Incentives introduced under the fourth Covid-19 stimulus package, dubbed Penjana, will help boost investor sentiment towards the property sector.Nevertheless, analysts in general remain largely neutral on the sector, citing subdued prospects due to the challenging economic outlook.
For instance, CGS-CIMB Research said it expected the property sector to trade higher in the short term due to the “feel-good factor” from the positive measures announced.
“However, we stay sector neutral given the weak macro outlook, affordability issues and expected lower property sales, even though the KL Property Index is currently trading at 0.4 times price-to-book-value (P/BV), which is around two standard deviation below its historical 10-year valuation of 0.75 times P/BV, ” the brokerage said in a note.
TA Research pointed out that the measures introduced under the recently unveiled short-term economic recovery plan were “wishes come true” for the property sector.
“Developers’ wishes have finally come true with the government announcing the Home Ownership Campaign (HOC) 2020, along with real property gains tax (RPGT) exemption and removal of 70% loan-to-value (LTV) ratio on third housing loan, ” the brokerage wrote in its report.
“Home buyers and investors are expected to be the biggest beneficiary from Penjana, as measures unveiled would help to reduce their entry and exit cost.
“We believe all private developers will also benefit from Penjana, as the measures should help absorb developers’ unsold stocks and boost sales of new property launches, ” it said.
TA Research noted that while the current accommodative interest-rate environment would continue to bode well for the housing market, it reckoned the loosening policy alone would unlikely revive the overall housing market.
This is because weak consumer sentiment and stringent lending practices remained key reasons for the lacklustre property sales.
It maintained its “neutral” stance on the property sector.
“Although we believe property buying interest will increase with Penjana incentives, the property sector outlook remained clouded by key challenges such as uncertainty of Covid-19 containment, the gloomy economic outlook, cautious spending due to job loss anxiety, unresolved overhang issues and strict lending policy, ” TA Research said.
“Depending on the effectiveness of the government’s efforts on restoring businesses and employment, increasing people’s purchasing power as well as discovering new economic opportunities, we expect a gradual recovery in the second half of 2021, ” it added.
Last Friday, the government unveiled several positive measures for the property sector under Penjana.
The HOC, which would run from June 1,2020, to May 31,2021, would see the implementation of a minimum 10% discount on residential properties, stamp duty waiver of up to RM1mil on instruments of transfer for properties priced between RM300,000 and RM2.5mil, and stamp duty waiver of up to RM2.5mil on loan agreements for properties priced between RM300,000 and RM2.5mil.
The RPGT exemption for individuals would be effective June 1,2020 to Dec 31,2021. This would be limited to disposal of three units of residential homes per person. The removal of 70% LVT ratio on third housing loan was for property priced RM600,000 and above.
“We believe these measures are positive for developers but the impact could be largely mitigated by an anticipated contraction in Malaysia’s gross domestic product and potentially higher unemployment rate due to disruption from the Covid-19 outbreak, ” CGS-CIMB said.
“It remains uncertain whether people will purchase big-ticket items during challenging times despite incentives given and low interest rates (2%), as property prices have more than doubled from 2009, ” it added.
Meanwhile, Public Investment Bank Research (Public Invest) said it remained “neutral” on the measures announced for the property sector under Penjana.
“We believe that in the short term, stresses due to the slowing economy could take centre stage with recovery longer than expected owing to the potential hike in unemployment that could deter big-ticket buying such as properties, ” it said.
“While the tax reliefs are positive, consumer sentiment is still scarred by the Covid-19 pandemic and impact from the movement control order, ” it noted.
In addition, Public Invest said the ongoing political uncertainties and high property overhang could also dampen property demand albeit the undemanding valuations. Hence, it maintained its “neutral” call on the sector.
Source: TheStar.com.my

