Strong demand for property


Jagdeep symbolically presenting a mock key to owners of the I-Santorini affordable homes during the key handover ceremony at the project in Jalan Seri Tanjung Pinang, Tanjung Tokong.

PENANG has seen its highest property transaction so far in three years with RM5.5bil recorded this year, said state housing and local government committee chairman Jagdeep Singh Deo.

“This year, we see an increase in total transaction in the past three years since 2016.

“In 2017, a total of 12,090 units of properties were transacted at RM5.41bil, followed by 12,551 units transacted at RM5.47bil last year.

“Up to December this year, we have seen a transaction of 12,936 units worth RM5.5bil,” he told reporters during a press conference recently.

Jagdeep said the average three percent increase of units transacted was a testament that Penang is the top for property investment.

He added that the number of unsold properties, called overhang, in Penang has dropped between the second quarter of last year and this year.

“Penang had 3,958 unsold properties last year, but it has dropped to 3,929 this year,” he said.

On the number of affordable housing, Jagdeep said Penang continues to strive for 180,000 units by 2030.

“We now have about 102,000 units of affordable housing.

“About one third of them are collaborations with the private sector,” he said.

Earlier, Jagdeep handed over keys to the new homeowners of I-Santorini Tower A and B at Seri Tanjung Pinang, Tanjung Tokong, which comprises 1,320 units of affordable homes.

The I-Santorini master plan covers an area of 4ha featuring three towers in blue hues that house 2,155 units in total.

All units have a standard built-up area of 850sq ft with three bedrooms and two bathrooms, each priced from RM300,000.
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