Buying A Property In Penang – How To Make Sure It’s Worth Your Money?
Have you ever found yourself saying “I should have…” over a missed opportunity to buy a property?
There’s a saying that goes “the best time to buy a property in Penang is yesterday”.
If you are scouting around for a good property investment or dreaming of a seafront home on a tropical island, here’s why Penang should be a top contender on your list.
Penang is easily one of the most popular states in Malaysia, with its rich history and strong economic growth. On land-scarce Penang island, it is evident that the demand for quality residential properties has increased over the years.
The price appreciation of Penang properties is on a steady upward trend. In the Penang House Price Index for 2013 to 2017 as published by Penang Institute, the prices for all types of properties have increased steadily in the 5 years of growth tracked.
When you want to sell your property, you can rest assured that you will most likely make a profit, if you’ve invested in the right location and property.
Read on to make sure you don’t discount on these important factors when looking for a Penang property, especially if you are looking to invest in a seafront home.
What to consider before buying a seafront property in Penang?
Know your budget
Do your homework.
Decide on the areas you want to concentrate your search on and the type of property you are looking for.
Identify your price range and survey different banks for your financing options. Calculate the interest rates and your monthly commitments to ensure a worthwhile investment.
When you have decided on what you want, the best time to enter the market is when the right property comes along in the right location.
Choose the right location
A profitable rental or sale for a property relies heavily on its location. Ideally, you would want to make sure your property is within reasonable distance to schools, your workplace, malls, parks, hospitals, petrol stations, or other amenities and conveniences.
You should also choose the kind of neighbourhood you want the property to be located within. Should it be near the city centre? Are you looking for a prime location favoured by expatriates and the professional community, such as the affluent Seri Tanjung Pinang master-planned development, which has been touted to be one of the most sought-after addresses in Penang?
According to data gathered by Brickz, a website tracking transacted sub-sale property prices in Malaysia, while the median price in Penang hovers between RM300 – RM500 per square foot (psf), those in the Tanjong Tokong region and specifically within the Seri Tanjung Pinang township have consistently fetched prices closer to RM1,000 psf.
While properties in Seri Tanjung Pinang are priced between RM1 million to RM3 million, the data shows that these properties have consistently commanded higher prices compared to the properties around Tanjong Tokong area. This could indicate that factors such as the right location and reputation of the developer are key to ensuring a prime seafront property in Penang can hold its value.
A world-class seafront community that joins a list of exemplar internationally-renowned waterfront communities like Australia’s Sovereign Islands and Singapore’s Sentosa Cove, Seri Tanjung Pinang is ideal for property investments, with established amenities like international schools, hospitals, and shopping malls located within a 5km radius.
Currently home for residents from over 20 nationalities, Seri Tanjung Pinang offers its community the best facets of island living.
Choose a top-notch developer
Property investment is among the biggest financial moves you’ll make in your life.
How do you make sure you’re not investing in a project that may be constantly delayed, or worse, cancelled? That is why it’s important to choose a developer with a good track record and a solid portfolio of completed projects.
A major factor that determines the property’s reputation is the developer’s track record.
For those investing in Penang properties, they would be familiar with Eastern & Oriental Bhd (E&O) – a name that is synonymous with premium quality and lifestyle offerings.
The developer had also clinched EdgeProp’s Malaysia’s Best Managed Property Awards 2018 for its landmark project in Penang and is listed as the Top 5 property developers in Penang by The Edge. E&O’s world-class reputation constantly attracts buyers from other countries to invest in their properties. 40% of residents in properties developed by E&O are foreign investors who are spread across 25 nationalities.
Investing in a property developed by a developer with a solid track record ensures you have peace of mind that your investment will continue to grow in the medium to long term.
E&O’s latest project offers a seafront home in an established township
Imagine waking up directly to the sunrise and the sound of waves lapping. How about having breakfast with your family while overlooking a gorgeous expanse of the sea?
E&O’s milestone project, 18 East, Andaman at Quayside, offers the perfect combination of sun, sky, and the stunning sea. Known to be one of the most desirable properties on Penang island, it is located in the strategic northern strip of Penang and boasts lush greenery and a stunning ocean view.
18 East encapsulates the essence of resort-styled, seafront living right at your doorstep. It is a refined, stylish residence on the most prime lot that overlooks the Andaman Sea at the seafront master-planned development of Seri Tanjung Pinang.
It is the only condominium project in Malaysia, if not the region, with a 4.5-acre residents’ waterpark, over 5 acres of greens, a 14,000 square feet clubhouse, complemented by already completed facilities and resort lifestyle for homeowners.
Further adding exclusivity for residents of 18 East, the project has state-of-the-art- security system with a private lobby and concierge. It is sited on an expansive 21-acre prime land, a luxury in land-scarce Penang.
Because it is sited on such a vast area, 18 East can afford to offer extremely generous green spaces over and above the waterpark. With over 5 acres of sprawling greenery and park area, it is a lavish feature that allows residents to enjoy wholesome outdoor recreational activities within their own compound. Rivalling the facilities of many resort hotels, 18 East features a 1.4km jogging and cycling track around its landscaped gardens.
It’s only nine minutes away from the city centre and about 20 minutes from the Penang Bridge.
International schools, medical facilities, fresh markets, malls, along with various local and international eateries are all in the vicinity. The iconic Gurney Drive is just around the corner, while Straits Quay – Penang’s first seafront retail marina – is within walking distance.
Consider these ready-to-move-in features
New projects have a completion period of about three years. Many things can happen in that period of time. If you commit to a project and get a loan, you’ll have to continue servicing that loan even if the project is delayed.
To avoid this, consider ready-to-move-in properties. You can physically view the unit and its amenities before deciding if you want to invest in it.
In the case of 18 East, the stamp of E&O’s distinctive quality is evident within the project, from the solid wood floorings of each unit, to the built-in wardrobe and kitchen appliances, bespoke lightings and bathroom fixtures. The project also features a total of eight layouts and design options with one to three bedrooms configurations – catering for every family’s space and lifestyle needs.
Check out these actual snapshots taken on location at 18 East showcasing the very best of resort living within the city.
18 East by E&O could be the best option for you if you’re looking to invest in an affluent seafront property in a strategic location that provides first-class amenities.