Penang government has announced a 10 percent discount for all types of affordable housing in the state for a period of one year starting from today.
State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the discount package is part of the Housing Ownership Campaign Package (Penang edition) 2020.
“Under this package, the new ceiling price for affordable homes on the island are from RM135,000 to RM270,000. Previously, it ranges from RM150,000 to RM300,000.
“In Seberang Perai, the new ceiling price is from RM135,000 to RM225,000. Previously, it was from RM150,000 to RM250,000,” he told a press conference in Komtar today.
Jagdeep also emphasised that the size of the affordable housing would remain at 850sq ft per unit.
“However, if the property developers decided not to follow the new price ceiling as instructed by the state government for affordable homes and choose to remain with the old price ceiling, they are allowed to do so but under one strict condition that they must provide a bigger size of the unit to at least 900sq ft,” he said.
For the low medium-cost (LMC) housing category, Jagdeep said the state government would maintain the housing price at RM42,000 for low-cost housing and RM72,500 for low medium-cost housing.
“This is done despite other states having raised the housing price for LMC from RM60,000 to RM100,000.
“As a matter of fact, Penang has the lowest housing price for the LMC category in the country.
“All this shows that the Penang government cares for its people and wants to assist the home buyers especially those who intend to buy affordable and LMC homes,” he added.
According to Jagdeep, until June this year, there are 105,719 units of affordable homes that have been built, being built and approved to be built.
“We will work even harder to achieve our goal of building 180,000 units of affordable homes by 2030,” Jagdeep said.
He said the state government also would set a special condition for the property developers to install more public amenities in each affordable housing.
“They include recreational space, multipurpose hall, public library, gymnasium, swimming pool, children’s playground and others.
“We will also set up a condition that the rating score of QLASSIC under the Construction Industry Development Board (CIDB) must be not less than 70%.
“This is to ensure the highest quality of the construction of affordable housing although the ceiling price has been reduced,” he added.
Jagdeep also announced the state government’s decision to reduce the ceiling prices of between 20% and 40% for foreign buyers for overhang properties in Penang for a one year period.
“For stratified properties on the island and the mainland, the new ceiling prices are RM800,000 and RM400,000 respectively. The previous ceiling price was RM1 million (island) and RM500,000 (mainland).
“For landed properties on the island and the mainland, the new ceiling prices are RM1.8 million and RM750,000 respectively. The previous ceiling price was RM3 million (island) and RM1 million (mainland).
“The decision to reduce the ceiling price of unsold properties in Penang is to clear the remaining overhang units and to assist the property market that is affected by the Covid-19 pandemic.
“As of today, Penang has 3,043 unsold properties, amounting to RM2.6 billion. An overhang unit is defined as a residential unit that is unsold for more than nine months after it has received the Certificate of Completion and Compliance (CCC),” he said.
Jagdeep said although with overhang units, Penang still managed to control the amount of unsold properties from year to year compared to other states that recorded an increase every year.
Source: Buletin Mutiara

On Nov 26 2019, the Federal Court ruled that the Housing Controller can no longer grant an extension of time (EOT) to developers who are unable to construct or complete their projects on time. The new ruling is a great win for Malaysian homeowners.
What is Extension of Time (EOT) in construction contracts in Malaysia?Extension of time is one of the provision clauses in the standard contract form – in light of unforeseen circumstances, it allows developers more time to complete the project without being penalised. 
Under the terms of the Sale & Purchase Agreement (SPA) between a housing developer and the house buyer, the developer has to complete and hand over the house within 24 months (for landed properties) or 36 months (for stratified properties). If the developer fails to deliver within this period, the developer has to compensate the house buyer by paying liquidated damages (LAD) of 10% per annum on the purchase price for late delivery. 

However, there are contractors (which fail to meet the timeline) who seek opportunities to claim for an extension of time in order to avoid this additional loss or expense. When an EOT is granted (loosely) by the Housing Controller for a delayed project, it is essentially taking away the compensation or liquidated agreed damages (LAD) owed to homebuyers. 
Supposedly, an extension of time can only be granted in respect of an event that is expressly included in the contract as a “relevant event”, where the claimant must produce documentation which shows that not only are they not responsible for the delays, but also demonstrate the other parties that are responsible. This can either be the employer or other third parties including “Acts of God,” etc.
What does it mean when an EOT for delivery of vacant possession is given by the Housing Controller? Effectively, it means breaking the developer’s contract and delay in completing construction is excused and homebuyers cannot claim compensation for late delivery. Rights and protection given by Parliament is extinguished by the Housing Controller with a stroke of his pen: that is what it means. Ultimately the developer who committed the breach stands to benefit hundreds of thousands or even millions of ringgit at the homebuyers’ suffering. 
There had been a group of homebuyers who had suffered losses due to a delay in the completion of their homes by their developer. The Housing Controller ‘signed away’ their rights and remedies by granting the developer an Extension of Time (EOT) – thereby taking away any compensation the homebuyers were entitled to. 

The Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) by 25 basis points to 2.50%.It said the ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.75% and 2.25%, respectively.
“The reduction in the OPR is intended to provide a more accommodative monetary environment to support the projected improvement in economic growth amid price stability. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation,” Bank Negara said in a statement Tuesday.
The reduction in the OPR came largely in line with economists’ expectations. This is the second cut so far this year. In January, Bank Negara reduced the OPR by 25 basis points to 2.75% — the lowest since 2011.
The central bank noted that global economic conditions have weakened in the recent period. The ongoing Covid-19 outbreak has disrupted production and travel activity, especially within the region.
This has also led to greater risk aversion, resulting in tighter financial conditions and a resurgence in financial market volatility. Downside risks to the global growth outlook have increased, particularly in the near term. However, a number of countries have implemented policy responses. With further anticipated policy measures, these actions are expected to mitigate the economic impact of Covid-19.
“The Malaysian economy grew at a moderate pace of 4.3% in 2019. Looking ahead, growth, particularly in the first quarter, will be affected by the Covid-19 outbreak primarily in the tourism-related and manufacturing sectors. The weakness in the agriculture sector is also likely to persist in the first quarter.
“For 2020, private and public sector activities will be supportive of growth. Household spending is expected to grow at a slower pace amid moderate employment and income growth. Investment activity is projected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors,” it said.
The 2020 economic stimulus package will also provide some support to economic activity. Although domestic growth is expected to gradually improve in the second half of the year, there are key downside risks, mainly stemming from the evolving nature and prolonged impact of the Covid-19 outbreak, and continued weakness in commodity-related sectors.
Bank Negara said in 2020, headline inflation is expected to average higher but remain modest. The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings.
Underlying inflation is expected to be more moderate, amid limited demand pressures despite the continued expansion in economic activity.
Source: TheStar.com.my

The Penang government is calling all housing developers to work with the state to develop affordable housing projects.
State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state government would continue to lend their support and assist developers who are keen on developing affordable housing projects.
“Our main priority is to ensure that there are affordable housing projects for all Penangites.
“And when we know that we have private sector players like you who want to assist us, we will make sure that we make it feasible, viable and practical for you to come onboard.
“This project is proof of that,” Jagdeep said in his speech at The Park @ Mak Mandin CCC handover ceremony today.
The project was developed by Silver Channel Sdn Bhd.
Jagdeep said that the Penang government also prioritised livability.
“It is not just providing affordable homes. We must also ensure that the homes are livable,” he said.
Jagdeep added that a total of 103,721 housing units have been built, are being built and have been approved to be built in Penang to date.
He said that building affordable housing units was the ‘right direction’.
“I have received complaints from housing developers that the economy is soft and it is difficult to sell homes.
“Let me rebut the complaints here. Follow this direction and build affordable homes. You will not regret it.
“I was made to understand that The Park @ Mak Mandin project is 100% sold,” he said.
Jagdeep said: “If you (housing developers) want to continue building homes that cost RM1 million or RM1.5 million, you build them at your own risk.”
“Whereas, you are be able to sell homes if you build affordable homes. The state will push for this because it is for the people,” he added.
Silver Channel Sdn Bhd chairman Datuk Musa Mustakim said the company was honoured to received the Certificate of Completion and Compliance (CCC) status four months ahead of schedule.
“Thumbs up to the Penang government for its double winning strategy – firstly for relocating squatters to safer and proper homes; and secondly, in allowing future generations to own affordable homes at a strategic location here in Bagan.
“Standing on a 10-acre land, The Park @ Mak Mandin is a low-density affordable housing project.
“The selling price for each unit is only RM247,000 and the home owner gets to enjoy a spacious 1,002sq ft, three-bedroom home.
“There are also facilities such as a half-sized Olympic pool and fiber-optic Internet. The property is also gated and guarded,” he said in his speech.
Also present at the ceremony were Penang Youth and Sports Committee chairman Soon Lip Chee, state Welfare, Caring Society and Environment Committee chairman Phee Boon Poh, Seberang Perai City Council mayor Datuk Rozali Mohamud and Chief Minister of Penang Incorporated (CMI) deputy general manager S. Bharathi.
Source: Buletin Mutiara

