Penang City Centre Project
As compared to an over-heating Singapore property market,I would say that Malaysian property market is far lacking behind. If you would to compare the price of a condominium in Kuala Lumpur to a 3-room HDB flat in any part of Singapore, you will be shocked to find out even a 5-star condominium in KL city is cheaper!!
The property scene is Penang is even more pathetic. A lot of people believe that property price in Penang is escalating, however, if you want to rent out your apartment for a good price is almost impossible here.
Hopefully, Penang City Centre Project will change Penang faith in future. Still remember what is happening to condominiums around KLCC? I think the presence KLCC helps a lot to boost the property values around the Golden triangle area in Kuala Lumpur.
The RM18bil Penang City Centre (PCC) project by Abad Naluri sdn Bhd, an associate company of Equine Capital Bhd, will take 15 years to complete. Equine holds a 25% stake in Abad Naluri, which is developing PCC on the 260-acre site where the Penang Turf Club is presently located. The PCC is one of the projects highlighted in the Northern Corridor Economic Region (NCER) blueprint.
I also heard that apartments and condominiums around Penang Turf Club have appreciated tremendously for the past few months.
Hopefully, PCC will bring wind of change to this island property scene and we all in Penang will get good rental income from our apartments in 10 years time!