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Penangites, you have another affordable choice within the island. (not mainland)

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Someone once told me that the developers who build affordable units in Penang must be savvy to the fact that Penangites do not buy in mainland Penang and stay in mainland Penang. (Prai, Butterworth, Tambun etc…) I reminded him that Penangites should include both the island people and those in the mainland too. He laughed.

Anyway, it’s quite true yeah. People who have stayed in the island their whole life will not want to move to mainland and this is one major reason why price difference between both sides remain huge despite them being just a bridge apart. Only 13km+ apart to be exact. Perhaps the toll may have also played a part, right? RM7 per day is still hefty if one were to work in the island and staying in mainland. There’s now another affordable choice within the island.

Article in edgeprop.my Ideal United Bintang International Bhd’s wholly-owned subsidiary Ideal Capital Venture Sdn Bhd had today signed a head of terms with PR1MA Corp Malaysia to jointly develop RM828.6 million worth of properties at Penang‘s Bandar Gelugor. In a statement, Ideal United said, “This development is expected to contribute positively towards the revenue and earnings of Ideal (United) in accordance with the stage of progress to be recognised over the next three to five financial years.”

“The development does not entail different risks other than those applying to the existing business of Ideal (United), being property development which includes, inter alia, general business risks in relation to the industry, impact of government policies and regulation on the industry, competition and dependence of key personnel. The company will take necessary steps to mitigate the risks as and when they occur.” Please do read Article in edgeprop.my

I did not find any news about the number of units to be built. However, if we assume the price to be RM350,000 per unit and the RM828.6 million being mentioned in the article, then total units may be around 2,400 units? Not a small number indeed but as my Penangite friend would say, if it’s built within the island, the demand will be greater. Plus it will be built in Gelugor which is traditionally a preferred area for most Penangites too. I even had a debate once upon a time ago with someone who said that my home in Sungai Ara is not strategic but her home in Gelugor is. The reason? Gelugor has lots of amenities and it’s also near the Penang first bridge. Well… whatever. Happy waiting Penangites.

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Next suggested article:  15 years no increase. Now it increases. Assessment rates in Penang

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