ASEAN KEY DESTINATIONS
Penang property developer seeks Brunei investors for luxury condos
A PENANG Property developer was recently in Brunei to showcase luxury condominiums to local investors.
The AlilA2 development is located in Tanjung Bungah, Penang, which was cited as a prime location in an affluent area near international schools.
On Friday evening, local property agent Valor Property Agency Sdn Bhd organised a function for invited guests with developer Hunza Properties Berhad on one of its latest projects.
Executive Director of Hunza Properties Berhad Lily Tan said that they were in Brunei to explore the market and are sharing their most recent development.
“The AlilA2 is the last phase of this project,” she said, noting they had finished AlilA1 in 2007.
The property is located on top of a hill overlooking the sea and in a low-density area.
“It will be unique. Size-wise these apartments is at minimum 1,900 square feet.”
Tan said that for the next five to ten years, developers in Penang will not be building units of this size as they are focusing on smaller, 1,000 square feet units. “So this is an opportunity to own slightly bigger units," she added.
The price for such a unit is roughly $600,000, or RM$1.78 million, said Tan. “These are luxury condominiums in a good location.”
She also said that property investment in Penang is very attractive at the moment, being ranked the first among the Malaysian states this year as the number one state for property investment by global real-estate consultants Knight Frank.
Tan said in Penang, the property market is not oversupplied, so demand for property in that state is still very strong.
Expatriates are in the market for their ‘second home’ in Malaysia under the Malaysia My Second Home programme, said Tan, and Malaysians are also still looking for good property to purchase as they have no restriction on how many they can own.
“If you want to sell, after five years you can sell without tax.”
The local state economy is also quite robust, she said, citing that among all Malaysian states the tax revenue collected from Penang from the Federal government is among the highest.
“Our economy is also sustainable. Two of our major economic drivers is manufacturing and tourism. Last year we had about six million tourists coming to Penang. We also have many factories, such as ones from Dell, Motorola and Intel," added Tan.
There is also a strong medical tourism market as well, with Indonesians favouring Penang over Singapore to go for medical treatment, Tan said, stating all these factors help make Penang a good decision for property investors.
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