Yesterday, I visited the property fair urney Plaza, Penang and there were a few great names in construction who were exhibitors there ie IJM, SP SP setia, etc. There were also a series of talks on Feng Shui and also outlook of the property sector in Penang.
Singaporeans are coming to Penang in addition to the Chinese from Mainland China. Furthermore, Penang is already declared as a heritage site and this will appeal more to the Americans and the European as well. Penang is also know as the melting pot of Asia with good hawker foods and generous hospitality of the Islanders.
In the past few years, the property price of Penang have been increasing very rapidly and the town has actually got a new coat of Penang after the change in the state government. The post BN period Government has made Penang great again.
If we look at the skyline of Penang, there are more and more condos and apartments going up in the horizon and the reason is that it is not possible ot build affortable landed properties anymore as the price of land had soar higher. As for landed properties , the only affortable units are in Balik Pulau and on the main land. This trend would not change as the State Government imposed stricter conditions for all projects on hill slopes. Any project above 250 feet will not be allowed.
In the town area , no project can be build more than 5 storey high because of the heritage site limitations. Any reclaimed land properties can only be on a leasehold basis and can last for only 99 years. All these happenigs in Penang is making the land more and more expensive. There is a forecast that the property prices in Penang will be able to catch up with the land prices in Hong Kong Ilsand and Singapore which is currently selling at RM3500 per sq ft while the most expensive propertyin Penang Island is RM1500 per sq ft which is in the planning stage by the YTL shorefront project.
The price per ft have soared to about RM1000 per sq ft and now the sky is the limited. If we compare Hong Kong and Singapore, the properties are relatively cheap to own properties in Penang. There are still plenty of rooms for price increase.
Hence, the prediction of the those Fung Shui masters on the fate of Penang that it will be good going froward is a real and true fact. The price of the pre-war houses in the heritage sites have also soared and it has make many people millionaire many times over and at the same time, it has become out of reach for the local to own a landed property in the town and exclusive areas on the island. . Even for leased properties, the price have increased two to three folds.
Penang will never be the same again. The image and price of Penang will continue to hike because cement price is not going to come down and the island will be a great demand for foreign investors and tourist.
The shape of Penang is like a turtle swimming in the sea and the is island is surrounded by water. In the Chinese Fung Shui, water is money. So , the more water , there will be more money. This reading cannot be wrong.
Penang is set to go .for more success and good fortune ahead.
Namaste.
Frankly speaking , wheatever is say about Penang on the property price cannot be wrong because Penang is an island and land is limited. As the population increases, the demand will get greater and not considering the appeal of the island as a good retirement place for foreigners. More and more Japanese and Singaporeans are coming to Penang in addition to the Chinese from Mainland China. Furthermore, Penang is already declared as a heritage site and this will appeal more to the Americans and the European as well. Penang is also know as the melting pot of Asia with good hawker foods and generous hospitality of the Islanders.
In the past few years, the property price of Penang have been increasing very rapidly and the town has actually got a new coat of Penang after the change in the state government. The post BN period Government has made Penang great again.
If we look at the skyline of Penang, there are more and more condos and apartments going up in the horizon and the reason is that it is not possible ot build affortable landed properties anymore as the price of land had soar higher. As for landed properties , the only affortable units are in Balik Pulau and on the main land. This trend would not change as the State Government imposed stricter conditions for all projects on hill slopes. Any project above 250 feet will not be allowed.
In the town area , no project can be build more than 5 storey high because of the heritage site limitations. Any reclaimed land properties can only be on a leasehold basis and can last for only 99 years. All these happenigs in Penang is making the land more and more expensive. There is a forecast that the property prices in Penang will be able to catch up with the land prices in Hong Kong Ilsand and Singapore which is currently selling at RM3500 per sq ft while the most expensive propertyin Penang Island is RM1500 per sq ft which is in the planning stage by the YTL shorefront project.
The price per ft have soared to about RM1000 per sq ft and now the sky is the limited. If we compare Hong Kong and Singapore, the properties are relatively cheap to own properties in Penang. There are still plenty of rooms for price increase.
Hence, the prediction of the those Fung Shui masters on the fate of Penang that it will be good going froward is a real and true fact. The price of the pre-war houses in the heritage sites have also soared and it has make many people millionaire many times over and at the same time, it has become out of reach for the local to own a landed property in the town and exclusive areas on the island. . Even for leased properties, the price have increased two to three folds.
Penang will never be the same again. The image and price of Penang will continue to hike because cement price is not going to come down and the island will be a great demand for foreign investors and tourist.
The shape of Penang is like a turtle swimming in the sea and the is island is surrounded by water. In the Chinese Fung Shui, water is money. So , the more water , there will be more money. This reading cannot be wrong.
Penang is set to go .for more success and good fortune ahead.
Namaste.
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