The number of tourism properties in Penang has shown an upsurge trend since 2008 as a result of the increase of tourist's arrival to Penang. Penang, also known as Pulau Pinang, Pearl of Orient, Silicon Island of the Worlds, encompasses an island and mainland, with a total land area of 293km2 and 738km2 respectively. Penang with a mix of beachfront, hillside residential living ad city heritage, has been elected as an excellent choice of live, work, study and play. Penang was ranked 8th in ECA International's Most Livable & Workable City in Asia.
What are the top 3 attractions for investors to own a vacation property in Penang? We may focus on the beachfront, city heritage and industrial zone.
Penang welcome a large number of visitors every year, many of them are foreigners, who visit the island for business and or / leisure. One of their favorite hangouts without debate is Penang's tourism precinct. North-east coastline appears to be the most renovated tourism precinct in Penang which resides many worldnamed hotels such as Shangri-la Rasa Sayang, Golden Sands Resort, Hard Rock Hotel and so forth.
This precinct is also a favorite area for visitors to invest or own a piece of land in this beautiful island. Several new luxurious condominiums are located in the northeast district were transacted at prices of above RM1200 per square foot. On average however, the prices per square foot of condominiums at north-east district are in the range of RM500-RM800 per square foot.
Following the crowning of UNESCO World Heritage site, Penang has seen an accelerating demand towards the property in the historic city of George Town. The city has a remarkable assemblage of momentous architecture representing the cultural heritage of Penang's various ethnicities: Malays, Chinese, Indians, Siamese, Burmese, Achehnese, Arabs and Europeans. George Town, under the UNESCO World Heritage site, has been appointed into Core and Buffer Zones.
It is observed that pre-war heritage property is in strong demand given its perceived immunity potential capital appreciation. The demand is from both local and foreign investors. Due to limited supply of good listings, the market apparently has more buyers than sellers. The average price per square foot of pre-war heritage properties in Goerge Town started to soar after 1999. The CAGR (1999-2013) of pre-war properties averaged per square foot was 12.7%. The demand for the pre-war heritage properties seems pretty strong despite economic uncertainty.
The manufacturing sector continues to be the key engines for the growth of Penang's economy. Thus, the property in Bayan Lepas Industrial Zone has always received encouraging demands from the locals as well as expatriates working in Bayan Lepas Industrial area. With the commencement of the Penang Second Bridge on 01 Mar 2014, the bridge provides an interconnection between the Bayan Lepas Industrial Zones (via Batu Maung) and the Batu Kawan, new neighborhood and industrial park on the mainland (District of Seberang Perai Selatan). Ikea, a famed Swedish home furnishing store is planning to open a store at Batu Kawan, as announced by the Penang State Government which is expected to open in 2020.
With all the key development in industrial zones, it is expected to attract a large pool of strong spending professionals, manufacturing specialist, business travelers and visitors. Such, the area surrounding the south-west district of Penang and industrial park on the mainland will be the future spot light for property investment in Penang.
Visit Happy Homestay Malaysia to discover attractive living package in Bayan Lepas Industrial Zone in Penang!