Property For Sale in Penang: 6 Interesting New Projects & Launches

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Penang is a sought after destination for families and retirees in Asia. It’s been voted as one of the most livable places in the world numerous times, offering low living costs, tasty food, and great weather.

In this listing article, you find interesting new property projects and launches in Penang, in a concise format. The article is updated on a regular basis, and with explanatory information how it works when buying property in Penang.

If you have any information or recommendations about new interesting projects, you can contact us and we will do a review.

Viewing the projects and surrounding areas in Google Maps (Street View)

To check the projects and surrounding areas in Street View, simply zoom in the area of the marker and pull the orange colored Pegman to the marker, or nearby areas. To go back to Google Maps, press the arrow in the top left corner.

Latest Update: 2019-10-07

1. Alila 2

Address: Persiaran Lembah Permai, Tanjung Tokong, 11200 Tanjung Bungah, Pulau Pinang, Malaysia

Alila 2 is a luxury condominium, finished in 2018. The project has won a number of awards, including “Best Development Marketing” and “Best Residential Development” by Asia Property Awards.

The condominium building has large sized units and come with a number of modern amenities.

Project Overview

  • Project: Alila 2 (External Link)
  • Developer: Hunza Group
  • Completion date: 2018
  • Prices: From RM 1.8 million (USD 433,730)
  • Estimated yield: Unknown
  • Type: Luxury Condominium
  • Number of units: 270
  • Amenities: Outdoor pavilion, gym, swimming pool, car park, tennis court, Jacuzzi, and more

Unit Sizes

  • 176 – 444 square meters

Unit Overview

About the Developer

Hunza Group Berhad is an award winning developer based in Malaysia. In addition to Alila 2, they have built a number of projects in Penang and around Malaysia.

Learn More About this Project

2. Mont Residence

Address: Mont Residence, Mount Eskine, 10470 Tanjung Tokong, Penang Malaysia

Mont Residence is a condominium project that was finished in 2018. It’s located within a short distance to popular amenities and facilities like the Island Plaza Shopping Center, Gurney Drive, wet market, supermarkets, restaurants, pharmacies, and more.

You’ll also find a number of international schools, for example, Prince of Wales International School and the International School of Penang.

Project Overview

  • Project: Mont Residence (External Link)
  • Developer: VST Group of Companies
  • Completion date: 2018
  • Price: From RM 1 million
  • Estimated yield: 3.5%
  • Type: Condominium
  • Number of units: 473
  • Amenities: Infinity pool, children’s pool, Jacuzzi, gym, BBQ area, roof top garden, and more

Unit Types

  • 3-Bedroom Units

Facility Overview

About the Developer

VST was established in 1990 and build properties in Penang, Perak, Selangor, and other places in Malaysia. In addition to Mont Residence, the company has built and manages a number of other projects in Penang.

Learn More About this Project

3. The Tamarind

Address: Jalan Seri Tg Pinang, Seri Tanjung Pinang, 11200 Tanjung Tokong, Penang, Malaysia

The Tamarind is a modern off-plan premium project that won three awards at the PropertyGuru Asia Property Awards (Malaysia) in 2018. The units are modern with competitive prices and suitable for expats, families and retirees alike.

Being a major development with more than a thousand units, you’ll find a number of facilities and amenities nearby, for example, a Tesco hypermarket, Gurney Plaza, restaurants, banks, pharmacies, and more.

Project Overview

  • Project: The Tamarind (External Link)
  • Developer: Eastern & Oriental Berhad (E&O)
  • Completion date: 2019
  • Price: From RM 800,000 (USD 192,770)
  • Estimated yield: Unknown
  • Type: Executive Apartments
  • Number of units: 1104
  • Amenities: Swimming pool, gym, jogging track, wading pool, man-made beach, and more

Unit Types

  • 3 Bedroom Units: Around 127 – 203 square meters

Unit Overview

About the Developer

Eastern & Oriental Berhad (E&O) is a Malaysian developer operating in Penang, Kuala Lumpur Johor, as well as internationally. The company focuses on premier lifestyle real estate developments and has won a number of awards in the past.