By Azlina Aziz
KUALA LUMPUR, Aug 29 -- Decent affordable housing is fundamental to the health and well-being of people, and to the smooth functioning of economies. Yet around the world, in developing and advanced economies alike, cities are struggling to meet that need.
In line with the country’s commitment to provide adequate and affordable housing for all income levels, particularly for the lower-income group, Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus stressed that affordable housing is a shared responsibility and that the government is looking at how infrastructure providers could play their part in reducing the cost of houses.
“There are three components which make up the biggest proportion of the cost, namely land, construction and infrastructure,” she said in an exclusive interview with Bernama recently.
“There is a greater recognition now on the need to reduce costs. For land costs, the government is collaborating with the state government on mechanisms to reduce costs; and for construction costs -- that is where the government is looking to leverage technology such as the IBS (Industrialised Building System) to bring down the cost,” she pointed out.
Explaining further, the Governor said “more importantly is to adopt strategies to raise income levels of households to make housing more affordable to the rakyat.”
Over the period 2007-2016, growth in house prices have outpaced household income.
Based on the median multiple approach, a house is deemed to be unaffordable if it is priced more than three times the annual household income. Malaysia’s is at 4.8 times.
“Let’s take the B40 for example. With their median monthly income of RM3,000, they can only afford houses up to around RM108,000 -- three times their annual income.
“If you look at the 68 per cent of total unsold residential units, they are above RM300,000. That is why we also have to address the supply-demand mismatch.
“While there is demand for affordable housing, the developers are building outside the affordable reach of the majority of Malaysians,” said Nor Shamsiah.
Recently, the central bank expanded the eligibility criteria for those seeking to purchase property under the BNM’s RM1 billion Fund for Affordable Homes.
Effective Sept 1, 2019, individuals planning to apply for financing to purchase affordable houses would be eligible to do so if they have a maximum monthly household income of RM4,360, up 86 per cent from the earlier threshold income level of RM2,300 per month.
Plus, the maximum property price will be increased to RM300,000 from RM150,000. These new terms would help buyers from this income group to obtain financing to purchase their first house.
Meanwhile, the Governor reiterated the importance of the Guidelines on Responsible Financing.
“The Guidelines on Responsible Financing is still relevant because the main objective of these guidelines is to ensure that borrowers are able to afford the loan and can benefit from it.
“So, if a customer is taking the loan to buy a house, the customer should eventually own the house at the end of their loan tenure. Ultimately, the banks and the borrowers should also be responsible in the decision. It works both ways,” she added.
The central bank’s responsible financing guidelines are in place to protect the interest of borrowers by ensuring that those who borrow are within their capacity to honour the financial obligation until the end of the loan tenure and eventually own the property.
This is as opposed to merely buying the house upfront and then fall behind their obligations and end up losing the property.
On that note, the Governor said a lot is being done to educate consumers on areas relating to credit and financial management, especially through the Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling & Pengurusan Kredit (AKPK), which has gained greater traction.
AKPK is an agency established by BNM to help individuals take control of their finances through prudent financial management and financial education.
Financial literacy is among the factors that can contribute to sustainable and inclusive economic growth. It is the first line of defence for consumers to protect their rights when dealing with unfair market practices.
At the same time, to alleviate the public’s burden in coping with the rising cost of living, particularly for the M40 and B40 groups, the Governor said BNM has been emphasising the importance of improving technical skills, reforming the labour market and education system.
“There needs to be greater collaboration between training providers and the industry players to ensure Malaysia produces graduates with the right skills,” said Nor Shamsiah.
During the interview, the Governor also explained at length several other key issues pertaining to the country’s economic growth, the banking industry, the vital need to increase consumer awareness, as well as the importance of education, reskilling and upskilling in order to stay relevant in a challenging and constantly changing economy.
-- BERNAMA

GEORGE TOWN: The Penang government today issued a warning that it would blacklist developers who forced those buying the state’s affordable housing units to pay more than the price set.

This follows the revelation yesterday by the Consumers’ Association of Penang (CAP) that many first-time homebuyers are being forced to pay more than double for their low-medium cost units, which have a mandated price of RM72,500 for a 760 sq ft apartment.

At a press conference today, state Housing Committee chairman Jagdeep Singh Deo said he was very upset over the report, urging any buyer facing such problems not to sign up for the extras that they did not want.

He asked them to immediately report the matter to his office so that he could take action against these errant developers.

He said such developers would be given a show-cause letter.

Jagdeep warned developers who think they could get away by charging extra, saying they would be banned from being involved in any more projects.

“We can also stop giving them a list of first-time homebuyers to take up their affordable homes units,” he said.

“If the buyers do not want to take up carpark or renovation packages, then you cannot force them. They should be allowed to buy the bare units at the ceiling prices set by the state government,” he said.

The bare units are those without any tiling or other fittings.

Yesterday, CAP revealed that more than 10 homebuyers had paid between RM100,000 and RM182,000 for their 760sq ft apartments in Tanjung Tokong here.

