PROPERTY SNAPSHOT 2: What’s affordable in Mainland Penang?

•    With the abundance of space on the mainland, property prices remain affordable. The condominiums offered here are less prestigious than on the island, with many preferring to own landed property.

•    Based on TheEdgeProperty.com’s analysis of transactions in the 12 months to 1Q2015, the average transacted price per square foot (psf) for strata residences was RM192 psf in 1Q2015, with an average transacted unit price of about RM157,000.

•    In the same period, the majority of transactions (34.8%) fell within the RM100,001 – RM200,000 price range. About 97.3% of all transactions occurred below the RM400,000 level.

•    Buyers can find plenty of affordable choices in the mainland, especially with the upcoming Hijau E-Komuniti affordable housing scheme project by the Penang State Government. Located at Batu Kawan, it aims to supply 11,800 units at a maximum price of RM400,000 each.

•    The most expensive projects are Sea View Tower and Ocean View Residences, with an average unit price of RM433,000 and RM413,000, respectively. Both are part of the Harbour Place project in Butterworth.

•    With an average unit price at about RM377,000, Seri Jaya Condominium in Bukit Mertajam is among the most expensive strata properties on the mainland. The most expensive unit sold here in the review period was for a 2,013 sq ft unit for RM610,000, or RM303 psf, in December 2014.

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The Analytics are based on the data available at the date of publication and may be subject to further revision as and when more data becomes available.