GEORGE TOWN: The scarcity of land on Penang island and its lure as a
tourist destination and a second home for foreign retirees have caused
residential property prices to soar by more than 25% over the past five
years. According to real estate valuers, the prices are among the
highest in Malaysia, which is why the Consumers Association of Penang
claimed that only the rich could live on the island a world heritage
city.
A survey by The Star revealed that condominium units
in Batu Ferringhi, Tanjung Bungah and Gurney Drive which front the sea
are being sold at astronomical prices, in some cases beginning with
RM2mil for a 1,000 sq ft unit.
Crowded
skyline: High-rise buildings dot Gurney Drive, which was once a sedate,
low-density area where locals came to relax. — K.T. GOH / The Star
Even
pre-war houses in the inner city for example, in Campbell Street have
been snapped up mostly by non-Penangites, who have turned them into
boutique hotels or simply kept them because of their architectural
beauty. The prices of the houses have rocketed from about RM500,000 in 2007 to approximately RM800,000 today an increase of about 30%.
Raine & Horne Malaysia director Michael Geh
said the increase was among the steepest in the Pulau Tikus, Gurney
Drive, Tanjung Tokong, and Tanjung Bungah residential neighbourhoods,
which experienced a rise of over 25% in prices of condominium units. Other
areas where prices of condominium units and terrace and semi-detached
houses have shot up by at least 25% are Bayan Baru, Sungai Ara, Minden
Heights and Batu Maung.
Source: The Star Online - Thursday June 7, 2012
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