SP Setia venturing into mainland Penang; first development

How many Penangite readers of kopiandproperty.com would like to say they will be selling their island home and moving to mainland Penang instead? At this moment, I do not believe so yet, probably it is still developing while island is already mature with everything everyone needs, especially all of Penang’s biggest malls.Unfortunately, mainland does not have any huge malls except for the recently opened Penang’s Design Village (Outlet Mall) opens for you. Connections wise, actually there are now two major connections,minus the ferry which is considered secondary these days. So, when would mainland be as highly priced as island? Let’s discuss that in a few years time. For those who has moved there, feel free to share yeah. My good friend shared this: Butterworth property is Better Worth

Seriously, I think mainland Penang is growing in terms of popularity. Not necessarily by all Penangites but the interest is definitely growing. Many big brands area already developing and another one just bought a huge piece of land there. SP Setia will be buying a 677.78 ha freehold land in North Seberang Perai from Boustead Plantations Bhd. It will pay RM620.1 million in cash and report in TheStar here: Boustead stands to gain RM527.3 million from this sale.  SP Setia said that it will be developing an eco-themed township with an estimated gross development value of RM9.6 billion over a period of 15 – 20 years. Based on the price paid, the land cost vs GDP is only 6.46 percent. Yes, considered low but then again this is a huge piece of land and not many developers would have been able to buy it alone.

This is another view.  Challenging 2015 but more affordable offerings and rise of mainlandIf I am still working in Penang today, it would be my choice to sell my condo in Sungai Ara (yes, appreciated from when I bought it in 2007) and move to either Balik Pulau or mainland. Balik Pulau is because my wife used to work nearby Batu Maung and thus, it would take her nothing more than half an hour to reach the office. Mainland is because there are some gated and guarded choices and prices remain affordable when compared to mainland. Plus, it would take just 20 minutes to cross the second bridge anyway for my wife. Happy following SP Setia’s first mainland development. I am personally interested to know more too.

written on 22 Dec 2016

Next suggested article:  Penang’s secondary market remained strong for 2016

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