Featured image from penang.ws
Penang, or Pulau Pinang by the local language, is a beautiful northern state in Malaysia comprising of 2 parts – the mainland of Seberang Perai and a beautiful island with plenty of world-class attractions. According to penangmonthly.com, the state attracted about 8.8% or 6.4 million hotel guests, trailing behind KL (22.3%), Pahang (14.2%) and Johor (9.7%).
Penang, a city that excites the senses
Penang is a melting pot of cultures, where you can find a harmonious blend of different races in the community. Warm, friendly and welcoming are the Penangites, often the best of hosts in Malaysia.
There’s something for everyone in Penang. It’s rich in history for the cultural buffs, dotted with beautiful beaches for those deprived of ‘vitamin sea’, out-of-this-world grubs for the hardcore foodies, plenty of highly instragamable spots and an exciting nightlife for the party-goers.
What makes Penang stand out compared to other states in Malaysia is its vibrant gastronomic culture, as locals would drive up to Penang just to satisfy their cravings for nasi kandar, fried squid noodles, pasembor, laksa and more. There’s always a beeline of hungry customers anywhere at any given time in the beautiful island city.
A highly liveable island city
It’s hard not to love Penang, a small but exciting island that hardly bores any tourists who landed on its shores. One visit may not cut it, making Penang an easy choice if you’re deciding on getting a holiday home in a beautiful tropical island.
The island is well-developed with well-maintained facilities, so moving around the island is relatively easy by car, motorcycle or public transport. Penang International Airport is one of the busiest airports in Malaysia, located at the southeastern tip of Penang Island, 16 km south of the city centre.
There are 13 international schools in Penang and some of them are Prince of Wales Island International School (POWIIS), Universal Hua Xia International School, Dalat International School and more; accommodating the needs of many expatriate families living in the island. Check out the full list of international schools in Penang here.
Penang do not fall short of top-rated medical institutions either. According to the Malaysian Health Travel Council, about 60% of all medical tourists coming to Malaysia make a beeline for Penang. Some of the notable ones are Island Hospital, Gleneagles Medical Centre, Pantai Hospital and more. See the full list by expat.go here.
EXTEND YOUR STAY IN PENANG
There are plenty of attractive real estate choices on the island with state-of-the-art amenities and features. Most of the developments are high-rises with an abundance of investment opportunities.
One can purchase these properties as a holiday home or rent it out monthly. Some are turned into homestays. Plenty of apartment or condominium units in Penang are listed on AirBnB or other hotel bookings site such as Booking.com or Agoda as the demand for temporary accommodation is often high in the island all year round – making Penang properties highly sought after by local or foreign investors.
Below are some examples of condominiums in Penang priced above RM800,000.
1. City Residence @ Tanjung Tokong
City Residence is a mixed development, erected above a mall called City Mall in Jalan Tanjung Tokong.
It has 2 towers, each with 39 storeys on top a 2.42 acres land, comprising of 202 units.
The units offered include studio apartments, typical 3-bedroom units as well as penthouses. It is a beautifully designed mixed development, offering residents and tenants the convenience of a shopping mall just an elevator trip away.
City Residence Market Trend
The demand for this property has remained steady since its launch in 2017. Currently, it is poised for further growth as the value has been appreciating beginning 2019. The lowest transacted rate was RM487/sq.ft., which eventually rose 38% in less than a year to RM787/sq.ft. in July 2019.
2. Marinox Sky Villas @ Tanjung Tokong
Marinox Sky Villas has a total of 301 units with 2 blocks of towers, each with 33 and 39 storeys respectively.
Equipped with plenty of facilities within the premise such as an infinity pool, sauna, jacuzzi, cycling track, exercise deck and a landscaped garden; the condominium is highly sought after by home buyers and investors alike.
Having one of the lowest rates per square foot compared to other luxury condominiums, the property is considered a best buy for many of its residents.
Marinox Sky Villas Market Trend
Marinox Sky Villas’ value has remained stable in the past 2 years. Encouraged by a high demand for luxury properties in Penang, Marinox Sky Villas are expected to pick up more transactions in the coming years.
The latest transaction recorded for this property was on April 2019, sold for RM1.1 million at the rate of RM667/sq.ft.
3. Platino Luxury Condominium @ Gelugor
It’s all in the name. Platino Luxury Condominium is luxurious indeed as it comes with numerous state-of-the-art facilities within the premise. The development offers owners the luxury of space because the concept was to build ‘bungalows in the sky’.
Highly sought-after, Platino Luxury Condominium banked in a total of 73 transactions in the past 5 years – the highest transacted development in this list.
Its popularity must have been due to its low rate per square-foot, which stands at RM665/sq.ft. It is an attractive rate, given its strategic location which is near Penang Bridge and surrounded by plenty of amenities like Tesco Hypermarket and commercial centers.
Platino Luxury Condominium Market Trend
The price trend for Platino Condominium stabilized throughout 2015 to 2017, though it experienced a drop in 2018. Perhaps it is a good time to buy, especially for foreign buyers, as the Penang state government has proposed that the price threshold for foreigners to purchase urban high-end properties in the state to be set at RM800,000 in 2020.
Referring to Property Guru’s website, there are a total of 228 units with 13 types of designer layouts to choose from. A total of 159 transactions were recorded for this condominium from 2010 to June 2019.
4. The Light Collection III @ Gelugor
Located in a strategic location in Gelugor, The Light Collection III is part of The Light Township surrounded by plenty of amenities and various layouts to choose from.
The development has 11 storeys of 190 units in total – a low-density high-rise luxury condominium.
Offering a resort-style concept, the property is considered a premium waterfront development with stunning views.
A good choice for holiday home, the units are spacious with an average floor size of about 2,000 sq.ft.
The Light Collection III Market Trend
The Light Collection III performs rather well in the market, with a steady growth in value in the past 4 years. With an annual growth rate of 5%, the outlook for this property is rather promising as the rate on 2019 is seen to be on the rise across the board for most luxury properties.
Although it has one of the highest rates per square foot compared to others, the development managed to retain high demand as transactions peaked in 2017 despite a 10% rise in median rate per square-foot in the same year.
It’s good to be a ‘Penangite’
Malaysia is a beautiful and peaceful country, always a favourite Southeast Asian country to visit among tourists from all over the world. Expatriates can consider applying for Malaysia My Second Home (MM2H) for retirement and long-term stay in Penang.
To get more insights on all types of developments across Malaysia – price growth, market trends, comparison to surrounding developments, actual transacted prices and more, visit Property Advisor!
See you in Penang! 😉
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