9 Reasons Why Invest In Penang – Penang Property For Sale
Penang Property For Sale - Why Invest Or Retire In Penang
Before we look at the various Penang property for sale, let’s look at why this charming island is worth investing in. Chances are, you may just fall in love with it, like many did, myself included.
If there’s a place that is most like Singapore, it has to be Penang Island. If there’s a place that I personally will choose to retire in or to be my ideal holiday home, it’ll be Penang Island. In terms of racial make up, governance, food, language, safety, etc, Penang Island is as similar as you can find to Singapore this part of the world. It is also near – exactly an hour’s flight from take off to touch down. As someone who grew up in Singapore, seeing Penang through my own eyes is like looking at Singapore in the 80s and 90s. I feel it’s almost like a Singapore in the making. Having a competent Chinese chief governor for the last 5 years that reminds me of Singapore’s Mr Lee Kuan Yew also enhances the likeness. The state of Penang consists of 2 parts – the Penang Island and the part of the Malaysia mainland that’s adjacent to the island. Let’s look at Penang Island today. The total size of the state of Penang is 1048 square km, and Penang Island takes up 293 square km. For comparison, Singapore is 710 square km, so Penang Island is about 40% of the size of Singapore. Here’s a map of Penang Island:
From the satellite map we’ll notice about 2/3 of the island is green in colour. That’s the hilly parts. Penang Island is mostly non-build-able land, much like Hong Kong. Only about 1/3 of the island is build-able land, mostly on the eastern side. That’s also where the airport, city centre, and shopping belt are. The beautiful beach resorts are in the north. You may also notice a bridge that connects the island to the mainland. That’s the first Penang bridge. The new RM4.5 billion second Penang bridge is just completed. It made history by becoming the longest bridge in South-East Asia, and the improved connectivity is set to have positive impact on Penang’s economy and property prices.
So what makes Penang island such an attractive investment hotspot and holiday home?
1. Good Governance
Penang is the only state in Malaysia that is run by a Chinese chief governor. Ask the Penang locals, or fondly known as Penangites, how he is running the state, and most, if not all will tell us that Mr Lim Guan Eng is doing an excellent job. It is no coincidence that since he came into leadership 5 years ago, that Penang is now having record low crime rates and corruption, and superb economic growth.
2. Top Amongst All Malaysia States in Medical Tourism
With excellent medical services at affordable prices and an island this beautiful, affluent people from abroad are coming here for “healing and holiday”.
3. Charming George Town is World Heritage Site
4. Food Glorious (Penang) Food!
Voted number 2 in the world for her street food.
5. Ethnic Make-up
Most similar to that of Singapore, with the highest proportion of Chinese in Malaysia. It’s about 40% Chinese, 40% Malays, 10% Indians and the rest foreigners and other races.
6. The Kampong Spirit is Alive
If you like to live in a place where the people are generally warmer and more down-to-earth than the average city-dweller, Penang may just be the place for you. Ask a friend who has lived in both Penang and Kuala Lumpur, and he/she can attest to that.
7. Cost of Living
According to expatistan.com, the overall cost of living in Singapore as compared to Penang is 117% higher. Another way to put it is the cost of living in Singapore is 2.2 times higher than that of Penang. Property prices Singapore is about 3.3 times higher, but read on and we’ll realise it’s actually more when comparing properties Singaporeans usually like to buy over in Penang.
8. Property Prices
Singapore’s high-end properties are in the range of approximately S$2500 to S3500psf. Similar properties in Penang is about RM1200 to 1800psf, or S$480 to S$720psf. With her strong fundamentals, Penang Island has tremendous potential for property investments. Like what Mr Li Ka Shing believes, “it’s good to invest in properties in a place that has limited land and predominantly Chinese.” So far he’s right for Hong Kong and Singapore, the top two places in terms of property prices in Asia. Could Penang be the future third?
9. It’s beautiful
Penang has the most beautiful sea view I’ve seen this part of the world. The Andaman Sea view is simply beautiful. What we Singaporeans desire and consider superb sea view looks something like this:
An apartment with such a view in East Coast Park will cost around S$1500 to 2000psf. When we look out the window of a sea view condo in Penang, it looks something like this:
After seeing this in person, some of my clients who’s bought Penang properties are quick to point out that the sea view in Singapore that they’ve paid so much to enjoy has become container ships view. A development that offers such a view is Andaman At Quayside by Eastern & Oriental (E&O), the premier lifestyle developer of Malaysia.
It not only offers residents spectacular views of the Andaman Sea, it is also located at a very good location, just 5km from Gurney Drive, the Orchard Road shopping belt of Penang Island, which is also known for it’s delicious street food. If Penang is the food capital of Malaysia, Gurney Drive is considered by many the best of Penang on a plate. Think shopping malls meet makansutra-grade hawker stalls by the seaside. Imagine Having Penang Fried Kway Tiao and grilled fish with fresh coconut juice while enjoying the sea breeze. Shiok!
By the way this should be a property guide, so back to the topic. Andaman At Quayside is a within a 240 acres master-planned township called Seri Tanjung Pinang. Located at the north-eastern tip of the Penang Island, it is just 5km from the city centre, Gurney Drive, which is adjacent to George Town. It’s near enough for the convenience, and just far enough for the quietness and exclusivity.
Andaman At Quayside is a high-end residential condominium sitting on 21 acres or 915,000sf of prime seafront freehold land. That’s the size of 12 soccer fields. More than 50% of the land size is open spaces, including a 4.5 acres (size of 2.5 soccer fields) water park and 7 acres of greenery (size of 4 soccer fields). It also has a man-made beach, a gold-class theatre, a spa pool, adventure pool, well-equipped gym and more. A picture is worth a thousand words. The following are actual photos:
1 bedrooms start from S$5xxk. Average psf is S$600 to 700. That’s the price of a dream home away from home. And yes, this Sentosa Cove of Penang is freehold.