Penang, known for its strategic location between the Straits of Malacca and the Andaman Sea, has emerged as a coveted destination for luxury condominiums and penthouses. This island in Malaysia continues to attract local elites and international investors from various countries, including China, Europe, Japan, Korea, Singapore, and Indonesia.
Gurney Drive stands out as the most expensive area in Penang, often referred to as “Millionaire’s Row.” This prime beachfront location, just a short walk from historic Georgetown, is home to some of Penang’s priciest condos. Many of the wealthiest families in Malaysia own properties here, making it a hub for luxury living.
The prices of these luxury condominiums are substantial. On average, one can expect to pay about $2,000 per square meter for a luxury home in Penang. Specific properties, such as those at Setia V Residences, which are award-winning luxury suites located along Gurney Drive, can be priced as high as RM2,780,000. Similarly, Alila 2, situated in an upscale neighborhood with a tropical lush garden setting, is priced at RM1,950,000.
For foreign buyers, there are specific regulations to adhere to. Foreign condo buyers must purchase properties with a minimum value of RM1 million (about US$240,000). Additionally, they are restricted from owning land in certain areas, particularly cultural buildings and old shophouses with historical significance in and around Georgetown.
Despite these regulations, Penang remains an attractive destination for foreign investors and retirees. The island’s limited building space and increasing demand make it a solid long-term investment. The Malaysia My Second Home (MM2H) visa program also makes it easier for foreign buyers to obtain a 10-year residency visa by purchasing a condo in Penang.
The sizes of newer high-end condominiums are getting smaller, likely to maintain palatable pricing for a wider target market. However, this does not compromise on the luxury and amenities offered. Properties like The Cove, with its 6,000 square feet of living space and beachfront location, and Infinity Condo, with its large balconies offering unobstructed sea views, exemplify the high standards of luxury living in Penang.
The appeal of Penang is further enhanced by its consistent ranking in various “best places to live” lists. It has been featured in DestinAsian’s Top 10 Best Islands in Asia and Travel + Leisure’s Top 10 Best Islands in Southeast Asia, among other accolades. This reputation, combined with its vibrant expat community and world-class amenities, makes Penang an ideal choice for those seeking a luxurious lifestyle.
Penang’s high-end condominium market is characterized by its prime locations, luxurious amenities, and significant investment potential. Whether it is the allure of Gurney Drive, the tranquility of Seri Tanjung Pinang, or the scenic views of Tanjung Bungah, Penang offers a range of options for those looking to invest in luxury real estate.
Sources:
- https://www.tatlerasia.com/homes/property/5-most-expensive-condominiums-and-penthouses-penang
- https://www.thestar.com.my/business/business-news/2024/10/07/penang-high-end–condominium-prices-up
- https://www.investasian.com/property-investment/penang-real-estate
