Why You Should Consider Property Investment In Penang

This article will introduce about the history, development, potential growth of Penang, and tell the reader why you should consider property investment in Penang.

About Penang

View of Georgetown, Penang

Penang is ranked as the second smallest state among the 13th states of Malaysia and is most developed state the northern region of Malaysia. Penang is one of the progressive, dynamic and competitive state in Malaysia. In 2008, George town in Penang was inscribed as Unesco World Heritage Site. Penang’s old charm draws from many of it historical buildings which further enhanced Penang as a preferred destination for tourists.

Scarce land city

Penang island has undergo a huge transformation in the past 10 years where the rural or even the forest has been replaced by new condominium. Penang nowadays is different from Penang Island of a decade ago because the land that can be developed into residential and commercial properties on the island is fast depleting. In the past, although the land was scarce, there was still a lot of land on the eastern side of Penang island can be developed. Nowadays, most of the land has been used. High rises condominium are being developed in hilly places including Paya Terubong, Mount Erskine and Bayan Lepas. The thirst for housing has even clawed to Balik Pulau.

Bayan Lepas Industrial Area

Penang has grown from over 40 years of industrial experience and it’s manufacturing success has famed Penang as “The Silicon Valley of The East”. The present of multinationals companies (MNCs) like Intel Microelectronics, Advanced Micro Devices, Agilent Technologies (formerly Hewlett Packard), Renesas (formerly Hitachi), Fairchild Semiconductor (formerly N S Electronics), Clarion, Osram (formerly Litronix) and Robert Bosch, the pioneers in Free Industrial Zones will choose to remain and continue to expand their businesses in Penang.

Penang is moving fast pace to another level of achievement in the shared services outsourcing (SSO) industry. By envisioning the great potential of the SSO, the Penang State Government industry launched the Business Process Outsourcing-Information Technology Outsourcing (BPO-ITO) Hub in Bayan Lepas to attract global leaders in the SSO Industry to locate in Penang. The fitst kind of IT-BPO Hub in Bayan Lepas to be established in Malaysia is a milestone achievement for Penang.

Penang aspires to enhance its international and intelligent city status . By leveraging on its highly innovative and sophisticated manufacturing and services sectors, Penang aspires to enhance its international and intelligent city status that benchmark to international standards.

Medical tourism

Medical Tourism

Armed with well-trained doctors, nurses and highly-qualified specialists, both private and public hospitals in Penang offers a wide range of healthcare services. It includes medical and surgical treatments in the likes of cardiology and cadiovascular surgery, oncology, ear, nose and throat, ophhalmology, orthopaedics and rheumatology, ephrology and urologyobstetrics and gynaecology, plastic and reconstructive restoration as well as gastroenterology. Plastic, cosmetic and aesthetic restoration are also part of the available treatments available.
Aside from healthcare services and affordable treatment costs, medical tourists visiting Penang will find this place is perfect for rejuvenation and convalescence. Attractions like Penang Botanic Gardens and Penang Hill offer walking trails, vigorous treks, and bracing fresh air.
Numerous resorts offering reflexology, spas, yoga and meditation, as well as vegetarian and organic restaurants, are scattered around the island, which cater to both locals and visitors interested in wellness.

Infrastructure development

Penang Transport Master Plan (PTMP)

Penang state government announced for Penang Transport Master Plan (PTMP), a comprehensive plan to improve transportation within the entire State of Penang. The plan is expected to cost RM27 billion (US$6.65 billion), envisages more alternative transportation modes to combat worsening traffic congestion across the state, such as monorail lines, Light Rail Transit (LRT), a cable car line and an undersea tunnel links George Town with the town of Butterworth on mainland Malay Peninsula.
A joint venture between Gamuda Bhd, Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, SRS Consortium is announced as the Project Delivery Partner for the Penang Transport Master Plan (PTMP) and the South Reclamation Scheme (SRS).

Great Opportunity for Property Investment In Penang

Scarce land island city offers a great property investment in Penang as the land used for development is limited, resulting property capital appreciation in long term. The presence of multinationals companies (MNCs) in Bayan Lepas area creates a lot of high skills jobs in Penang, which increase the demand of properties in Penang.
If you plan to flip the Penang island property market, you may lose the game. On the other hand, if you buy a property for the long-term growth of your asset, you will earn profit from the investment. Get a real estate agent that provide you the right knowledge for property investment in Penang.

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