Penang, Malaysia

Penang is a state of Malaysia that is located in the northern region of the country peninsula. Even though Penang is a state but it seems more like a metropolitan area of Penang, as this tiny state has only the size of a big city. The population of Penang is around 2 millions, and is the only state in Malaysia that has a Chinese majority population. The public transportation in Penang is not very well built, as the state is run by the opposition government, henceforth is often neglected of federal funding.

Penang consists of both the Penang Island and the mainland, Seberang Perai. Penang's capital city, Georgetown is a UNESCO World Heritage site together with Melaka. Penang has been named the Food Paradise of Asia because of its mouth-watering, diverse, and exotic mix of Malay, Chinese and Indian cuisine. It is one of the main items on the checklist of everyone that visits Penang. The locals converse in the Penang Hokkien dialect in the state. Even though Hokkien is a Chinese dialect, it is common in Penang for the people of different ethnicity to also use it in their daily communication.

As for the real estate market, Penang has one of the least affordable housing markets in the country due to its scarce land mass. Besides, the persistent high property prices here are also due to the abundance of high-income workers from the manufacturing multinationals based in Penang. As for foreigners, they usually prefer to buy one of those beach condos and houses in the coastal areas of Penang; namely Batu Ferringhi and Gurney Drive.

The following shows the residential property transactions in Penang over the last few years:

In order to curb property speculation, however Penang has one of the least foreigner-friendly real estate investment policies by the state government. There is a minimum price of RM1 million for high-rise residential properties and up to RM2 millions for landed residential properties when purchased by foreigners.

Over the years, Penang has become a prominent tourist spot that attracts people from all around like ants to a pile of sugar. Penang's population density is also one of the highest in the nation which leads to a major problem of congested roads. In addition to the traffic that occured in tourist spots, the condition worsens before and after working hours where individuals would require to travel within as well as in and out of the island for work purposes. To address the issue, the Penang Transport Master Plan (PTMP) which costs about RM46 billion was introduced. The first phase of the project which includes the Pan Island Link 1 (PIL 1) highway, the Bayan Lepas light rail transit system (LRT) and a few major highways has been approved in November 2018. Property prices on the mainland are expected to rise with the help of the PTMP.

Latest Penang for sale listings:

DateTypeBuilt-upPrice
TodayCondominium2,450 sfRM950,000
TodayCondominium920 sfRM340,000
TodayCondominium2,100 sfRM1,450,000
TodayCondominium700 sfRM345,000
TodayCondominium1,000 sfRM358,000
TodayLow-Cost Flat650 sfRM183,000
TodayCondominium1,115 sfRM530,000
TodayCondominium900 sfRM378,000
TodayCondominium6,000 sfRM2,200,000
TodayApartment646 sfRM96,000

Latest Penang for rent listings:

DateTypeBuilt-upRental
TodayLow-Cost Flat650 sfRM850
TodayRoom In Apartment-NA-RM680
TodayRoom In Apartment-NA-RM580
TodayRoom In Apartment-NA-RM490
TodayRoom In Apartment-NA-RM460
TodayRoom In Apartment-NA-RM440
TodayRoom In Apartment-NA-RM680
TodayCondominium900 sfRM1,200
TodayCondominium1,200 sfRM2,000
TodayCondominium900 sfRM850
45 user comments on Penang
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Lowyat Forum
24 Jul 2015 @ 9:47 AM

100+ units sold. Not hot as per EW standard. I think they overpriced. Investors who are not familiar with Penang better drive to paya terubong to understand the environment. Quite challenging..this location makes semenyih look good.

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Lowyat Forum
24 Jul 2015 @ 10:32 AM

Over expensive at Paya Terubong.
I am penangite.

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Google Reviews
27 Apr 2017 @ 12:00 AM

Large condominiums, not the greatest layout but the sweeping views of Penang harbour from the bridge to Straits Quay are amazing

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Google Reviews
28 Apr 2017 @ 12:00 AM

I think some of the tenants rented the units resulting in some of them parking their cars by the roadside. It has a tennis court. The garden's water feature looks abandon. Walking distance from a natural beach. Quiet place.