Cashing in on the demand for these affordable units, the developers took a “take it or leave it” attitude with potential buyers.

These desperate buyers were forced to pick extras such as tiling work or car park lots, which cost them an extra RM50,000. The developers insisted that these buyers take up these add-ons if they wanted to buy the units.

Currently, the capped prices of homes under the “affordable homes” category on the island are RM150,000 (for 750 sq ft), RM250,000 (for 800 sq ft) and RM300,000 (for 900 sq ft).

On mainland Seberang Perai, the prices are capped at RM150,000 (for 750 sq ft), RM200,000 (for 800 sq ft) and RM250,000 (900 sq ft).

As for the “low-cost and low-medium cost” categories in Penang, the prices of homes are set at RM42,000 (for 650 sq ft) and RM72,500 (for 700 sq ft).

GEORGE TOWN: Mega projects planned for the state, such as the RM46 billion Penang Transport Master Plan (PTMP) and Penang South Reclamation (PSR), may be modified, scaled down or even reviewed depending on the situation and change in circumstances.

Chief Minister Chow Kon Yeow, however, insisted that both projects would not be scrapped at all cost, despite continuous opposition from various quarters.

Speaking to the New Straits Times in an exclusive interview recently, Chow said this was probably the final opportunity for the state to lay the proposed PTMP projects.

Explaining, he said if the PTMP was implemented 20 to 30 years down the road, imagined how many houses need to be torn down to find the alignment.

“We proposed as much as how the island can support... Nothing more than that.

“Transport mobility, logistics and telecommunication infrastructures are all necessary for any state to move forward. We have travelled to many other places and things that distinguished them from us are these components.

“Having such infrastructures will enable us to face challenges in the future, and more importantly, this is the only one project that the island can afford physically,” he said.

The PTMP project, announced back in 2015, consists of a light rail transit (LRT) system, an undersea tunnel and highways, among others.

To fund the PTMP, the state plans to embark on a massive reclamation to create three man-made islands, with a total land area of 1,800ha.

Elaborating, Chow said there were a lot to be put into the PTMP, in order to finalise the agreement, especially the technical aspects and the design.

“This is why we have yet to sign the agreement. The cost and the value of the land involved are big issues to be finalised, and even then, it can still throw a spanner into the works if we cannot agree to the terms.

“We are committed to the project but also to good governance. We will still negotiate for the agreement where we want to put the dot in the 'I' and also the cross in the 'T'.

“I do not see calling off the project at this juncture but can come up with compromise.

“Also, we have yet to get approval for the LRT, and once we get it, we can decide which system to use. It is still very open and we will also look at cost saving aspects,” he said.

Chow expects the approvals for components in the PTMP to be obtained within this year and works to begin within a year.

He explained that the LRT and PSR should start together or better still for the reclamation to go ahead first as it is the funding model.

Chow, however, stressed that the intention of the reclamation was not solely to fund the PTMP but the lands, to be reclaimed, are necessary for future developments, for the next 30 to 50 years.

“The reclamation will take about 15 years to complete. Along the line, if there are any changes in circumstances, such as federal funding, it can be reviewed,” he added.

Here is a snapshot of the most popular residential areas and projects in Penang among homebuyers.The sales and purchase data are captured from the Valuation and Property Services Department (JPPH) that has been compiled by brickz. This is based on the review period between January 2018 and December 2018. We round up the top areas and projects in Penang for anyone looking to maximise their properties’ potential.
Highlights

• The top 2 most popular areas are in the Penang mainland.
• Bukit Mertajam is the most popular area in the whole of Penang.
• The terrace house is the most popular property type in the whole of Penang.
• Bandar Tasek Mutiara is the most transacted project in the whole of Penang.

