Recently, just did some latest review of some of the latest available properties in Penang which are below RM300,000 and considered affordable. The list is non exhaustive but now sharing some of them here. Many people think affordable must always be primary properties. While primary property’s main advantage is due to newer design, cleaner environment and the good feeling of buying a new property, do note that if you really need a roof over your head, why not consider secondary property as well? Nevertheless, let’s be realistic, there are some areas in Penang island today where these so called affordable properties are not available.
There, these are just some of the available ones and there are many more of such units. Typically a 700sf apartment comes with a minimum of 2 rooms or 3 rooms and it’s suitable for a family of up to 5. Anything more than 5, perhaps a bigger one, say 1000sf would be better. Nevertheless, start somewhere. Never buy too high, you may face difficulty during tough economic times. Control you wants, manage your needs. You will be just fine, no matter what may happen. One reader of kopiandproperty.com predicted that economic crisis will come very soon and he is keeping cash. I am very sure he has his rationale for saying so. My opinion differs even if I am not predicting that prices will rise like few years before this.
written on 28 June 2014.
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0 Responses
Hi Chialih,
In my opinion, apartment seems to be saturated and developer are keep developing as much as they can, in these few years, I can see there are many new projects especially high rise being built, if you have a chance to look around, new construction is everywhere and new upcoming project is marketed, I wonder that is there such of demand toward this high rise concept OR developer are trying to increase the supply based on future projection based on statistic or for the sake of business (profit)? I would say that latter would be more appropriate. if you look around the new launching project, it is getting a big gap between new project and secondary market. I don’t think it is really expensive but it is good time for secondary market : )
True ang. I also hope that demand is really there with all the new developments.
Actually demand for housing in Penang is not there since 2008. The reason there’s a run up to current housing price is because people are buying to flip or hold. There’s a lot of empty condo in 2008. I am pretty sure in 2015, more than 50% condo are empty. But I heard Penangites are rich so holding them 10 years is not a problem. However, new project are now having problem selling their condo because most Penangites already have 2 to 3 units of condo. Subsales condo market are practically stagnant due to no buyer since most Penangite already have few units in their hand. I’m not sure who they want to sell those condo. Maybe can sell to new graduate or maybe for their own kids and grandchildren.
The reason the big gap between new project and secondary market is because flippers normally think they can 100% flip new project. However in 2014, property slow down. Flipper unable to flip. Agents all shouting high price but buyer just go see see and look look, not buying. To make things worse, you Mr Ang said, apartment are saturated. Cannot even find tenant. So let’s see what we have here. Unable to sell. Unable to rent out. I think keep lor since Penangites all so rich. Hehe