PRICES of properties in Penang’s southwest district have been on the rise for the past five years due to the shortage of land in the northeast district and the anticipated location of the second link in the southern part of the island.
BHL Property Consultants principal Lim Beng Hai said that in Batu Maung, for example, property prices appreciated between 30% and 45% over the last five years.
“Double-storey terrace houses in Batu Maung are now selling at around RM400,000, compared with about RM280,000 in 2001,” he said.
“Properties in Batu Maung fetch better prices because they are closer to the factories and airport,” he added.
In Teluk Kumbar, double-storey terrace houses were priced in the range of RM200,000 to RM260,000 in 2001.
“Now their prices are between RM280,000 and RM350,000, depending on the location and size.
“Over the five-year period, there has been an increase of 25% to 35% for all types of properties in Teluk Kumbar,” he said.
In Balik Pulau, double-storey houses were sold for between RM170,000 and RM200,000 in 2001.
“Today, they are priced from RM250,000, representing a 15% to 25% jump over the five years,” Lim said.
How high property prices in the southwest district surge depends very much on the properties' locations – for example, if the houses are fronting the sea or if they are located within a new township with resort facilities and environment.
PPC International Sdn Bhd director Mark Saw said the newly launched Vanilla Bay properties by Guan Bee Hup Kee Realty Sdn Bhd, comprising 83 units of double-storey terraces, were priced at about RM320,000, 5% higher than properties of a similar type introduced in the earlier part of 2006 because they were fronting the beach.
He said the units in the Vanilla Bay project were now about 60% sold due to their beachfront location and uniquely designed 6m high car porch, which gave the terrace unit a grand facade.
“Another housing scheme which has seen good appreciation is Viva Hill’s project launched at the end of 2005, which comprises semi-detached homes.
“The Viva Hill properties have seen over 10% increase in prices in just under a year due to its proximity to the sea. They are now priced between RM500,000 and RM710,000, compared with the original prices of RM450,000 to RM650,000,” he said.
Saw said the appreciation of the Asia Bina Sdn Bhd properties had been slower because they were not fronting the sea.
“Over the past two years, Asia Bina's terrace properties had risen by about 5%. But now, with the second link being built, we can expect their prices to rise.”
New up-market township schemes such as the nearly RM1bil BOTANICA.CT in Balik Pulau has a positive effect on prices of landed properties located within the project.
Prices in BOTANICA.CT are priced higher than a similar range of properties in other parts of Balik Pulau because of the scheme's resort environment and amenities.
“BOTANICA.CT is planned to accommodate a lifestyle village, an educational institution, a health retreat and spa resort, market, hypermarket, transport terminal and medical centre.
“Because it is a self-contained township with upmarket facilities, the residential units in the scheme are priced between 15% and 20% higher than a similar range of properties launched a year ago in other parts of Balik Pulau,” said MTT Properties and Development executive director Dr Angela Teoh.
A bungalow in BOTANICA.CT is tagged at RM700,000, about 20% higher than similar units launched in other parts of Balik Pulau a year ago.
On double-storey terrace houses, Teoh said MTT was now selling such properties from RM270,000 onwards, compared with about RM230,000 for a similar range launched a year ago in other parts of Balik Pulau.
MTT is developing 1,979 landed and medium-rise residential and commercial units for the BOTANICA.CT project.
“About 70% are landed residential properties, while medium-rise residential and commercial units make up 25% and 5% respectively,” she said.
Teoh said MTT would start the second and third phases of the scheme in 2008, which would see the launch of 640 affordable apartments and 120 units of landed properties.
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