Seberang Perai property market outlook 2010
Property market price at Penang is expected to improve this year in 2010, in line with the economic recovery. Despite the global downturn last year, Penang real estate has not recorded any significant drop in prices.
No doubt that Penang Island has been the number one choice for property but Seberang Perai can offer a better price and location. Development land, especially in Seberang Perai, were still in good demand, particularly those near town areas. The development land in Seberang Perai were two times larger than those in Penang island. Properties in Penang island are about 40 per cent higher than those in Seberang Perai due to lack of land development on the island.
Although many projects were deferred last year, the public confidence has began to come back in the property market. Seberang Perai area is expected to record a 10 per cent increase in appreciation rate due to its high population density compared to neighbouring states like Kedah and Perak. As long as the BLR is below six per cent, it would not affect the number of purchasers in the property market
On the outlook for 2010, the residential sector will still be the main player in the property market in Seberang Perai and among the hotspots to be developed are Raja Uda, Bagan Lallang, Juru, Bukit Tambun and Simpang Ampat. As for commercial properties, Bandar Sunway in Seberang Jaya will continued to be the prime hotspot and there is potential for new shop office development in the area.
