Penang property - real estate in Penang
Luxury beachfront apartments boast sea views
More and more people come to ‘The Pearl of the Orient’ for extended stays, be it for business, leisure or retirement. Penang has undergone many transformations over the years, most recently from vital port to Asia’s very own Silicone Valley. And the Penang property industry is booming with plush new developments competing for space with beachside villas and old colonial houses.
Penang ranked 10 out of 255 Asian cities for ease of living in a 2007 poll by Employment Conditions Abroad Limited (ECA International). Factors including air quality, weather, infrastructure, housing, health services, political stability and security were evaluated. It is easy to see, therefore, why real estate in Penang is such as desirable commodity.
There are many things to consider when choosing where to live in Penang. Location is the most crucial factor, and depending on your lifestyle will include things such as the proximity of markets, malls, gyms, schools, hospitals, supermarkets, beach or petrol stations. Traffic is a major problem in Penang generally, but if you work from home or the kids can walk to class this is less of a concern.
Similarly scope out the relevant floor of apartment building to see the view, the angle the sun comes in at different times of the day or whether there are noisy nightclubs nearby likely to disturb that priceless weekend slumber. Be comprehensive in your research before signing on the dotted line to avoid disappointment.
Where to find property on Penang
Property in Penang is generally a wise investment as real estate tends to appreciate sharply over a relatively short period of time. Prime locations include beachfront lots in Tanjung Bungah, Batu Ferringhi and Tanjung Tokong along the island’s northeast shore.
Batu Ferringhi is without doubt the main tourist hotspot with a dazzling array of shops, bars, restaurants and resort-hotels. Tanjung Bungah is also popular place with the rapid proliferation of mid to high-end condominiums and apartments.
Business people look for Georgetown property
Expats with young families are growing increasingly found of this area for buying property in Penang as well-regarded Uplands International School of Penang, Tunku Abdul Rahman College (TARC) and Dalat School are nearby.
Around the corner is Tanjung Tokong, where plush new developments of exclusive residential properties have been launched. These can be found freehold from RM800,000 to RM3 million depending on facilities and location. The prices may be high but this is one of the most desirable locations for real estate in Penang.
For people that are working in Georgetown or just want to live in the thick of the action, there are many new developments to consider plus some comfortable older buildings worth exploring.
Pulau Tikus is also an upcoming location for Penang property in the heart of the city. Gurney Drive is home to some high-end apartment blocks which targets foreigners and wealthy Penangites. These can be bought from RM1 million for freehold.
Batu Maung is found towards the southeast of the island and has become one of the most up-and-coming places experiencing rapid development due to its enviable location by the Bayan Lepas Free Trade Zone. Hundreds of people have recently moved into the area making it one of the most sought-after Penang real estate locations.
Buying houses, land or apartments in Penang
The government of Malaysia has recently changed its obstructive attitude regarding the foreign ownership of property and reams of red tape have been stripped away. Expats or foreigners looking for holiday homes can now own residential real estate freehold providing they do not conflict with the interests of Malaysia’s bumiputra class
In a bizzare reversal, the government has made seeking out overseas investment a sudden priority, with wealthy people from Hong Kong, China and the UK particularly in their scopes. Although some Penang housing developments have been thrown into jeopardy by the global economic downturn, Malaysia has generally fared better than many of its Asian neighbours. And this means that investors are more likely to find value for money these days, especially since the liberalising move of removing of key approval for foreign transactions when less than RM40 million.
Renting apartments and condos in Penang
The easiest way to find a home for the mid to long-term is by renting serviced apartments in Penang. The island is blessed with an abundance of short-term condos and apartments for rent, some with facilities that would rival any five star hotel. Tiny studio condos for English teachers on a budget can be found in unfashionable areas at discount prices, while corporate executives in town for a few months can move their whole families into plush multi-room suites with all mod-cons.
Many people arriving in Penang for work will be set up somewhere by their company, often a serviced apartment near the office. These are generally perfect for the short-term, but if staying in town for longer than three months most people prefer to find themselves a more comfortable (and cheaper) alternative.
Most serviced condos in Penang are available for rent on a month-by-month basis, although occasionally lengthy minimum stays are required. Staying in a serviced apartment in Penang is advantageous for guests who are looking for somewhere permanent to stay, as it allows visitors to survey a neighbourhood properly before signing a long-term lease.
Real estate agents in Penang
A. Dennys & Co.
Favourite amongst Penang’s expat community offering expert advice and fluent English. (71 Lebuh Bishop, Georgetown, Tel: (0)4 261 1551, email:adennys@tm.net.my)
Asian Super Properties
Property specialists in the cool hill town of Air Itam for those looking for a serene pace of life. (1-1-7, Goldhill Complex, Tingkat Paya Terubong Satu, Ayer Itam, Tel: +60 (0)4 829 0678, email: asp9388@yahoo.com)
Supreme Properties
Catering for foreigners looking to buy or rent property in Penang. Trusted reputation. (51-11-F, Menara BHL, Jalan Sultan Ahmad Shah, 10050 Georgetown, Tel: +60 (0)4 226 6555)
Henry Butcher Lim & Long
Long-standing Penang realtor with many branches all over the island. (142-M, Burma Road, Georgetown, Tel: +60 (0)4 229 8999)