Learn More About this Project

4. Legenda @ Southbay

Address: 11960 Batu Maung, Penang, Malaysia

Legenda is a high-end bungalow project finished in 2015. The project won the “Malaysia’s Best Architecture Award” by Asia Pacific Residential Property Awards (in association with Bloomberg TV).

The units offer a resort-like feeling, are surrounded by much vegetation and have a number of modern amenities like private pools.

Project Overview

  • Project: Legenda @ Southbay (External Link)
  • Developer: Mah Sing Group
  • Completion date: 2015
  • Price: Starting from RM 4.4 million (USD 1,060,000)
  • Estimated yield: 3%
  • Type: Luxury Bungalows
  • Number of units: 288
  • Amenities: Gym, jogging track, swimming pools, wading pool, clubhouse, and more

Unit Types

  • 3-4 storey villas with 6-7 rooms

Unit Overview

About the Developer

Mah Sing Group is a leading property developer in Malaysia with over 20 years of experience. The company operates in all over Malaysia and has finished projects in places like Kuala Lumpur, Penang, Johor Bahru, Kota Kinabalu, and more.

The company has won a number of awards, such as:

  • Malaysian Landscape Architecture Award
  • Asia HRD Awards 2014 – Contribution to the Society Award
  • Asia Pacific Property Awards (APPA) – Best High-Rise Architecture for M City

Learn More About this Project

5. The Marin

Address: 163-F-4 Wisma Sri Perak, Jalan Perak, 10150 Penang Malaysia

The Marin is a luxurious condominium project planned to be finished in 2020. There are only 4 units per floor, adding to the luxurious feeling and giving you more privacy. You can find many amenities and tourist attractions nearby like the Escape Theme Park and the Tropical Spice Garden.

There are restaurants, pharmacies, and schools within a short distance.

Project Overview

  • Project: The Marin (External Link)
  • Developer: Plenitude Berhad
  • Completion date: Q4 2018
  • Average price: From RM 1.5 million (USD 361,445)
  • Estimated yield: Unknown
  • Type: Condominium
  • Number of units: 149
  • Amenities: Infinity pool, wading pools, gym, tennis courts, children’s playground, and more

Unit Types

  • 3+1 Bedroom Units: Around 162 – 172 square meters

Unit Overview

About the Developer

Plenitude Berhad is a Malaysian public-listed company operating in real estate development, property management and property investment. The company was established in 2000 and has a wide portfolio with projects.

The developer is well-known for choosing locations with easy accessibility and comprehensive amenities.

Learn More About this Project

6. Ferringhi Residence 2

Address: Jalan Sungai 1, 11100 Batu Ferringhi, Pulau Pinang, Malaysia

Ferringhi Residence 2 is resort style off-plan condominium project located in Batu Ferringhi. The project provides a luxurious feeling with panoramic views, and has modern facilities. There are restaurants, roadside stalls, bars, and more, within a short distance.

Project Overview

  • Project: Ferringhi Residence 2 (External Link)
  • Developer: Mah Sing Group
  • Handover date: 2020
  • Average price: Starting from RM 870,000 (USD 210,000)
  • Estimated yield: Unknown
  • Type: Condominium
  • Number of units: 632
  • Amenities: Gym, sauna and steam room, tennis court, infinity pool, BBQ area, playground, and more

Unit Types

  • 2-Bedroom: Around 112 square meters
  • 3-Bedroom: Around 138 square meters
  • 3+1-Bedroom: Around 145 square meters

About the Developer

Mah Sing Group is a leading property developer in Malaysia with over 20 years of experience. The company operates all over Malaysia and has finished projects in places like Kuala Lumpur, Penang, Johor Bahru, Kota Kinabalu, and more.

The company has won a number of awards, such as:

  • Malaysian Landscape Architecture Award
  • Asia HRD Awards 2014 – Contribution to the Society Award
  • Asia Pacific Property Awards (APPA) – Best High-Rise Architecture for M City

Learn More About this Project

FAQ

Below you can find frequently asked questions from property buyers, including our replies.

