PROPERTY SNAPSHOT 3: What are prices like in Mainland Penang?

• Here are the average prices for non-landed residential property in Mainland Penang on a per square foot (psf) basis. Based on transactions analysed by TheEdgeProperty.com, the average price of apartments and condominiums was RM192 psf in 1Q2015, +23.4% y-o-y.
   
• The strata market here remains very affordable due to low land prices, as well as a preference for landed homes. In the 12 months to 1Q2015, 65.7% of transactions fell under the RM200 psf level, and 32.9% in the RM201–RM 400 psf range.
   
• The most costly condominiums were Ocean View Residences (RM410 psf) and Wellesley Residences (RM360 psf), both part of the Harbour Place mixed-use development by PJ Development Holdings Bhd.
   
• Palma Laguna (RM316 psf) and Pinang Laguna (RM306 psf) are similar, neighbouring projects, Palma Laguna being slightly newer. They were developed by Island LandCap Properties Group and are located in Seberang Jaya, close to the Penang Bridge.
   
• These condominiums were built around the Laguna Water Park, to which residents enjoy access and is under construction. The average transacted unit price of both projects is under RM310,000, and typical units are between 936 and 1,098 sq ft, making them affordable options for families.
   
• The least expensive projects are the older flats, led by the Taman Permata Flats (RM60 psf), Taman Bukit Minyak Indah Flats (RM63 psf) and the Taman Machang Bubok Flats (RM65 psf). 

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