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

• Here are the average prices of non-landed residential property in Southwest Penang on a per square foot (psf) basis. Based on transactions analysed by TheEdgeProperty.com, the average price was in the 12 months to 1Q2015 RM408 psf, +29.4% y-o-y.
   
• 49.3% of transactions fell in the RM401–RM600 psf range, 24% in the RM201–RM400 psf range and just 5.5% in the RM601–RM800 psf range.
   
• The most expensive projects were in the Bayan Indah enclave in Pantai Jerejak, led by Putra Place (RM660 psf), Gold Coast Resort Condominium (RM575 psf), Villa Emas (RM556 psf) and Putra Marine Resort Condominium (RM533 psf). These upmarket seafront properties were completed between 1999 and 2006 by Techware Enterprise Sdn Bhd and have retained their value due to their location close to the upcoming Penang World City, a RM10 billion mixed-use development by Ivory Properties Group and Tropicana Bhd.
   
• Baystar Condominium, opposite Queensbay Mall, saw the most expensive transaction during the review period, for a 2,239 sq ft unit at RM759 psf.
   
• The mid-end D’Piazza Condominium in Bayan Baru had an average price of RM583 psf.  It is located next to D’Piazza Mall, the Bayan Baru food court and wet market, a hypermarket and numerous shops. In the review period, typical 1,109 sq ft units here transacted between RM580,000– RM668,000.
   
• The least expensive projects were led by Pangsapuri Mayang (RM153 psf) in Bayan Baru, and the flats in Taman Teluk Kumbar (RM163 psf) and Taman Desa Genting (RM167 psf).

Where does Baystar go from here? Check out its price trajectory.

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