15 years in Penang. I worked with 3 different organisations based in Penang. My wife and I got married in Penang. My baby was born in Penang. From just Sunshine departmental store until today when Penang has Queensbay, Gurney Mall and Paragon Mall, Penang has continuously changed and if I may add, for the better. Without any doubt, there are lots of improvements I feel Penang and even Penangites must have for Penang to be the next international city but to be honest, the steps taken are in the right direction. Today, I share three reasons why I invest in Penang properties.
Affordability. Many are laughing. Are you sure? As I have said, this is personal opinion. Affordability is based on the salary that you have versus the property that you buy. Thus far, the range in prices of properties that I have bought ranges from RM123,000 to RM600,000. As you can guess, the cheapest was bought the earliest in my career life. However, based on the number of years that my wife and I have been working, we slowly built up our savings and bought the properties slowly. With sufficient homework done, the properties were able to give sufficient returns and I could move on to the next property.
Accessibility. I feel Penang should have the LRT. Nevertheless, you cannot find many places in the world where the beach and the shopping centre, the national park, a HUGE dam and even the most advanced manufacturing factories exist near / next to each other. You can have a great job but if you need to drive 2 hours to reach the nearest beach or be jammed for 30 minutes just to park your car in a departmental store, it’s not ideal. In Penang, no matter which part you buy, you are close to nature, modernity and of course great food. Accessibility to good jobs, shopping, nature and food. Jam is increasing though.
Potential capital appreciation. Penang is a very small state. In fact, the island itself is not even half the size of Singapore. Land space are thus limited and as urbanisation continues to happen where people from smaller towns finish their education and work in Penang, the need for properties grow. This meant the price too. With the second Penang bridge, the potential for mainland properties to increase in price increases too and this augurs well for the whole Penang because if everyone only want to stay inside the island, imagine what would happen to the price!?
These are the three main reasons why I love Penang properties and will continue to look for opportunities.
Next Suggested Article: Penang Property Potential
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Yes, Penang is nice place to stay. From a place to another place within the island, I think the most far distance took about 45 minute. Penang also a choice for foreigners as second home. *^?^*
The south west in Penang, especially, bayan baru, sg ara, batu maung, bayan lepas and teluk kumbar will be soon booming as second bridge is the key factor to thrive the two sites (Island and mainland) in term of accessibility,in-flow of spending power to Island by tourist, education and so on indirectly, it creates better opportunity for business and economic in near future.
very very true. I love Sg. Ara. 🙂
In addition there is a UNESCO Heritage Site. Tourism is booming plus medical tourism is booming too (accounts to 67% of Malaysia’s medical tourism). What do you think of the property prices in UNESCO Heritage site, it’s about RM1600 psf now, majority own by either those kongsi (khoo, lim, cheah etc) or Singaporeans and Hongkies. What’s your view about it?
P.S. One of the few blogs that I read consistently and in fact almost every post. Love it!
I remember when those old houses sold for rm400,000. Today….. haha. Rental has also pushed some busineses to move. I think the value follows what economic activity uou can do with it. Perhaps opening a cafe where first half is eastern and the other half is western? Xi wen if you have such plans let us talk. Haha.
For those who still own, do not sell. Create a business. Once sold lost it forever. Yes the sporeans are buying by row….. rm1600psf still cheap for them but I hav started doubting the business viability if price appreciates higher. What biz can u do?