PROPERTY SNAPSHOT 1: Southwest Penang gains attention

• This week’s spotlight falls on non-landed residences in Southwest Penang island. For this survey, this area is defined to include Sungai Nibong, Bandar Bayan Baru, Bayan Lepas, and all of the west coast areas.
   
• Based on TheEdgeProperty.com’s analysis of transactions, the average transacted price of non-landed properties on the secondary market in Southwest Penang Island has been steadily increasing. The average transacted price hit a new high of RM408 psf in 1Q2015 due to capital value appreciation and upmarket new completions.
   
• This represents a 29.4% y-o-y appreciation from RM315 psf in 1Q2014, following a 5.6% y-o-y growth in the previous corresponding period.
   
• Total transaction volume for the 12 months to 1Q2015 declined 36% y-o-y to 730 units from 1,140 units.
   
• Previously an industrial zone, the southern corridor has attracted developer attention after the opening of the Penang Second Bridge. Mah Sing Group Bhd is developing Southbay City here, and S P Setia  Bhd is redeveloping the former Penang International Sports Arena to include a convention centre, indoor stadium, aquatic club and business hotel. In Bayan Lepas, Ideal Property Group’s Ideal Vision Park will be a mixed-use development in Sungai Ara.
   
• The Penang Transport Master Plan is expected to improve connectivity in the area with the Bayan Lepas LRT line from Gurney Drive to Teluk Kumbar and Batu Maung; and the Pan Island Link Highway project from Gurney Drive to Bayan Lepas. Should the South Reclamation Scheme be approved, Penang will have up to three new islands with a total of 1,698 ha. These islands, touted as SRS Green City, are ostensibly planned as sustainable townships.

No need to buy blind. Improve your vision! Tap here to compare yields and prices for properties neighbouring Ideal Vision Park.

The Analytics are based on the data available at the date of publication and may be subject to further revision as and when more data becomes available.