PROPERTY SNAPSHOT 2: What's affordable in Northeast Penang?

• Penang is popular among expats or foreigners looking for a holiday home or retirement home under the Malaysia My Second Home scheme. Batu Ferringhi, Tanjung Bungah, Tanjung Tokong and Gurney Drive are some upmarket areas with luxury condos targeted towards foreigners.
   
• Based on theedgeproperty.com’s analysis of transactions in the 12 months to 1Q2015, the average transacted price was RM432 per square foot (psf), while the average transacted price per unit was about RM531,000.
   
• The Penang strata market is diverse. The majority of transactions (17.2%) fell within the RM300,00—RM400,000 price range, while 73% fell under the RM500,000 level, and 7.3%, were for units over RM1 million of which 65 transactions were for units priced above RM2 million. Note that foreigners are limited to purchases of RM1 million and above for strata units.
   
• The most expensive project by average unit price was the beachfront Infinity Condominium at RM3.2 million in Tanjung Bungah for units of between 3,337 and 8,299 sq ft.
   
• The next-most expensive was Gurney Paragon, with an average unit price at RM3.03 million.  This recent project next to Gurney Paragon Mall has units between 2,390 and 4,629 sq ft. A 2,691 sq ft unit here sold for RM4.5 million in June 2014, the most expensive for the period under review.
   
• Buyers looking for size would find value for money at The Cove just down the beach from Infinity Condominium. It offers just one unit per floor of between 5,834 and 8,116 sq ft. The 5,834 sq ft units transacted for between RM1.9 million and RM3 million during the review period.

Big, private and investment-friendly? Check out price trends and more for The Cove here, now with added graphics!

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