Penang residential overhang mostly in higher-end segment

A high angle shot showing the major floods which hit Datuk Keramat in George Town, Penang. StarPic by :LIM BENG TATT/THE STAR/ 05 Nov 2017

PENANG’S residential overhang is concentrated in the higher-end market with properties priced from RM500,000 onwards in areas like Mount Erskine, Tanjung Tokong, Batu Ferringhi, Sungai Ara and Bayan Baru.

Raine & Horne Malaysia senior partner Michael Geh says the overhang in these locations does not come as a surprise because certain areas in Tanjung Tokong, Batu Ferringhi and Bayan Baru are prone to flooding. Some projects are near hillslopes.