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PENANG REAL ESTATE MARKET Opportunities Despite Weak Sentiments… PENANG REAL ESTATE MARKET Opportunities despite weak sentiments…. Research Report @ Q2 2016. For internal circulation only Malaysia’s economy grew at slower pace Penang continues to be the hot spot for Malaysia has a population of 31.7 million people property investment in 2016 with annual growth rate of 1.5%. Penang’s population stood at 1,663,000 as at 2015 with North-East District on Penang Island Gross Domestic Product (GDP) in Q2 2016 record- being the highest population density followed by ed a growth of 4%. This was contributed by the Central Seberang Perai District. The population in resilient growth in services, manufacturing and the North-East District grew at an average rate of 1.4% every year with the South Seberang Perai construction sectors. However, the sluggish District being the least dense. growth in agriculture affects the overall econom- ic performance for this quarter. Public and private investments in oil and gas were reported to fall substantially. Wage growth is stable with non-performing loan reported to be falling. Unemployment rate was 3.5% as at June 2016. As at June 2016, Consumer Price Index (CPI) in- creased by 1.6% to 114.8 compared to 113.0 in the same month last year. Source : Department of Statistics, Malaysia Penang continues to be the top hotspot of property growth and investment, other than Iskandar and Klang Valley. Penang is well-placed geographically in the Indonesia-Malaysia- Thailand Growth Triangle and the Bay of Bengal and Penang has always been a choice destination for property investment. Source : Department of Statistic, Malaysia Source : InvestPenang/Penang Institute Copyright reserved @ Henry Butcher Malaysia Penang 1 PENANG REAL ESTATE MARKET Opportunities despite weak sentiments... Research Report @ Q2 2016. For internal circulation only Penang’s economy remain resilient The tourism industry which include traditional Manufacturing remains the core contributor of and medical tourism continues to contribute to the Gross Domestic Product (GDP) growth, fol- the stable economy growth for Penang. lowed by services. Penang is still very much con- nected to Malaysia’s overall economy health and Penang, a must-see destination in 2016 it was forecasted that Malaysia will experience a In October 2015, an American newspaper pub- lower GDP growth in 2016. This will thus have an lisher has listed Penang Island as one of “must- impact on Penang’s growth this year. see’ destinations in 2016. The 16 destination list in the travel section of the Los Angeles However, Penang’s economy is expected to con- Times described the George Town Unesco World tinue to be resilient as the job market remains Heritage Site as a "500-year-old history of trad- healthy with unemployment rate at 1.6% in ing and a hotel boom in progress." This news is 2015. indeed encouraging. Penang is expecting more tourists this year compared to 6.3 million of In 2016, Penang recorded the highest Foreign tourists arrivals recorded last year. Direct Investments of RM4.5 Billion compared to Indonesia formed the largest numbers of visitors other states. This contributed to 20% of the total with 39.3% out of the total international visitors FDI in Malaysia. Penang’s future success is to to Penang followed by Singapore and China. seek convergence between manufacturing and services sectors so that it will be less dependent on Electronic & Electrical sector. Penang’s services sector see the emerging eco- nomic activities of creative multimedia and glob- al business services. In October 2015, Penang launched Penang Accelerator for Creative, Ana- lytics & Technology (@CAT) in 2015 to promote creative & technology start-up entrepreneurship. Copyright reserved @ Henry Butcher Malaysia Penang 2 PENANG REAL ESTATE MARKET Opportunities despite weak sentiments…. Research Report @ Q2 2016. For internal circulation only Highlights of Budget 2016 - Revision on March to 31 December 2016, subject to specific Properties conditions for a period of stay not exceeding 15 days. First Time Home Buyers Only For new housing projects, houses priced below Latest Developments in Penang RM300,000 shall be limited to first time home buyers only. First Home Financing Scheme (MyDeposit) To help the middle 40% income bracket with household incomes of between RM3,000 and RM10,000 (M40). It involves a contribution of 10% of the sale price or a maximum of RM30,000, whichever is lower, to first-time house buyers to help them buy a house not The Gurney Wharf or “Park On The Sea” more than RM500,000. Gurney Wharf was first unveiled on the 23 Febru- ary 2016 with the view to obtain feedback from the public. Once complete, it will become an icon- Public Housing ic waterfront destination for Penang. For the public housing project involving houses The seafront Gurney Drive will be reclaimed and that cost RM35,000, the government will