Latest Project Highlights
 
Kensington Gardens, Jesselton, Penang
  Call our sales professionals : Max Wong +60 16 412 5582 Edwin Ong +6012 402 3155 Cheng Li Pin +6012 514 0836...
TROPICANA THE RESIDENCES @ KLCC
Henry Butcher Real Estate Penang is pleased to announce its appointment as the Sole & Exclusive Marketing Agent,...
Moulmein Rise Luxury Suites, Penang
  Moulmein Rise, luxury suites located in the heart of Pulau Tikus, Penang. Location : 5 mins walk to Gurney...
Setia V Residence, Gurney Drive
There are those who live, and those who live well. At Setia V Residences, you’ll take your place among an...
The Coastal, Batu Maung, Penang
LIfe is complete at The Coastal. An integrated development at the futuristic award-winning Southbay City. The...
The Rice Miller City Residences & Hotel
   The Rice Miller City Residences & Hotel, located in the heart of George Town Unesco Heritage Site...
Rice Miller City Residences
                               ...
The One, Penang Cyber City
CAPTURING IMAGINATION REALIZING DREAMS Unique, Unequaled and cutting edge, The One is gearing up to be one of the...
One One Eight @ Island Plaza
One One Eight @ Island Plaza A Seamless Style of Living 118 @ Island Plaza takes its cue from the energy, vivacity...
New high-end luxury condominium in Penang island

Penang properties the most expensive

Prices of properties on Penang island are the most expensive in Malaysia.

 

Socio-Economic and Environmental Research Institute (SERI) senior fellow Dr Michael Lim Mah Hui said the average house price last year was RM540,000 or eight times the average household income. 

In comparison, the average house price in Kuala Lumpur was only RM390,000, or six times the average household income. 

Lim said the average house price on the island has increased further this year. 

A ratio of house price to household income of three to four times is internationally acceptable. 

"If the situation persists, many Penangites, especially those in the middle and more so the lower classes, will not afford to own properties. 

"The state government should address the issue before it gets worse," he told reporters in Georgetown on Thursday. 

 

 
Lim said for a start, the authorities should stop encouraging construction of high-end properties that cater to foreigners. 

He said data from the Malaysia's population and housing census indicated that there was a property glut, which suggests that many people bought property for speculative and investment purposes, thus pushing up the prices further. 

In 2000, the vacancy rate in Malaysia was 15.6 per cent from the total of 5.547 million unit of houses, which amounted to nearly 750,000 houses.

He said the percentage was more than 20 per cent now.

"It is not that we do not have the houses. There are. It is just that the houses now are way too expensive and beyond many people's means.

"That is why I say the authorities should stop encouraging the contruction of high-end and luxurious properties," he added.

Meanwhile, Consumers' Association of Penang president S.M. Mohamed Idris said to make housing afforable to ordinary Penangites, the government should start a public housing policy, which provides affordable housing, particularly in urban areas, to cater to those below a certain level of income.

He said a good example worth studying was the Singapore Housing Board model, where the government spearheaded the building of affordable housing for a majority of its citizens.

He added that alternatively, the government could consider doing this in partnership with the private sector. "In short, the government's priority should be to put the needs of the majority of the people ahead of other things," he added. - By Audrey Dermawan (Business Times)