I admit first, I am slightly biased since all my properties thus far are condos. However, everyone loves landed property. I think this is very true, especially in Penang island. Due to the limited land size, anyone who owns a landed property is looked upon differently from those who can only afford a condo. Two things comes to mind, the space and the immense potential capital appreciation. The only thing you can’t grow is land. Ok, perhaps you can do a bit through land reclamation.
Think a little deeper, the two things apply to condo as well. 🙂
The space – Yes, it’s true, typically a terrace would be 20 x 70 = 1,400 sf and a semi-de is even bigger. You also get a car porch for two cars. 🙂 If you look at the condo market in Penang, there are lots of choices around for similar sizes and if you are willing to pay a little premium, you get 2 car park lots.
The immense capital appreciation – If we focus on just the island itself, Penang is an island of which one end to the other would take 45 minutes or lesser depending on traffic and how fast you drive. On one side, Tg Tokong, Tg. Bungah, the price for condo is as high as RM1,500 psf. In Jelutong / Queensbay area, the prices have reached RM1,000 psf. However, in Bayan Baru or Sg. Ara, the prices ranges from RM500 – RM600 psf or even just RM450 in Relau. Penang population will be growing by another 400,000 within 7 years. Do you sincerely think prices would remain same in the next 5 years?
With condo, you enjoy the following too. Cheaper to buy, facilities for you and your loved ones, tighter security and better rental yields. I am not advocating that condo is better than landed or the other way around. There are many condo owners of Regency Heights who sold for a huge profit and moved to SP Setia’s Sg. Ara landed development. I love both, sincerely. Seriously though, I could only afford condos. 🙂
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