RM180,000, from RM150,000. Units
in Sungai Dua and Lim Sin Garden
(10.71%), as well as Green Lane (6.67%)
also showed price growth, while other
areas remained stable.
“The standard 3-bedroom flats in
Bandar Baru Air Itam showed modest
growth as the area is congested with
many low-cost and low-medium-cost
flats, which do not allow much room
for appreciation,” says Geh. “However,
there is demand as the prices are
affordable and the area is surrounded
by amenities.”
Sungai Dua, Lip Sin Garden and Green
Lane are doing better for this type
of property as most of the flats are
medium cost, which are in greater
demand than low-cost or low-mediumcost flats, Geh adds.
Y-o-y, standard 3-bedroom units rose by
between 10% and 33.33%.
“Most incoming supply comprises highend properties, which most buyers,
especially from the younger group,
can’t afford,” he says. “The standard
3-bedroom flats are appealing due to
the affordable price tag.”
Q-o-q and y-o-y, 3-bedroom apartment/
condo units showed mostly positive
growth as younger buyers are able to
afford this type of property, according to
Geh. Prices grew 3.03% to 11.11% q-o-q,
and 3.03% to 28.89% y-o-y.
RENTAL MARKET AND YIELDS
The rental market was fairly flat across
the board, q-o-q and y-o-y. Geh
points out that the Penang property
market is speculative in nature, with
investors buying properties for capital
appreciation and not so much for the
rental income.
In Tanjung Tokong, rentals for 2-storey
detached homes dropped by 12% from
RM2,800 per month to RM2,500. “This
was mainly due to the high number of
incoming condominium units in the
area,” he says.
Yields for all properties have been
receding across the board since 2010
and this trend will continue, with rentals
expected to remain flat in the coming
year, he says.
PENANG property prices (1Q2010 - 3Q2013)
2010
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
2012
3Q
4Q
1Q
2012
2Q
3Q
450
430
400
410
280
365
140
130
125
450
450
430
410
280
365
140
130
125
450
450
430
410
280
365
140
130
125
450
450
430
410
280
365
140
130
125
470
470
430
450
280
380
140
150
110
470
470
430
450
280
380
140
150
110
470
470
430
450
280
380
140
150
120
470
470
430
470
320
400
140
150
120
470
470
430
470
320
400
140
150
140
480
500
500
470
370
600
150
170
140
480
520
500
500
415
600
160
150
140
520
550
550
550
450
750
160
150
140
560
570
600
450
450
750
170
160
145
Standard 2-Storey terraced houses ( ,
(1,300 - 1,800 sq ft)
y
,
q )
Green Lane
570
570
600 650
Pulau Tikus
625
625
700 700
Sungai Nibong
g
g
600
600
600 630
g
Sungai Ara
560
560
600 610
S. Perai Utara
290
290
265 265
S. Perai Tengah
260
260
245 245
g
S. Perai Selatan
170
170
175 175
650
700
650
610
265
245
175
650
700
650
610
265
245
175
650
700
650
630
265
245
160
650
700
680
630
230
245
160
700
750
750
650
270
260
180
800
850
750
700
280
260
185
800
850
750
700
280
260
185
820
870
800
750
280
280
200
850
900 1,000
950 1,100 1,200
850
850 850
750
750 750
280
300 300
290
300 300
200
210 215
2-Storey semi detached houses (3,000 - 4,000 sq ft)
y
q
Isalnd Park
900
900
900
g
Sungai Ara
800
800
800
Sungai Nibong
780
780
850
g
g
Sungai Dua
660
660
660
860
850
880
Minden Heights
g
900
820
850
660
880
900
820
880
660
880
900
820
880
660
880
950
820
900
660
880
950
820
900
660
880
1,000
850
950
700
900
1,100
1,000
1,150
700
1,100
1,100
1,000
1,150
700
1,100
1,300
1,150
1,200
1,100
1,200
1,680
1,200
1,300
1,100
1,200
1,680
1,200
1,400
1,300
1,300
1,700
1,200
1,500
1,400
1,300
2,300
1,350
1,500
1,600
1,700
1,350
2,300
1,350
1,600
1,600
1,700
1,350
2,300
1,350
1,600
1,600
1,700
1,350
2,300
1,350
1,600
1,600
1,750
1,350
2,300
1,350
1,600
1,600
1,750
1,350
2,300
1,350
1,600
1,600
1,750
1,350
2,300
1,350
1,600
1,700
1,800
1,400
2,300
1,350
1,600
1,700
1,800
1,400
2,300
1,350
1,600
1,700
1,800
1,400
2,700
1,500
2,200
2,200
2,200
1,500
3,000
1,500
2,200
3,000
2,200
1,500
4,000
2,000
3,500
3,500
2,800
2,000
4,500
2,000
3,700
3,700
2,800
2,000
Price
1Q
2Q
1-Storey terraced houses (1,200 - 1,600 sq ft)
y
q
Green Lane
430
4 3