RM2.6 Billion GDV for affordable homes within Penang island

When it comes to Penang properties, those within the island has always been seen more favourably than those in mainland. Most of my Penangite colleagues would favour the island part but according to some friends from the industry, it is changing. Mainland is rising in popularity because of new developments there. For example, it’s connected to the Bayan Lepas Industrial area via the second bridge. The Penang Design Village has also opened for business. As of now however, affordable homes are considered favourable when it is developed within the island. Another huge one is coming up. As per reported in thestar.com.my It is a RM2.6 billion affordable housing project in Paya Terubong on a 113-acre site in the island. The developer is PLB Engineering Bhd.
Paya Terubong is along the same road as the area I once stayed for over 4 years; Relau. My sister-in-law stays there and I have visited her a few times. It’s always hard to find car parks because long time ago when it was being developed, there were not as many cars as there are today. When we do a search for what’s available within Paya Terubong today, the results showed that the area is a mature one. There are new condos, old condos, mid-priced apartments and even flats. Take a look at the image from propertyguru.com.my Thus, I think many of the buyers would be those already staying there today. Those who just got married and wanted to move out of their parents’ home. I think it includes non-Penangites working in Penang today and even couples with a new baby looking to upgrade from their current rented home for example. There are lots of good food and distance wise, it is nearly 10km away from Georgetown. It will however take around 20-40 minutes on most days. (Google Map also confirmed similar durations)
The project is expected to start in mid 2017. On an overall basis, total number of units as per its Group executive chairman Datuk Seri Ong Choo Hoon is 7,658 affordable units priced between RM300,000 and RM390,000. This will be launched over a six-year period. (I think this meant that construction should take 9-10 years to complete assuming everything is sold quickly as soon as they launched). The first launch would be for a total of 1,280 affordable units with a GDV of RM450 million.  In the near future, another 2,000 units of commercial and residential properties would also be developed. As this is under the affordable project, I think an application via Penang state government’s site is necessary. There are many choices too. Happy applying and wishing you success.
written on 31 Jan 2017
Next suggested article:  Penang property outlook 2017 by Ken Lim, penangpropertytalk.com