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10,000 units of below RM400,000 homes in Penang, starting soon.

Yes, the PR1MA and Penang story is a continuous one. This one should be another piece of good news for people working in Penang, especially those struggling to get a decent unit for own stay. Reported in a few local medias, PR1MA’s Chief Operating Officer Datuk Aminuddin A Manaf said it hopes to start construction on 10,000 units by end of 2016 if the state government of Penang approves their applications for planning approval. He said there were already approval for 1,017 units in Permatang Pauh currently.
The total units that PR1MA would be building is 19,566 and these are units Bukit Gelugor (1,124 units), Batu Ferringhi (1,520 units), Teluk Kumbar (3,944 units), Tasek Gelugor (2,387 units) and Balik Pulau (9,564 units). It’s certainly good to note that all these units are within island for which most of my Penangites friends would say is more popular than similar units in the mainland. Aminuddin further added, “I believe the Bukit Gelugor and Teluk Kumbar projects will begin construction this year, subject to approval from the authorities, and sales are expected to begin in line with the construction work.”
The main reason for the pending approval is because PR1MA is still in discussion with state authorities on some of the projects due to zoning and density issues. In KL, the density for affordable units can be up to this: Affordable units? 1,000 people per 44,000sf  PR1MA said that there were 88,000 people in Penang applying for PR1MA homes. Going deeper into the price levels, 84 percent of it are priced below RM300,000 and another 14 per cent are between RM300,000 and RM350,000. Remaining 2 percent are at the ceiling price of RM400,000.
PR1MA in PenangLet’s keep following this and make sure what’s announced will take off. Penang sorely needs more of these affordable units because the number of apartment units bigger than 750 sqft but smaller than 1,000 sq ft is not many. Thus, the prices are either below RM350,000 for the smaller ones or over RM550,000 for the bigger ones. I think there’s a gap which these new affordable units would be able to fill. Happy following.
written on 10 Apr 2016
Next suggested article: Balik Pulau versus mainland Penang?

Property Investment always start with knowledge. Equip ourselves with more here.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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