News & Updates


Penang LRT – Bayan Lepas Line

Monday, 25 July 2016 00:00

The proposed Bayan Lepas Light Rail Transit Line will covers a distance of 30km and 27 stations.

Of its 27 proposed stations, 19 are to be in Komtar, Macallum Street area, Bandar Sri Pinang, the future Sky Cab station, East Jelutong, The Light Waterfront, Gelugor, Universiti Sains Malaysia, Batu Uban, Pesta site, Sungai Nibong, Bukit Jambul, Subterranean Penang International Convention and Exhibition (SPICE), Jalan Tengah, FIZ North, FIZ South, Sungai Tiram, Penang International Airport and Permatang Damar Laut.

Eight more stations are planned for the three proposed islands to be reclaimed off the southern coast.

Concern over rising rent in the George Town Heritage Zone has prompted the Penang government to consider reimposing rent controls like the repealed Rent Control Act 1966.

Chief Minister said this was to ensure the Unesco recognised site was not adversely affected by gentrification.

 

With the respected Conde Naste magazine recently naming Penang as “the top 10 places to retire”, we list our very own top 11 list on why this tortoise-shaped island has moved up the big league.

 

Fact 1: Property prices on Penang Island have always been on an uptrend

Land scarce Penang comprises 293 sq km. Like Singapore, Penang is experiencing the “island effects” where a spike in property price has been noted since 2008.

Penang’s unique geography and its attractiveness as a property investment destination have contributed largely to this.

According to data from National Property and Information Centre (NAPIC), Penang has the second highest price index in Malaysia after Kuala Lumpur.

The price index has been rising steadily by approximately 50 points to reach almost 150 points since NAPIC started tracking the data from the first quarter of 2000.

As most of the island is made up of hilly and forested interiors, land reclamation has been the way to go, particularly in the Seri Tanjung Pinang area where Eastern & Oriental Berhad has plans to reclaim even more land.

Fact 2: Majority of the transactions here range from RM500, 000 to RM1 million

The average per sq ft price on Penang island ranges from around RM350 to RM1,000 per sq ft, depending on location.

According to data from NAPIC, majority (827) of the transactions that occurred in Penang during from the third quarter of 2013 to the same period in 2014 were for properties ranging from RM500, 000 to RM1 million.

Fact 3: There are still pockets of affordable homes on Penang Island!

Want to live on Penang Island but can’t find affordable homes? Fret not, there are still affordable homes here being rolled out by the state government.

Go to the state government’s website and look for housing projects in the Timur Laut area. You’d be surprised there are still affordable homes for Penangites.

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