Affordable Penang Properties – where are they?

Many people have interest in buying affordable properties. If I have just started working not too long ago, I would definitely register myself. After all, if there are affordable properties which are good enough for stay, why not? Property is a compulsory item in my list and I would not want to rent unless the property prices are really beyond my reach. As of now, Penang rental however is nowhere near the S$700 for the smallest room in a HDB flat in Singapore. For RM700, you can easily rent an apartment in Penang, furnished some more. There has also been complaints that Penang has very few affordable properties. I do not agree but today, the article is just to tell you where the future affordable properties are. Please refer to the chart below by NAPIC and compiled and presented by Mr. Michael Geh, Senior Partner of Raine & Horne.
affordableThe confirmed ones are in Jalan SP Chelliah (most famous and talked about). In Bandar Cassia, Batu Kawan. (with the second bridge, I think this may yet be a good choice). The last one is in Teluk Kumbar. Some may now say that it’s too high density, it’s not in an area I like etc. Allow me to remind you that it is never easy to build an affordable home. Reason being, if YOU are the owner of a piece of land in an amazing location, would YOU sell that piece of land to the state government so that they can build homes for the poor? Yes, YOU should answer.
Secondly would be the construction costs. If YOU are the contractor, would you choose to build for the state government’s project which will give you small margin or would you build for a developer who is building a condominium project and will give you higher margins? Note that there are always unlimited wants but limited resources. It is very tough to decide right?
However, there is one thing in Penang’s favour. The state is a small state, thus, even Teluk Kumbar is not at all far especially if you are working in Bayan Lepas, Bayan Baru or even up till Georgetown. Secondly, when more and more people move into the newer areas, more infrastructure, more schools and even bigger departmental stores would be built, thus ensuring the area would become more vibrant in the future. It would not take too long and anyone buying affordable properties would have to hold on to the property for a minimum of 10 years anyway.
Do buy one, stay there and work hard to upgrade to an even bigger property in the future. If Penangites can be like Singaporeans, even flats can be clean and pleasant to stay. Just visit your friends in Singapore who most probably would be staying in a HDB flat. There are greenery and very little rubbish strewn everywhere.
written on 15 Jan 2014
Next suggested article: Affordability, Availability versus Salary
Alternatively read about other Penang Property Articles


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