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

• We continue our focus on Northeast Penang by looking at average prices on a per square foot (psf) basis. Based on transactions analysed by theedgeproperty.com, the average price of condominiums in the area was RM432 psf in 1Q2015, up 18.7% y-o-y.
   
• The general market is concentrated in the RM401–RM600 psf range; 38.7% of transactions in the 12 months to 3Q2014, 38.7% fell into this range, while 28.2% fell into the RM201–RM400 psf range. Only 0.9%, or 27 transactions, were for properties priced over RM1,000 psf.
   
• The most expensive projects were the newest, led by Quayside Seafront Resort Condominiums (RM979 psf) and Suites at Straits Quay (RM906 psf) which are part of the Seri Tanjung Pinang township developed by Eastern and Oriental Bhd. Both are located on the waterfront, and offer expansive sea views. The Suites@Straits Quay has the added convenience of being located atop Straits Quay mall.
   
• Elsewhere, The Light Collection II (RM949 psf) and The Light Point (RM851 psf) are part of The Light Waterfront mixed-use development by IJM Land Bhd. The former is a low-rise, pier-like waterfront project. The Light Point is a 28-storey tower set back from the shore. A studio at The Light Collection II is priced at RM1,293 psf.
   
• The cheapest projects are Rifle Range flats in Ayer Itam (RM84 psf), Bukit Saujana Flats (RM99 psf), Taman Terubong Indah Flats (RM104 psf), Taman Paya Terubong Flats (RM105 psf) and Sun Moon City (RM117 psf) clustered at the end of Jalan Paya Terubong in the hills.

Waterfront properties are starting to command eye-bulging record prices. Tap here to see some.

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.