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

• Here are the price growth trends and indicative asking rental yields for non-landed residences in Southwest Penang. Analysis by theedgeproperty.com shows the average transacted price for non-landed residences in the secondary market in 1Q2015 was RM408 psf, +29.4% y-o-y.
   
• In the 12 months to 1Q2015, the highest average price growth was at Saujana Permai Flat (+32.6%) and Saujana Damai Apartments (+31.8%). Prices at these neighbouring projects in Taman Tunas Damai in Bayan Lepas may be influenced by the nearby Ideal Vision Park project being developed by Ideal Property Group.  The 25-acre mixed-use development will offer up to 1,945 new condominium units.
   
• In the mid-end segment, Sri Kenari Apartment in Sungai Ara registered an average price growth of 26.5% to RM431 psf. Typical units of between 818 and 840 sq ft in built-up area are priced between RM300,000 and RM400,000. Sri Kenari is close to newer townships such as Desaria by IOI Properties Group and Setia Pearl Island by S P Setia Bhd.
   
• Indicative annual rental yields based on asking rentals observed in June 2015 are between 2.6% and 5.5%. The highest asking rental yields can be found at projects in Pantai Jerejak, Bayan Indah. They are Summerton Condominium (5.5%), Putra Marine Resort Condominium (5.3%) and Gold Coast Resort Condominium (4.3%). These projects target the upper-middle-class and expatriates.
   
• The ambitious rail and road infrastructure projects planned under The Penang Transport Master Plan, are likely to open up access to previously unviable neighbourhoods.

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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.