Mainland Penang’s new growth corridor
The recent opening of the Jusco Seberang Perai City in Bandar Perda, Seberang Perai adds the latest foray of a new shopping mall to the highly competitive retail sector in Penang. The RM450 million Jusco Seberang Perai City, boasts a total floor area of 2.28 million square feet built on a 19 acre site with more than 3,000 car parks, is the 2nd Penang outlet by AEON after the successful opening of its first Penang outlet at Queensbay Mall in December 2006.
A growing hotspot in central Seberang Perai
The development gravity is gradually shifting from Butterworth-Perai area towards Jalan Baru-Bukit Tengah-Bukit Mertajam as more lands are make available and earmarked for new housing developments including the partially developed mixed development project of 456-acre Bandar Perda township. Several government bodies such as Local government headoffice of MPSP, District Police headoffice, Bomba and Inland Revenue Department have already relocated to Bandar Perda. Central Seberang Perai is poised to be the upcoming conurbation of mainland Penang.
According to the Property Market Report 2007, Central Seberang Perai (Daerah Seberang Perai Tengah) has the most numbers of newly launched housing units totalling 605 compared to 544 units of North Seberang Perai(Daerah Seberang Perai Utara), indicating that more housing developments are taking place in central Seberang Perai.
Notable upcoming residential schemes being launched within the Jalan Baru-Bukit Tengah- Bukit Mertajam growth corridor area include Uda Land’s Taman Pauh Jaya along Jalan Baru, Taman Aman By PPH Group and AMDB Berhad’s Bayu Mutiara in Bukit Tengah area, Parklane Residence and Aston Villa, a RM88 million mixed development project by Ivory Properties Group.
In recent years, selling prices of newly launched housing units in this growing hotspot area of Central Seberang Perai have noticeably fast catching up and match the pricing levels of those similar houses in more established locations of Butterworth- Mak Mandin-Raja Uda area.
Market Prices for conventional double-storey terraced houses in the secondary market for established housing schemes in the vicinity of Bukit Mertajam – Bukit Tengah area namely Taman Gemilang Ria, Taman Jambu Madu, Bayu Mutiara, Desa Palma, Taman Jernih, Saujana Permai, Bandar Perda have crossed to a new price benchmark level of RM250,000.00 to RM300,000.00. However, if you are looking for similar double-storey terraced houses costing below RM200,000.00 per unit, you still have the choice whereby these houses are located in the secondary locations of Bukit Mertajam namely Alma, Juru, Macang Bubuk and Permatang Tinggi area.
Market rental ranges from RM700 to RM1,000 permonth (unfurnished) for a standard 2-storey terraced house in choice locations in central Seberang Perai and those located in secondary locations, the rental rates are in the range of RM500 to RM650 permonth.
The latest trend in the market is that more higher end luxury terraced houses are being launched, these new 2.5 storey to 3 storey terraced houses comes with bigger built up area and better design and services are being priced at new ceiling prices of RM300,000.00 to RM420,000 per unit. Similarly, more higher end with luxury design 2-3 storey semi-detached houses and bungalow are being released to the market with new record pricing ranges from RM600,000.00 to RM1.2 million per unit.
For advisory on individual property investments, purchases and rentals of Penang Properties, email to us at Izrin & Tan Properties Sdn. Bhd. or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.