What makes Penang the property hub of Malaysia

Why Penang

Penang in Malaysia has managed to drive international interest over the past few years. The same has seen an increase in this interest after being categorised as a world heritage centre by UNESCO in 2008. This is what George Town was awarded for the perseverance of heritage buildings and monuments so well. After this the town saw a significant increase in the demand for pre-war antiques that had heritage characteristics. Investors from both local as well as foreign lands are eager to buy such heritage properties. Most such properties that constitute a glorious part of Penang real estate have been converted to boutique hotels and cafes, while some of them are being used as homes by buyers.

Land availability in Penang

Seeing this growth in the number of interested buyers, Penang can truly be called a property hub of Malaysia. Even after the scarce availability of land for residential properties, the island has managed to grab ample attention from investors all over. In terms of residential offerings, the north region offers a 16% supply while the south west district boasts a 56% supply. The future supply seems to remain similar to this figure only.

The change

penang real estate has seen a drastic improvement especially when developers from KL made their way to this island. Procuring land may seem a challenge in Penang, but after the concept of real estate bidding this has turned somewhat simpler. This trend has helped both buyers and sellers get more confidence in the deal they are interested in due to the complete transparency of the process.

Developers and projects that brought the change

Some projects that are touted to have changed the face of real estate in Penang include The Wave which is being undertaken by The Ivory Properties Group at the Penang Times Square. Another one on this front by the same company is a joint venture with Dijaya Corporation to construct 103 acres of Bayan Mutira land facing the sea. SP Setia is another famous developer in real estate malaysia who has significantly helped in adding to the popularity of Penang on the Malaysian map. Through developments like residential projects at Setia Green, Setia V Residences at the Gurney Drive and Setia Pearl island scheme they have already contributed a lot to bring this island to the notice of people from all over.

Although every home type and property is available in Penang, but the preferred one are terrace homes. Prices in Penang have gone up in the past few years and this has further made terraced homes the most sought after need among buyers.

Future prospects

Considering all the above facts and the present market condition the residential market in Penang is expected to remain buoyant this year. Price increase is anticipated to remain stable especially after the new policies put forth by the Bank Negara to curb speculations. The governments innovative policies like low interest rates, easy loan availability on the other hand is enough to motivate buyers to invest on Penang properties.

All in all, Penang’s hold on the property market of Malaysia is anticipated to grow stronger with time. At least the stats till now indicate this happening.