PROPERTY SNAPSHOT 4: What's hot in Northeast Penang?

• Here are the price growth trends and indicative asking rental yields for non-landed residences in Northeast Penang. Transaction analysis by theedgeproperty.com shows the average transacted price on the secondary market was RM432 per square foot (psf) in 1Q2015, +18.7% y-o-In the 12 months to 1Q2015, average prices in mostly held steady or appreciated. The highest growth was observed among mid-cost projects, led by Taman Air Itam Flat (+49.6% to RM350 psf), Pangsapuri Pelangi in Georgetown (+47.4% to RM253 psf), Villa Kejora in Relau (+45.2%,  RM412 psf) and Puncak Erskine in Tanjung Tokong (+45.2%, RM213 psf).
   
• For absolute price growth, Villa Kejora and Sri Sayang Resort Service Apartments gained 45.2% to RM412 psf and 27.3% to RM595 psf, respectively.
   
• Indicative annual rental yields as at June 2015 are average, at 2.4% to 6.5%, although higher-priced developments can yield around 5%.
   
• The highest rental yields are found in the low and mid-end segments, led by Puncak Erskine (6.5%) a hillside project in Tanjung Tokong. Eden Seaview (5.4%) is a slightly dated, resort-style condominium in the hills of Batu Ferringhi. Demand here is likely supported by The International School of Penang (Uplands) next door.
   
• With numerous developments taking place all around the island, the ambitious infrastructure and public transport proposals outlined in the Penang Transport Master Plan are timely to ensure the state remains one of the most attractive places in which to live, work and invest.
   

It's always handy to have an international school next door. Tap here to see rental yields for Eden Seaview in Batu Ferringhi.

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.