By Radin Ghazali
Despite land being scarce, Northeast Penang District is still the preferred destination for new developments in the next four to five years’ time. It’s mature socioeconomic landscape backed by its capital city George Town, the area has been the state’s anchoring district for decades.
However, there is a strong movement of developments heading towards the suburbs of the Northeast district. Such movement hopes to capture potential market boom poised by these suburbs while banking on to their close proximity to the city center.
Properties that are still in the pipelines or waiting for approval from the city council can be seen brewing in areas like Paya Terubong and Bandar Air Item. Based on the recently launched PropertyGuru Market Index, both areas are considered cheaper in comparison to George Town and the coastal line areas.
There has been a continuous price dip in Paya Terubong from Q4 2016 right up to Q1 2017 from 106.5 to 102.4 with a 3.8% decrease. This downward trend was further notice in Q2 2017 as the index reduced to 99.6. The indicative price towards the end of 2016 was at RM 450psf., making it attractive to developers in banking on the district’s mature landscape.
The same phenomenon is also occurring at Bandar Air Item as the dip continues from Q4 2016 at 113.4 to Q1 2017 at 112.8 with 0.6% decline. Its current psf. is estimated to be at RM 475, in which making the area enticing for developers to tap into within four to five years’ time.
Picture sourced from LinkedIn
High concentration still exists along coastal areas like Tanjung Bungah for more upscale developments due to the demand and value of properties located here. The area is a goldmine due to its idyllic ambiance of having both the sea and the greens, embedding the entire coastline.
Tanjung Bungah shows a consistent increase from quarter to quarter. Q1 2017 showed a spike up from the previous quarter with 4% and Q2 saw a stable growth from 153.1 to 153.3. The projected average psf. to date is RM 652 and is among the highest psf. in Penang. Nonetheless, the land off the coastal line are depleting greatly and this has led the area turning into a highly saturated location.
Hence, a shift can be seen among newer developments here as they are moving to its hilly terrains that include Tanjung Tokong and Mount Erskine. These hills are slowly morphing into construction sites as latest developments are being pushed away from the beach lines.
It’s either go big or go home for these developers in Tanjung Bungah due to the competitiveness of the market here. Capitalising on the picturesque view of the coast and its extremely strategic location seem to the tipping point of why these properties are scaling on the expensive side of the market.
Among the latest developments that are in the pipelines, subject to changes and approval, in the Northeast Penang District are:
• The Prime Residence, Paya Terubong- Project by Universal Class Sdn Bhd with a total of 76 units per tower. This low-density apartment will house four units at every floor. Its location is right along Jalan Paya Terubong, making areas like Balik Pulau, Penang Bridge and Penang Second Bridge accessible in less than 15 minutes.
(Picture sourced from PLB Homes)
• The Stone is a massive mixed development taking place in Paya Terubong by Pasifit Construction Sdn Bhd. Its 22-storey residential tower has 205 affordable units sized at 850 sq ft. along with other various mid to high ranged units.
• Imperial Grande of Jalan Paya Terubong belongs to Modular Platinum Sdn Bhd. This mixed development consists of 37 units of 3-storey bungalows and six units of 3-storey semi-detached. It also has two 46-storeys residential towers with 938 units and 65 commercial units.
• Ohm Group’s will be building a strata development within Hye Keat Estate in Bandar Air Item. The development consists of refined and exclusive six bungalow units along with a 31-storey condominium with only 88 units. This high-end project is expected to be launched soon.
• JPK Sdn Bhd’s low cost flats will be making its way in Balik Pulau. The development has 204 units as starting price starts at RM 60,000. Don’t hope for spacious units as the average size is 750 sq ft.
(Picture sourced from Apartment Penang)
• HH Residences by Aspen Group is a mixed development project with two blocks of residential towers with 606 units in Tanjung Bungah. The developer is also planning to build four floors of commercial and retail units called HH Galeria to complement its residential projects.
• Biopolis Global’s low density development is yet another premium development, capitalising on the exclusiveness of Tanjung Bungah. It is said to have four low rise towers with 27 units per block. It is strategically located along Jalan Chan Siew Teong, giving an edge to the development while overlooking the entire coastal line.
(Picture Sourced from Kobytech)
• Kobaytech Bhd. will be going all out along Tanjung Bungah. The company is slated to have two high-rise developments called Mirage Beach Front Mixed Development and 35-storey Blossom Hill Side, a fellow mixed development.
Nevertheless, there are a handful of ongoing projects that are taking place in the Northeast district. These developments are nearing to completion and some are even done. Among them are:
Skyridge Garden, Tanjung Tokong
Featured picture sourced from Malaysia Outlook
For more information on new top homes in Penang, check out PropertyGuru’s New Property Launches and Project Reviews
