PENANG cannot help but be in the limelight with the island being singled out as the logistics, transportation and infrastructure hub for the Northern Corridor Economic Region (NCER). This paints a healthy picture for the state's residential properties as the higher-end properties and condominiums are moving up very positively.
Overall, the state, with a population of around 1.5 million, was ranked fourth in terms of real estate transactions totalling 20,877 for 2006 valued at RM5.49 billion after Kuala Lumpur, Selangor and Johor.
Penang's residential market is expected to exhibit increased demand towards stratified properties and new growth areas, both on the island and the mainland. On the state's future housing supply, lifestyle housing, which came into the vogue the past three to four years, will continue. These comprise largely the two-and-a-half and three-storey terraced housing and luxury condominium developments.
With the cost of living in Penang being so much cheaper, Penang will continue to be quite an exciting place to invest in properties as long as the state can support it with more social amenities. The fact that major developers from Kuala Lumpur are coming to Penang to buy land and develop properties here goes to show that land prices are still relatively cheap and attractive.
Although Penang's population growth of 1.57% in the 1990s appears to be weak, mapper Ho Chin Soon says Penang can be likened to be a "little magnet" and anticipates that the state will have significant impact on the NCER and areas such as Kulim.
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