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PIL and LRT will cause property buying to spike?

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A Penangite forwarded me this Exclusive news from thestar.com.my and asked if it’s now the best time to buy Penang properties since the PIL and LRT will start in June 2020. Briefly, NO. Still remember the news about LRT 3 in Klang Valley where 6 stations were axed and people who bought properties nearby or next to those stations were very disappointed? Let me reiterate. We need reason(S) to buy a property. For example, are you confident with Penang’s economy? Are there properties which are not over-priced nearby or next to the PIL or LRT in Penang? Do we know enough about the builder of this project, yet?

If the sole reason we buy a property is because of the LRT in Penang, I think we are going to take a very high risk. Connectivity as a catalyst is when the outside world is now connected to us. PIL and LRT boosts internal connectivity, so there are advantages. More importantly would be the economy of Penang. When it grows, it will spur more migration of people into Penang for work. They will then buy properties which are along the LRT and PIL lines for example. For the economy of Penang to grow with contribution from tourism for example, then we need the Penang International Airport to be much bigger than today. For the economy of Penang to grow with contribution from the electronics industry for example, then more MNCs must be persuaded to start their operations in Penang. I think you get my idea.

Anyway, some facts from this Exclusive news from thestar.com.my The RM9bil light rail transit (LRT) line and the RM9.6bil Pan Island Link 1 (PIL 1) are scheduled to start in June next year. Depart­ment of Environment – the federal regulator overseeing the Environ­mental Impact Assessment (EIA) report has approved the projects in March while the LRT is expected to receive a conditional approval from the Transport Minis­try in May. Both mega projects will be tendered to local and international companies at the end of the year. The LRT is an integrated transport solution comprising a monorail link, cable cars and water taxis to solve traffic congestion in Penang while the 19.5km PIL highway project connects Gurney Drive to the Penang International Airport. The LRT begins from Komtar in the northeast corner of the island and passes through Jelutong, Gelu­gor, Bayan Lepas and the airport before ending at Island B, one of the three man-made islands proposed under the Penang South Reclama­tion Scheme (PSR) to accommodate the state administrative buildings and offices. More facts here: Exclusive news from thestar.com.my Happy following and I would like these projects to start soonest too. Jams are getting worse in Penang.

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<Featured Image is courtesy of Stock Photos from By aapsky>

written on 8 April 2019

Next suggested article: Attention and Attraction of Penang

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