While local property prices continue to reach new heights, many savvy investors are shifting their attention to emerging markets that promise stronger growth potentials and yield better returns. Known as the “Silicon Valley of the East”, Penang boasts a mature economy within the region with a continuous influx of multinational companies. Currently, over 300 multinationals have chosen to operate manufacturing and biotechnology facilities in Penang including Dell, Sony, Intel and more. Penang’s growth prospects are bright, supported by upcoming large-scale infrastructure developments, notably the 27 billion Ringgit (HK$49.11 billion) Penang Transportation Master Plan.
Those who regard Malaysia as their second home cite its favorable weather and quality but inexpensive living standards as major reasons for investing in a second home. Penang’s traits also strike a chord with Hong Kong buyers. After all, Hong Kong and Penang were both former colonies of Britain and share a common historical heritage. George Town, the city center, was conferred the title of UNESCO World Heritage Site with a great resemblance to colonial Hong Kong. Foreign investment is also very much welcome in Penang with the “Malaysia My Second Home” residence programme.
Theresa Fok, Founder and Managing Director of Jade Land Properties, reveals that steady economic growth in Malaysia is elevating thereal estate market of Penang. “Compared to mature markets such as Australia or the US, Penang’s properties have registered a relatively higher 7 to 10% capital appreciation per annum over the past 5 years” she says.
“Similar to Hong Kong Island, land on Penang Island is scarce and both locals and expatriates are property-buying for self-use, rental yield, holiday homes and investment purposes. Given the supply of expansive condominiums is low, the higher-end property market inPenang is poised for steady appreciation over the next three to five years” said Lily Tan, Executive Director of Hunza Properties Group, a multi-award winning property developer in Malaysia. With the exchange rate for the Malaysian Ringgit at an attractive 1 MYR to 1.86 HKD, this is surely a golden opportunity for investors looking to diversify their property holdings overseas.
Introducing Alila2, a high-end freehold residential development in the city’s prestigious district of Tanjung Bungah. Located in this exclusive area of Penang, Alila2 occupies 9.8 acres with 47% reserved for common green areas; an impressive feat for any prime real development. Only a ten-minute shuttle bus ride to Gurney Paragon Mall in the city centre, Alila2 is favoured by investors and wealthy locals alike for its vicinity to an abundance of international schools, medical facilities, retail outlets and dining choices.
In addition to the luxuries and amenities of a modern resort-inspired condominium, purchasing a unit comes with a renovation and furnishing package, at least two parking spaces and storage locker as well as a shuttle service to the Gurney Paragon Mall in the city center. The development is completed. Apartments come fully furnished and in move-in condition.
Address: Lebuh Lembah Permai 1, 11200 Tanjung Bungah, Pulau Pinang, Malaysia
Number of flats: 270
Size: 1,905 – 5,789 sq. ft.
Layout: 3- to 5-bedrooms
Developer: NILAI ARIF SDN BHD
Inquiry: 2869 6683