THERE are several locations in Penang that are appealing to house buyers, and the top five most-searched residential areas are Butterworth, Tanjong Tokong, Jelutong, Bayan Lepas and George Town.
iProperty.com.my recently shared Penang’s most popular projects and most popular property types among buyers.
It has also rounded up the property search trend in Penang for anyone looking for the next residential project deals.
The search data is captured by iProperty.com.my’s big data solution, iPropertyiQ.com, and these areas are presented in the form of percentage and in ascending order.
(Search percentage: 5.3%)
Butterworth is the main and the largest town in Seberang Prai in mainland Penang. It is also the largest town by population within the Seberang Prai municipality.
Seberang Prai is linked to Penang Island via the Penang bridge or ferry rides from the Butterworth Ferry Terminal.
There are many attractions in Butterworth and investors are looking to maximise their property potential on Airbnb.
The top residential projects in Butterworth are Taman Bagan, Taman Merbau Indah and Widuri Apartment.
The median price of a property in Butterworth is RM330,000.
Taman Bagan is a huge township area with light industrial, commercial shoplots/retail and residential. It is located not too far away from Sunway Carnival Mall and Bagan Specialist Centre and a few kilometres from the Ferry Terminal.
Taman Merbau Indah is home to two-storey terrace and semi-detached homes, and three-storey bungalows.
The township is located just 2km from the North-South Expressway and about 15km to the Penang Bridge. The downside is there are not many amenities in Taman Merbau Indah and the nearest hospital is located about 10km away.
(Search percentage: 5.4%)
Tanjong Tokong is about 3km from the George Town city centre and it is also swarmed with Airbnb room offerings. Just like George Town, the 5.4 per cent search result could be due to investors looking to leverage Airbnb services.
Property prices in Tanjong Tokong range from RM130,000 to RM15 million and built-up sizes range from 500 to 19,660 sq ft.
Top residential projects are Puncak Erskine, Quayside, Tanjong Pinang.
Puncak Erskine is a high density freehold apartment with 1,075 units spread over two 19-storey blocks. The units come in standard average size of 700 sq ft. The set back about this property is that it lacks facilities and some units face the Mount Erskine Chinese Cemetery.
Quayside, on the other hand, is a seaside haven for Penangites. Within the grounds of this affordable luxury condominiums is a 1.82ha resident-exclusive waterpark and clubhouse, embraced by 2.8ha of tropical greens.
Tanjong Pinang is adjacent to the seaside neighbourhood of Tanjung Tokong. The area is popular with exclusive high-end properties, which boast panoramic views of the coastline and sea.
According to listings on iProperty.com, a three-storey terrace/link house is in the market for between RM1.8 million and RM4 million.
(Search percentage: 5.4%)
Jelutong shares the same search percentage as Tanjong Tokong. Property prices start from RM160,000 to over RM10 million for the more luxury houses. The built-ups range from 400 sq ft (affordable apartment) to 7,900 sq ft (larger houses).
Jelutong is one of the areas in Penang that have been targeted for the development of the People’s Housing Project (PPR). Last year, the state Housing, Local Government and Urban and Rural Development Committee announced that 1,000 PPR houses would be built in Jelutong to help low-income families own homes. Since Jelutong is located in the suburb of George Town, this could drive up interest among property hunters seeking potential homes in the area.
Top residential projects in Jelutong are Desa Pinang 2, Rumah Pangsa MPPP and Island Glades.
According to brickz.my, 18 transactions were recorded from July 2018 to May 2019 in Island Glades. They included deals for terraced houses (intermediate and end-lot) which exchanged hands for between RM800,000 and RM1.9 million, and semi-detached units, which sold for RM1.6 million.
There were 32 transactions in Desa Pinang 2 from April 2018 to March 2019, mostly for flats in Lebuh Sungai Pinang which sold
from RM60,000 to RM240,000.
(Search percentage: 7.5%)
Bayan Lepas is home to the Bayan Lepas Free Trade Zone (FTZ), Penang International Airport and Queensbay Mall. The FTZ has helped create job opportunities and attracted numerous projects over the years, increasing demand for housing.
Many hotels and mixed development projects, such as condominiums and serviced apartments, have come up in Bayan Lepas. Properties are priced from RM105,000 to RM8.8 million with built-ups from 400 to 22,330 sq ft.
Top residential projects in Bayan Lepas are Idaman Lavender 4, The Clovers and Mutiara Perdana.
Brickz.com show 31 transactions in Idaman Lavender 4 from February 2018 to January 2019. They were mostly freehold apartments with three bedrooms (750 sq ft) that sold from RM300,000 to RM370,000.
The Clovers, also known as Arasia Perdana, is a freehold residential. Brickz.com reveals that between March 2018 and December 2018, there were 21 transactions for units with built-up of 1,598 sq ft. A brickz.com chart shows that prices are heading downwards. A transaction on Dec 10 2018 shows that a 1,598-sq-ft condominium sold for RM590,000. Two months prior to that the same size unit sold for RM830,000.
(Search percentage: 8.1%)
George Town is the most-searched area by buyers. Based on iProperty.com.my, prices in this area range from RM135,000 to RM46 million with built-ups from 400 to 10,000 sq ft.
One of the main contributing factors that make it popular could be because investors are looking to leverage Airbnb services around the George Town area.
The area may also attract investors from China, Hong Kong, and Singapore, who are looking for long-term investments and second homes despite the hefty price tags of the properties. They are most likely attracted to them as they have sea views.
Top residential projects in George Town are Sri Saujana — Macallum, Sandilands and Gat Lebuh Macallum.