational developers
and several large-scale
commercial projects have
recently been launched.
These projects include
the Penang Waterfront
Convention Centre (PWCC)
– a 102-acre commercial
precinct comprising four
hotels, a mall, a convention
centre and a business
district near the Penang
Bridge, with a projected
2017 completion date, as
well as the Subterranean
Penang International
Convention and Exhibition
(SPICE) Centre, part of a
‘Penang People’s Park’ which
will include a seven-acre
public park on the rooftop
52
of the convention centre,
scheduled for completion
this year.
These projects without a
doubt will affect the real
estate market in Penang,
especially in residential
properties as more and
more people will move to
the island with the increase
of job opportunities. A
substantial number of new
residential developments
have recently been launched
by industry heavyweights.
Some developers are even
undertaking new projects
as well as commercial ones
on the island. Many of these
projects are also marketed
to foreign buyers from Hong
Kong, Singapore, the United
Kingdom and the Middle
East.
The Pull Factor
One element which has
always made Penang so
attractive as a place to live
and work in is the fact that
it is an island resort. The
residential suburbs in the
northern coastal districts
www.PropertyHunter.com.my
with their idyllic beaches,
scenic sea views and lowdensity communities are
thought as some of the
best neighbourhoods to
live in on the island. The
idea of owning a home
on a resort island is an
intrinsically appealing one –
it combines urban living with
the agreeable setting of a
holiday resort.
According to Mortgage
expert, Michael Yeoh,
foreigners are attracted
to Penang because of
the nice beaches and sea
front properties that are
normally used as retirement
homes, holiday homes or as
investments. He added: “We
have lots of attractions here
especially our Heritage Trail
which is gaining popularity
all over the world. Plus,
communication is easy
we Penangnites, speaks
multiple languages.”
George Town has
consistently been ranked as
one of Asia’s most liveable
cities. The February 2013
This area encompasses the
former Millionaire’s Row
of Northam Road (now
Jalan Sultan Ahmad Shah),
the heritage core zone of
the inner city and inland
towards Scotland Road.
A major mixed residential
and retail development is
underway on the historic
Weld Quay district, which
aims to rehabilitate the
magnificent 19th century
waterfront buildings in the
neighbourhood.
One element which has always made Penang so
attractive as a place to live and work in is the
fact that it is an island resort.
a city’s liveability by the
following factors: climate
and natural disasters,
health risks and facilities,
air pollution, goods and
services, infrastructure,
recreation, housing and
utilities, education, personal
security and socio-political
te