{"id":18136,"date":"2016-06-30T14:09:11","date_gmt":"2016-06-30T07:09:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-malaysias-property-slump-things-are-looking-up-in-penang\/"},"modified":"2016-06-30T14:11:16","modified_gmt":"2016-06-30T07:11:16","slug":"despite-malaysias-property-slump-things-are-looking-up-in-penang","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/despite-malaysias-property-slump-things-are-looking-up-in-penang\/","title":{"rendered":"Despite Malaysia\u2019s property slump, things are looking up in Penang"},"content":{"rendered":"<p>&#013;<br \/>\nThe Malaysian state\u2019s skyline is shifting<br \/>\nView from Penang Hill. Image credit: Jan (Flickr)<br \/>\nWhile the rest of Malaysia languishes in a lethargic property market, business is looking comparatively brisk in Penang, and its skyline is about to get more crowded.<br \/>\nHigh-rises and skyscrapers are in various stages of development around the Malaysian state. Some are set to sprout around the proposed Bayan Lepas Light Rail Transit, which will ultimately connect George Town, the capital, to a 1,800-hectare reclamation area covering three islands.<br \/>\nAlready, real estate players in the Malaysian Chamber of Commerce \u2013 Hong Kong and Macau are exploring their prospects in light of the upcoming LRT project, Penang\u2019s first.<br \/>\nOthers have made a headstart into a lucrative residential market. According to The Star, Mah Sing Group Bhd\u2019s Penang properties accounted for 1 percent or MYR26 million (USD6.4 million) of the company\u2019s total 2015 sales.<br \/>\nIvory Properties Group is overseeing MYR1.8 billion (USD443 million) in Penang developments this year.<br \/>\nMore: 4 things to know about the current state of Malaysian real estate<br \/>\nOne of their projects, The City Residence, will give rise to two 39-storey buildings upon its 2017 completion within the vicinity of a proposed undersea tunnel. Another project, The Wave, will tower 32 storeys high above a planned LRT route.<br \/>\nBoth projects are expected to net the company MYR40 million (USD9.8 million) and MYR90 million (USD22.1 million) by the end of the fiscal year, respectively, The Star reported.<br \/>\nLast year, Ivory Properties\u2019 43-storey development The Latitude won its second consecutive South East Asia Property Award for Highly Commended Mid-Range Condo Development in North Malaysia.<br \/>\nHere are all the winners from South East Asia Property Awards (Malaysia) 2015<\/p>\n<p>SEAPA Malaysia<\/p>\n<p>Yet another project, Tropicana Bay Residences, also bagged the Highly Commended award for North Malaysia\u2019s Best Luxury Condo Development.<br \/>\nOther ambitious high-rises due to dot the Penang horizon include IJM Land Bhd\u2019s The Waterside Residence (33 storeys) and Mah Sing Group\u2019s Southbay Plaza (30 storeys).<br \/>\nThe South East Asia Property Awards will be back on its third year in Malaysia at the InterContinental Hotel in Kuala Lumpur in August.<br \/>\nRead next: Inside Malaysia\u2019s efforts to weather a lethargic property market&#013;<br \/>\n&#013;<br \/>\nSource : property-report.com&#013;<br \/>\nRead more&#8230;<a href=\"http:\/\/www.property-report.com\/despite-malaysias-property-slump-things-are-looking-up-in-penang\/\" target=\"_blank\">Despite Malaysia\u2019s property slump, things are looking up in Penang<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; The Malaysian state\u2019s skyline is shifting View from Penang Hill. Image credit: Jan (Flickr) While&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-18136","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-4Iw","jetpack-related-posts":[{"id":41552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-property-projects-worth-us2-5-billion-on-hold\/","url_meta":{"origin":18136,"position":0},"title":"Malaysian property projects worth US$2.5 billion on hold","date":"January 23, 2017","format":false,"excerpt":"\r By Sangeetha Amarthalingam The Business Processing Outsourcing Prime (BPO Prime) and Penang International Technology Park (PITP) projects worth a combined RM11.3 billion (US$2.5 billion), which involve the Penang Development Corp (PDC) and Singapore\u2019s Temasek Holdings Private Ltd, have been deferred due to current property market conditions. The BPO Prime\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-malaysian-history\/","url_meta":{"origin":18136,"position":1},"title":"For sale: Malaysian history","date":"November 17, 2016","format":false,"excerpt":"\r Restoring heritage properties isn\u2019t worth it to some Malaysians A mural in the old quarter of George Town in Malaysia. Lev Levin \/ Shutterstock.com More heritage home owners are selling their properties in Penang, and it\u2019s not just because of beguiling offers from foreign buyers. Layers of bureaucracy, combined\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112890,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-buyers-fall-in-love-with-malaysias-penang-and-stars-like-aaron-kwok-agree\/","url_meta":{"origin":18136,"position":2},"title":"Hong Kong property buyers fall in love with Malaysia\u2019s Penang and stars like Aaron Kwok agree","date":"December 5, 2019","format":false,"excerpt":"\r Hong Kong house buyers are looking around the Malaysian state of Penang, attracted by lower prices, regular flights and cheaper cost of living. And they\u2019re not alone: several Hong Kong celebrities have already made the move.\u201cHong Kong people buying properties in Penang is not something new. But the number\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33446,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/these-secondary-malaysian-markets-buck-the-property-slump\/","url_meta":{"origin":18136,"position":3},"title":"These secondary Malaysian markets buck the property slump","date":"November 8, 2016","format":false,"excerpt":"\r More transactions than the primary market Despite a dip in overall transactions, the secondary market in Penang and Johor remained strong this year with a steady number of transactions, reported The Star. During the first six months of 2016, the secondary market registered 5,658 transactions valued at RM2.17 billion\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27379,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-a-dilapidated-penang-shophouse-became-a-dream-second-home\/","url_meta":{"origin":18136,"position":4},"title":"How a dilapidated Penang shophouse became a dream second home","date":"September 27, 2016","format":false,"excerpt":"\r Psychotherapist Liz McIlhagger created her ideal eco-sanctuary in the most surprising of places Not many investors searching for a home on the northern shore of Penang Island would recognise the potential in a neglected mid-1980s shop house wedged in a row of equally uninspiring commercial and industrial three-storey buildings.\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18832,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-happens-now-to-malaysian-property-investments-in-london-after-brexit\/","url_meta":{"origin":18136,"position":5},"title":"What happens now to Malaysian property investments in London after Brexit?","date":"July 6, 2016","format":false,"excerpt":"\r No turning back for the UK\u2019s Malaysian investors London\u2019s iconic Battersea Power Station. Image credit: August Brill (Flickr) Malaysian real estate players are confident they won\u2019t be losing out as a result of the UK\u2019s Brexit vote, despite widespread caution as a result of the devaluation of the pound.\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/18136"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=18136"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/18136\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=18136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=18136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=18136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}