Jump to content
House Price Crash Forum
Sign in to follow this  
getdoon_weebobby

Penang - Anyone Know Anything About It?

Recommended Posts

im interested in malaysia as i think it will shine in future years as we go into oblivion back in blighty.

anyone familiar with region/property ?

property looks good value. ive a friend or 2 in malaysia that are saying good things.

Edited by getdoon_weebobby

Share this post


Link to post
Share on other sites

I have been looking at icproperty.com.my for rentals as I might fancy staying in Malaysia for a bit. I noticed a lot of appartments and houses for rent. I think there is definately some over capacity out there. Also yields compared to purchase price looked to be at about 5%.

I have seen some pretty nice resort style developments in which I can rent for £500 a three bedroom home with communal tennis courts, playgrounds & swimming pools. Al not for from the beach.

Some parts of Malaysia still have massive overcapacity from the 1997 asia crisis. 2 bedroom apartments going for £15K.

This is what global property guide has to say.

http://www.globalpropertyguide.com/Asia/Malaysia

Good luck.

Share this post


Link to post
Share on other sites
I have been looking at icproperty.com.my for rentals as I might fancy staying in Malaysia for a bit. I noticed a lot of appartments and houses for rent. I think there is definately some over capacity out there. Also yields compared to purchase price looked to be at about 5%.

I have seen some pretty nice resort style developments in which I can rent for £500 a three bedroom home with communal tennis courts, playgrounds & swimming pools. Al not for from the beach.

Some parts of Malaysia still have massive overcapacity from the 1997 asia crisis. 2 bedroom apartments going for £15K.

This is what global property guide has to say.

http://www.globalpropertyguide.com/Asia/Malaysia

Good luck.

thanks i will do. much appreciated. let me know how you get on

regards

weebobby

Share this post


Link to post
Share on other sites

WE will visit next month.

I believe the market is overbuilt

Georgetown doesn't have a lot going for it.

Batu Ferringhi is quite nice with a lot of new development springing up. The beach isn't anything special but like most of Malaysia its got a good feel to it. The people are really nice.

I reckon yields must be pretty low as property prices seem quite high. Think a 2 bed flat is around £120k or so. Not the bargin it once must have been but a decent enough place to retire to or to base yourself in Asia.

Edited by ringledman

Share this post


Link to post
Share on other sites

I just went for 5 days to Penang and I can tell you not my ideal destination. I liked Georgetown for it multi culturalism and food but it is not a city to live in.

The island is 24 by 14 Km and has a population of 800,000. As it is hilly and there are still some tropical parts there is not much land available. The result is a lot of high rise buildings. The buildings can be huge ugly council type flats to provide low cost living for the locals. Plus there are your high rise condos that go from small 1-2 bedroom flats all the way to super 6000 sqft condos (1 condo per floor). The only nice stretch of beach is Batu Ferringhi and it is full of high rises. Other water front stretches, Gurney drive, Tanjuh Bunga also have massive amounts of high rises. At night I noticed very few lights on in these buildings. Building is happening everywhere on the island. It has all the looks if being overbuilt.

I did some research and Penang is experiencing a massive speculative boom. Down payments on offplan is 1% and the gains are tax free. Yields on property are now below 5% and stories are abound of owners waiting 2 years to get a tenant for the property.

Also Penang lacks public transport other than the buses. The result is loads of cars and chaos on the roads. I went to the Queensbay mall, the largest on the island on a saturday and cars were stuck for 30-40 minutes dropping people off and picking them up.

I would not invest in Penang as it has the signs of being overbuilt. As a destination to rent I find it too "ugly" to stay there plus I have come to the conclusion I do not like heat combined with humidity (all year long in Penang).

Share this post


Link to post
Share on other sites

plus I have come to the conclusion I do not like heat combined with humidity (all year long in Penang).

Exactly that same conclusion you may discover in Singapore. Others may leave the place for other reasons not being aware of it that that is the true reason.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.