Penang, also known as The Pearl of the Orient, is located in the Northwest of Peninsular Malaysia. Penang is divided into 2 parts, the Penang Island and the Province Wellesley (Mainland) with the size of 293 sq.km. and 753 sq.km. respectively.
In recent time, Penang has become one of the most sought after location for house buyer and both local and foreign investor. Hence, for the past 3-4 years, properties prices in Penang Island has hike up by leaps and bound, certain type of property in strategic location has increased by more than 100%, making it difficult for local genuine house buyer to purchase their 'home sweet home'. Eg. back then in 2011, a standard double storey terrace house in Greenlane is value at approximately RM560k-RM650k, but now the value has gone up to approximately RM930k-RM1 mil in just a short 3 years.
In this post, we would share some comparison of the property market in Penang Island and the type of properties and the whereabouts, a potential buyer would able to purchase with a certain investment amount.
Landed Property below RM 1mil
If you have RM 1million and you would like to purchase a landed property, where could you find it in Penang Island? When purchasing a property, it is always about location, location, location. The reason the word 'location' is often mentioned 3 times is because it is the most important factor that determine the market value of a property. Here are some idea of what type of property and location you able to purchase with a budget of RM1 million.
Balik Pulau
A standard double storey house at Balik Pulau area would cost approximately RM500k to RM550k. Balik Pulau is one of the remote area in the Penang Island. It is a place where you could find peace and tranquility, pretty much suitable for people who are looking to find a place as their retirement home yet would still like to be staying in the island. Common amenities such as hospital, school, market, police station are located nearby too. Hence, you do not have to worry about lack of amenities. There are couple of development completed and ongoing in the Balik Pulau, namely Palmyra and Botanica CT.
Teluk Kumbar
Teluk Kumbar is located in the most southern part of the Penang Island. It is another location in the Penang island where you could find cheap landed property. A standard double terrace house at Teluk Kumbar Height is selling at approximately RM650k to RM700k while a double storey semi-detached house at Verona 32 is selling at around RM900k to RM950k. Teluk Kumbar is suitable for people who are working in factory area and would like to stay in landed property yet could not afford the property price at Bayan Baru and Sungai Ara. It is located just a 10 minutes away from FTZ, Penang International Airport and Penang 2nd link Bridge.
Sungai Ara
Sungai Ara is another established residential area where people who are working in the factory area would favour. It is located just a mere 7 minutes away from FTZ and airport. A lots of amenities is located just nearby such as school, market, shops, hawker centre; shopping mall such as Queensbay Mall, Sunshine Square, Giant Supermarket and BJ Complex are also located just a short 10 minutes drive away. A double storey terrace house located at Sungai Ara is selling at approximately RM850k to RM950k, while those new development by SP Setia (3-Storey Terrace) and Ideal (2-Storey Terrace) are going at RM1.2million.
Bayan Baru
Due to it's proximity to factory, banks, shops, restaurant and shopping mall, Bayan Baru is the most sought after location for people who are working in the FTZ. Bayan Baru is another township located at the south of Penang Island, amenities such as both local and foreign bank, restaurant and hawker centre, Queensbay Mall, Sunshine Square and BJ Complex are located within Bayan Baru, while FTZ and Penang International Airport are just located 5 minutes away. Furthermore, amenities such as school, tuition centre and market are also available within the town of Bayan Baru. Currently, a double storey terrace house at Sunway Tunas is selling at RM900k-RM 1mil.
Greenlane/Gelugor/Jelutong
Greenlane is one of the most sought after location when landed property is under consideration. Greenlane is strategically located in the centre of East Penang Island where it is more developed. Greenlane is also strategically located within just 5 minutes away from Penang Bridge, making it a very idea residential location for people working in northern region (George Town, Tanjung Tokong), southern region (Bayan Lepas, FTZ) and also Butterworth. Together with Greenlane, Gelugor and Jelutong are neighbours of Greenlane which offers similar strategic location. Banks, Primary & Secondary School (Chinese & English), University, market, hawker and restaurant and Tesco are located within a 5 minutes drive. With an investment amount of RM1 million, you are able to purchase double storey terrace at Greenlane for RM950k (timber) to RM1 million (concrete) or a single storey terrace for around RM850k.
Greenlane is one of the most sought after location when landed property is under consideration. Greenlane is strategically located in the centre of East Penang Island where it is more developed. Greenlane is also strategically located within just 5 minutes away from Penang Bridge, making it a very idea residential location for people working in northern region (George Town, Tanjung Tokong), southern region (Bayan Lepas, FTZ) and also Butterworth. Together with Greenlane, Gelugor and Jelutong are neighbours of Greenlane which offers similar strategic location. Banks, Primary & Secondary School (Chinese & English), University, market, hawker and restaurant and Tesco are located within a 5 minutes drive. With an investment amount of RM1 million, you are able to purchase double storey terrace at Greenlane for RM950k (timber) to RM1 million (concrete) or a single storey terrace for around RM850k.
Farlim
Farlim is another good location for people who are looking to purchase a landed property below RM1mil for ownstay. Some people might argue that Farlim is little too high density and crowded, however, one may argue that most part of Penang Island today is crowded too. Farlim is strategically located in the middle of Penang Island. Banks (PBB, HLB, CIMB, AM, MBB & Alliance), shops, restaurant(All Season Place), hawker centre, market, school and supermarket are just within a 5 minutes drive. You could find a double storey semi-detached at slightly below RM1 million only instead of above RM1.5 million at Greenlane. The only downside of Farlim is, most of the properties are leasehold property.
Air Itam
Similar to Farlim, Air Itam is located in the centre of the Penang Island. Air Itam is a good location for families who have members working in different parts of the Penang Island as it is strategically located within 20 minutes drive to most part of the Penang Island. Whether you working in George Town, Tanjung Tokong, Pulau Tikus, Bayan Baru or Bayan Lepas, you are just 20 minutes away from your work place. Asides, you could easily find primary & secondary school in the near vicinity, banks, market and supermarket are also within a 5 minutes drive. Currently, the market for single storey terrace and double storey terrace in Air Itam are going at RM800k and RM900k approximately.
*prices are guided price on January 2014
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