offer, through Bank Simpanan Negara and Bank turned into a public park which will comprise of Rakyat, a financing package at a rate of 4 per seaside retail food & beverage, water gardens, a cent for more than 10,000 homeowners starting man-made 400 metres of sandy beach and a 1 March 2016. coastal grove. More than 100,000 housing units will be offered Spanning over 131 acres, the reclamation work in the government’s integrated house ownership will be undertaken by Tanjung Pinang Develop- programme. ment Sdn. Bhd. (TPD), a subsidiary of Eastern & Oriental Berhad (E&O). Visa Free for China The reclamation cost of Seri Tanjung Pinang Phase 2A which includes 131 acres of the Gurney The implementation of eVisa to several coun- Wharf is estimated at RM1.07 billion. Upon com- tries have been identified to facilitate the entry pletion, Gurney Wharf becomes the property of of tourists. the State Government. Tourists from China do not require a visa to visit Malaysia or Visa Free, commencing from 1 Copyright reserved @ Henry Butcher Malaysia Penang 3 PENANG REAL ESTATE MARKET Opportunities despite weak sentiments…. Research Report @ Q2 2016. For internal circulation only There will be two underpasses : The length of the new promenade is approxi- from Jalan Pemenang to park area (100 m); mately 1.5km. The park area will be completed to promenade (230 m) in mid-2018 whilst the seafront retail food & beverage will be ready by 2020. from Jalan Burmah to park area (100 m); to promenade (140 m) While the reclamation work is in progress, the existing Gurney Drive is still accessible and has The reclamation work is expected to be complet- now been installed with anti-climb mesh fencing ed in the first quarter of 2017 which include 8 to measuring 2 km. This fencing is expected to re- 10 months of land reclamation and 6 to 8 months main until the whole project completes. of soil treatment and settlement. Copyright reserved @ Henry Butcher Malaysia Penang 4 PENANG REAL ESTATE MARKET Opportunities despite weak sentiments…. Research Report @ Q2 2016. For internal circulation only Penang Transport Master Plan PTMP will be financed by the sale of the reclaimed islands in the southern coast of Penang Island. Under the Penang Transport Master Plan, SRS Major works will commence in 2017 with the Consortium, the appointed delivery partner will Bayan Lepas LRT and Pan island Link 1 being the be reclaiming 1,497 hectares of land, of which priority projects. 290 hectares will be for industrial development. Heritage sites in the inner city of George Town will SRS Consortium, a joint venture with Gamuda not be affected as the LRT and future transit lines holds 60%, with Ideal Property Development Sdn. will be aligned around the perimeter of the herit- Bhd. and Loh Phoy Yen Holdings Sdn. Bhd. hold- age site and buffer zone. The tram will be on the ing 20% each. ground level. PTMP envisioned to change the transportation Some properties may be affected by the construc- and housing landscape in Penang, in terms of up- tion and may be acquired to give way for the pro- grading transport system and improve connectiv- ject. The State Government will study and identify ity and accessibility as well as reduce traffic con- the affected lots and work closely with property gestions. owners and tenants. The RM27billion PTMP will comprise a network There will also be expansion to the airport’s main of public transport, highways and roads that will terminal, training centre and multi-storey car park. be integrated with various modes of existing transport to serve the future population and sup- Penang will continue to enjoy toll-free access to port the economic growth of Penang. the highway and aims to improve the integration of the existing and future infrastructure and Table 1 Penang Island and Seberang Perai developments. Source : pgmasterplan.penang.gov.my Proposed Lines PENANG ISLAND Length No. of SEBERANG PERAI PROPOSED LINES Length No. of Station PROPOSED LINES (km) Station (km) Bayan Lepas LRT 30 27 George Town (The Light) - Butterworth Penang Sen- 18 8 tral - Sg Nyiur LRT Ayer Itam Monorial 13 13 Raja Uda - Sg Nyiur - Bkt Mertajam - Permatang Ting- 28 21 gi Monorial Extension northwards to Kepala Batas 13 10 Tanjung Tokong Monorial 7 8 Permatang Tinggi - Batu Kawan 14 15 Extension northwards to Bkt Tengah - Seberang Jaya 15 16 Extension southwards to Nibong Tebal 11 6 Tram 2 6 Total 99 76 Total 52 54 Grand total 151 130 Copyright reserved @ Henry Butcher Malaysia Penang 5 PENANG REAL ESTATE MARKET Opportunities despite weak sentiments... Research Report @ Q2 2016. For internal circulation only How did the property market perform? The residential market continued to be the most active sub-sector during 2015 capturing 71% of Property prices in Penang remained stable despite the total volume of property transactions, an the drop of total value of transaction which rec- increase from 68% registered in 2014.
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