Penang Property

Landed

Penang landed houses remain the preferred choice of residential accommodation although more attractive and relatively affordable apartments and condominiums are being launched most of the time.

Overall existing supply of houses (terrace, semi-detached, town houses and cluster) in Penang Island is approximately 35,600 units (as of year 2011). Most of the units are located within the North East District (56%), comparitively larger housing schemes have been launched and completed within South East District since the past decade.

Condominiums/ Apartments

Penang condominium market is one of the most active sectors with a large number of projects launched and under construction each year.

The overall supply of condominiums and serviced residences in Penang Island is approximately 32,900 units (in year 2011). Most of the units are located within North East District (85%) followed by South West District.

To date, the condominium market in Penang Island has been bullish as prices continued to be on an uptrend with brisk sales for most of the newly launched projects.

Commercial

For the past few years, the office property sector in Penang has been relatively subdued compared to other property sectors such as shopping complexes.

Generally, rental rates for office space were about RM2.50 psf per month for prime and newer office buildings, while older buildings are noted to have rentals of RM2.00 psf and below.

In retail sector of shopping malls, Gurney Plaza recorded the highest rentals of up to RM35.00 psf for the spaces at ground floor.

The area of Georgetown remains the major contributor of office space followed by the growth areas of Bayan Baru, Sungai Nibong and Gelugor at the south-eastern portion of the Penang island.