Stating Penang as one of the most definite hotspots in the Malaysia real Estate, will not be exaggerating. The many developments undertaken by investors from the land and outside have significantly contributed in helping this island emerge as a favored place in Malaysia. The property scenario in Penang in the year 2011 has remained optimal on the performance scale.
Everyone reading this will wonder what has helped Penang in emerging as the place in the real estate scenario of Malaysia. Just for them, here’s the answer:
- The augmented interest of foreign investors that have made increasing purchases on properties located on the beach side has helped in adding to the star popularity.
- The government’s effort of improving infrastructure, facilities and connectivity in the island has helped people in enjoying better access and better living standard.
- The exciting new developments that have helped the property scene here experience a whole new look and confidence is another reason for the increased fame.
Well, what was Penang’s performance on property front in 2011 must be another favoured question. Let’s take a quick look, seeing the first quarter, the real estate in Penang managed to show a 42.5% increase as compared to Q1 in 2010. Also, in the last quarter of 2011, a 13.1% increase was noted when compared to Q4 in 2010.
The new developments:
The many new projects like Penang Time Square, Lavender Park, BOTANICA by Juru Heights, and the development of Hill View Garden have significantly helped in enhancing the island’s scenery.
The Sea is another development undertaken by Selangor Dredging Bhd. Also, the shorefront by YTL and Nadayu 290 from Mutiara Goodyear are awaited projects in Penang. More over these fronts are the Bayan Mutiara development undertaken jointly by Dijaya Corporation and Ivory Properties Group Bhd that will include 103 acres of much liked development land.
The ongoing ventures:
The Light undertaken by IJM, Bayu Ferringhi by Plenitude, Seri Tanjung Pinang by E&O Development and the Setia Green by SP Setia BHD are the prominent developments that are about to complete soon and are sure to take Penang’s popularity to a new height.
The Government’s role:
The infrastructural developments in the past and those that are ongoing have helped in driving properties in Penang. The most talked about in this front is the second bridge touted to complete in 2013 and also the projects looking at developing new roads, tunnels to solve the traffic congestion are some anticipated ones. All these steps by the Malaysian government have helped in offering Penang sustainable living with secured tourism and investment for interested people.
Expectations for 2012:
Properties under residential category are anticipated to remain optimistic and the price rise is expected to occur at a gradual pace. New policies like low rate of interest, new developments that offer conceptualized living and better connectivity with the mainland are sure to drive in more investors. The property bubble however is speculated to have a mixed outcome, which is something you can know only when the year moves to its end.