1. What are the top 5 areas in Penang?
Here are the top 5 areas in Penang based on the review period between January 2018 and December 2018. The data compiled by brickz is ranked by the number of transactions.
Based on the data presented, the two most popular areas are in Penang mainland (Seberang Perai). One of the contributing factors could be the affordable alternatives for property ownership compared to Penang island, especially for landed houses.
Bukit Mertajam is the most popular neighbourhood among homebuyers in 2018. This could be due to affordable housing developments in the area. It has an affordable median price of roughly RM 300k. Not just that, Bukit Mertajam is also a mature area and a major town in Seberang Perai. The Bukit Mertajam town is about 11 km from the Penang Bridge and has direct access to the North-South Expressway Juru Interchange. Besides, Bukit Mertajam has various tourist attractions such as St. Anne’s Church and Hock Teik Cheng Shin Temple.
Next is Butterworth. It is an industrial town and the largest town in Seberang Perai. The median price of a property in this area is RM 330k. According to the 2010 census by the Department of Statistics Malaysia (DoSM), Butterworth is the largest town by population within the Seberang Perai municipality. In terms of transportation, the ferry service links Butterworth and Georgetown while the KTM Butterworth station is about 700 m from the ferry terminal. Butterworth also serves as the Royal Malaysian Air Force (RMAF) base.
Fun fact:
The median built-up sizes in Butterworth is almost twice the size (1,000 sf compared to 700 sf) of properties in Jelutong. This means buyers are getting bigger houses in Butterworth for roughly the same price as a smaller house on the Penang Island.
Jelutong is in the suburb of Georgetown. It is the only area in Penang island that is in the top 5. This area is set to be the next hotspot in Penang with plans by the state government to turn a 40ha landfill into an eco-futuristic town. The ¬The median price for a property in Jelutong is RM 339k and the median per square foot (PSF) price is RM 450. Jelutong accessibility to the Georgetown City Centre is convenient via the Tun Dr Lim Chong Eu Expressway although the built-ups are smaller than properties in Butterworth.
2. What are the top 3 projects in major Penang areas?
Sanctuary Garden is the most transacted project in Bukit Mertajam. It features freehold 2-storey Semi-D houses. Units come with 4 bedrooms, 3 bathrooms, and 2 parking spaces. This area is about 20 km to the Penang Bridge while the second bridge (Sultan Abdul Halim Muadzam Shah Bridge) is about 17 km away. Not just that, Sanctuary Garden is about 3 km to AEON Mall Bukit Mertajam and Tesco Bukit Mertajam. Furthermore, the KTM Simpang Ampat station is about 5 km away from Sanctuary Garden while Juru Auto City is 20 minutes’ drive away.
The most transacted project in Butterworth is Taman Bagan. It includes double-storey terrace houses and single-storey terrace houses. Property prices in Taman Bagan are ranging from RM 402k to RM 800k. This residential area is in a prime location with many amenities within its reach. The Butterworth Ferry Pier is within 5 km radius while the KTM Butterworth station is about 4 km away.
The station also serves the Butterworth – KL ETS train service. Besides that, the Sunway Carnival Mall is within 4 km and Penang Bird Park is about 9 minutes’ drive away. On top of that, Taman Bagan also has easy access to the Butterworth- Kulim Expressway. It is linked to the North-South Expressway and other parts of Seberang Perai.
Desa Pinang 2 is the most transacted project in Jelutong. It is comprised of flats that range in size from 527 sf to 614 sf. Desa Pinang 2 is located nearby Tun Dr Lim Chong Eu Highway and amenities are within reach. Komtar Bus Terminal is 3.2 km away while Weld Quay Bus terminal is within 3.5 km. Furthermore, the Penang Ferry Terminal is about 4 km away whereas Georgetown City Centre is about 6.6 km or a 22-minute drive from Desa Pinang 2.
3. What are the hot-selling residential properties in Penang

• Terrace: 2,465 transactions
• Flat: 1,700 transactions
• Apartment: 1,691 transactions

Terrace houses are the hottest selling types of property in Penang. All top 3 areas are in the Penang mainland. This is due to the more affordable price range compared to properties in Penang Island, as well as more options for landed properties. Bukit Mertajam recorded the highest number of transactions for terrace houses, with prices ranging from RM 43k to RM 988k. The built-up size ranges from 594 sf to 2,964 sf while the median price for a terrace house is RM 330k. The properties include the auctions, sub-sales and new launches.
Flat is the second hottest-selling property type in Penang. A total transaction of 1,700 is recorded last year while Ayer Itam recorded the highest transaction. The median price for a flat in that area is RM 120k with a median built-up of 538 sf. Based on our listings at iProperty.com.my, the flat built-up size in Ayer Itam ranges from 400 sf to 860 sf. The price starts from Rm 75k to RM 350k. These flats are all the auctions and sub-sale properties.
Apartment/Condominium is number three for the hottest selling property type in Penang. It recorded 1,691 total transactions last year. Jelutong recorded the highest number of apartment transactions in the whole of Penang. The median price for an apartment unit in Jelutong was RM 350k. The price ranges from RM 31k to RM 980k and built-up size ranges from 470 sf to 2,000 sf. These are all unfurnished, partly furnished and fully furnished apartments.
Note: 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.
*Article contributed by iProperty.com.my