What are the requirements when buying property as a foreigner in Penang?

Malaysia is one of the easiest places to buy property in Southeast Asia, in terms of foreign ownership regulations and the buying process. Things are transparent and the English speaking population makes things generally easier.

You have no problems getting full freehold ownership of condos and villas. One thing that separates Malaysia from other Southeast Asian countries is that you can own land on a freehold basis as a foreigner.

There are only a handful of countries offering this privilege in Asia, including Malaysia, Taiwan, Japan and Korea.

When it comes to buying property, you need to be aware of the minimum investment requirements that apply. The government introduced the requirements towards foreigners to protect locals, giving them access to low and medium-priced property.

The investment requirements differ by states and are the highest for villas in Penang.

The following investment requirements apply in Penang:

Penang Island
  • Landed property: RM 3 million
  • Strata-titled property (condos): RM 1 million
Penang Mainland (Butterworth)
  • Landed property: RM 1 million
  • Strata-titled property (condos): RM 1 million

In case you have an MM2H visa, you’re allowed to buy two units with a price of RM 500,000 each.

What land types can I buy as a foreigner?

There are two land types that you cannot normally buy as a foreigner: Bumiputera reserved land and agricultural land.

But, you’re still allowed to buy and own other land types such as residential land, commercial land and vacant land. If you want to know more about how it works when buying land in Malaysia, I recommend you to read my separate article that explains all the details.

Do I need to live in Penang if I own a property there?

No, you don’t necessarily need to live in Penang if you buy property there.

This makes it a perfect holiday retreat, if you want to escape the hustle and bustle and get some privacy.

Which areas should be of interest when buying property in Penang?

Penang has many interesting areas, including the Island, the Mainland, and places located a bit further away. Below I’ve listed three interesting areas that you should have a look at.

Georgetown

Georgetown is one of the most popular areas among expats and retirees. Being a UNESCO world heritage and ranked as the most livable place in Malaysia, it’s not hard to understand why.

Georgetown has a long history with many interesting areas, and some of the best food in Asia. It’s the second biggest city in Malaysia and the capital city in Penang.

Butterworth

Butterworth is the biggest city of Seberang Perai, located on the Mainland in Penang. This area grows fast, living costs and real estate prices are significantly lower compared to Penang Island.

If you plan to buy a landed property, like a bungalow or villa, you only need to meet a minimum investment requirement of 1 RM million. On the island, you need to put up at least RM 3 million due to the new regulations.

Batu Ferringhi

Batu Ferringhi is located a bit further away and a coastal area in the Northern regions.

British and Japanese expats and retirees tend to like Batu Ferringhi, this area grows fast as well. You’ll find many new high-end condominium projects and landed communities here.

Can I get a local property loan as a foreigner?

Malaysia became more restrictive handing out property loans, after the crisis in 2008.

You normally need to be either locally employed, a permanent resident, or an MM2H visa holder to apply for a loan. Malaysia has similar regulations as Hong Kong, your nationality plays a reduced role whether you’ll be granted a loan or not.

More importantly, your source of income should preferably come from Malaysia.

Rates can reach up to 70%, and differ between banks. If you want to apply for a local loan, I recommend you to contact any of the following banks:

  • CIMB
  • Maybank
  • UOB

Can I get a long term visa if I buy property in Malaysia?

A benefit of buying property in Malaysia is that you can apply for a long-term visa called MM2H (Malaysia My 2nd Home). The visa allows you to stay in Malaysia for up to 10 years, and it’s renewable.

In order to apply for the visa, you need to deposit cash into a local account and provide a medical certificate. The deposit amount and income differ, depending on your age. If you want to know more about the MM2H visa, I recommend you to read my separate article “How to Buy Property in Malaysia: A Complete Guide” (see below link).

As mentioned above, the MM2H visa also brings benefits when buying property, as you have a greater chance to get local financing and the investment requirements can be lower.

Other Malaysia Property Guides

Want to learn more about taxes, visas and the buying process? Check out these articles:

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