PENANG’S property market, especially the high-end residential segment, has seen impressive growth over the past few years, says Datuk Seri Sundarajoo Somu.
Citing an example, the state housing committee chairman said in the third quarter of 2024, prices for high-rise units in prime areas such as Jelutong, Gelugor, Pulau Tikus, Bayan Baru and Tanjung Bungah rose 6% to 12% year-on-year.
“The upward trend is driven by a combination of strong local demand, international investor interest, favourable currency exchange rates and anticipation of major infrastructure projects like Penang Light Rail Transit (LRT) and Penang Silicon Island development.
“These developments are transforming Penang into a global hub for investment, talent and innovation.
Guests lining up at the food stations at the Penang Insights and Networking Dinner in Bayan Lepas.
“Our strategic vision is anchored in the Penang2030 agenda, which aims to create a family-focused, green and smart state that inspires a balanced quality of life.
“Housing, as a fundamental pillar of this vision, is receiving robust attention through progressive policies and partnerships,” he said during the Penang Insights and Networking dinner.
Sundarajoo, who was the guest of honour, said the state government would focus on creating a liveable, equitable and resilient Penang where every Penangite has the opportunity to own a home, thrive in a connected environment and look forward to a better future.
The dinner, hosted by International Real Estate Federation (FIABCI)-Malaysia Penang branch, was held at Muze @ Penang International Commercial City (PICC) in Bayan Lepas.
It was organised in conjunction with the study tour to Malaysia Property Award Winning Projects in Penang, where guests were given insights into various landmark developments and infrastructure projects in the state.
FIABCI-Malaysia president Dr Yu Kee Su said the purpose of the study tour was to provide knowledge, project insights and technical details about winning developments.
“This is done while fostering networking opportunities among members, industry professionals and fraternities.
“This initiative represents just one of the many activities carried out by FIABCI Malaysia for the benefit of our members, showcasing our commitment to growth, learning and collaboration within the real estate community,” he said, adding as the only branch of FIABCI-Malaysia, the Penang chapter had contributed significantly to the development of the state’s real estate sector.
“The Malaysian real estate industry as a whole continues to show resilience and positive growth, despite the challenging global landscape,” he said.
Also present were FIABCI Penang branch chairman Datuk Khor Siang Gin, Hunza Group of Companies founder Datuk Seri Khor Teng Tong and Hunza Group executive director Khor Tze Ming.
