Penang has been ranked as one of the most livable and price-worthy places to be in the world. Naturally, a lot of foreigners, like American retirees, Asians, Europeans, and Australians decide to relocate here.
If you decide to buy property in Penang, you’ll see that you have a number of agents to choose among. That’s why I decided to make things a bit easier and wrote this article.
Let’s have a look at some of the biggest and most popular agencies in Penang.
1. Penang Properties
Penang Properties has been in the real estate industry for years and is one of the biggest real estate agencies in Penang. The company has 25 employees and is currently headed by Jeffrey Yeoh Jin Hau, that has over 25 years of experience in real estate.
The company has won a number of awards:
a. 2016 Top Online REN for northern region (Penang Kedah & Perlis)
b. CIMB Top Real Estate Agent Award Year 2008 – 2013
c. Best Standard Chartered Panel of REA (Nationwide) Year 2011
Includes both residential and commercial properties, for example, apartments, houses, luxury property, offices, shophouses, hotels, land and more.
Helping foreigners to buy, rent or sell property. They can also introduce you to solicitors and handles other services.
163-F-4 Wisma Sri Perak, Jalan Perak, 10150 Penang Malaysia
2. Henry Butcher Penang
Henry Butcher is one of the largest real estate agents in Malaysia, with over 400 employees and 31 offices nationally.
The company is headed by a number of persons who have decades of experience in dealing with the Malaysian real estate industry.
Includes a vast number of residential and commercial properties, for example:
- Office space
HB offers a number of services that include everything from property valuation, property procurements, sales of properties, leasing, property management, property auctions, and more.
142M, Jalan Burma, George Town, 10050 George Town, Pulau Pinang, Ma-lai-xi-a
3. Penang Property Angel
Penang Property Angel is headed by Cindy Chew and Serena Tan, both of having a long experience in real estate. Cindy has worked in the industry for more than 35, Serena started working for the company in 2010.
The company has 10 agents (including Cindy and Serena) which is not a modest figure.
Includes both residential and commercial properties, for example:
- Condos and apartments
- Terraced houses
The company helps foreigners to buy, lease or sell properties in Penang.
54, Jalan Chow Thye, 10050 George Town, Pulau Pinang, Malaysia
4. Daiwa Housing
Daiwa housing has been catering both local and foreign property buyers since 1978 and is therefore one of the oldest and most reputable agency on the island. The company is currently headed by Jeffrey Ooi.
Includes both commercial and residential properties like houses, bungalows, condos, apartments, land, factories, hotels, shophouses, and more.
The company mainly focuses on the following services:
- Apartment Sales
- Landed House Sales
- Commercial Property
- Mortgage Advisory
- Relocation Services
68C (First Floor), Jalan Masjid Negeri
5. Carey Real Estate
Carey Real Estate was founded by Nixon Paul in 1983, he’s currently the Managing Director and focuses mainly on commercial and investment properties.
The company has its head office in Kuala Lumpur but been active in Penang for years. There are currently 20 persons working in their Penang office alone.
Worth mentioning is that Nixon was the President of the Malaysian Institute of Estate Agents from 2011-2013, which proves his credibility.
Includes both residential and commercial properties.
- Renting & Selling Properties
- Projects Sales on Behalf of Developers
- Property Consultations
- Property Legal Consultations
29, Lebuh Melaka,
10400 Georgetown, Penang, Malaysia
6. Khoo & Associates Realty (ShiJie Property)
Johnny Khoo Kay Chee J.P. founded Khoo & Associates Realty in 1983, making it one of the oldest real estate agencies in Penang.
Despite being in his seventies, and with over 40 years of experience in real estate, Johnny is still highly active in the industry.
The company currently has around 20 employees, focusing on Penang and the Northern areas of Malaysia.
Includes both residential and commercial properties, like shophouses, land, factories, apartments, condos.
You can get help with any of the following services:
- Tenant & Buyer Representation
- Sales & Leasing of residential and commercial properties
- Corporate real estate
- Public and Private Auction sales
- Project marketing
11A, JALAN TODAK 3, PUSAT BANDAR SUNWAY
SEBERANG JAYA, PENANG 13700
7. IQI Realty Sdn Bhd
IQI Realty is an international real estate agency with a presence in a number of countries, for example, Malaysia, Australia, Singapore, the Philippines, and Vietnam.
Almost 1,000 persons work for the company which speaks for itself.
The head office is not located in Penang, but in Petaling Jaya (close to Kuala Lumpur). But it’s highly active in the Penang real estate market.
Mostly residential properties, like apartments and condos in Kuala Lumpur, Penang, Johor, and Iskandar
They deal with both commercial and residential properties but manage mostly luxury apartment and condominium projects.
2-1-41, One Square, Tingkat Mahsuri 1, Bayan Baru, 11900 Bayan Lepas, Pulau Pinang, Malaysia
How high are the minimum investment requirements in Penang?
The island has higher requirements compared to the mainland (Butterworth). The minimum requirements are currently as follows:
Penang Island villas: RM 3 million
Penang Island condos RM 1 million
Penang Mainland villas: RM 1 million
Penang Mainland condos: RM 500,000
Can I rent out my property as a foreigner in Penang?
Yes, you don’t have any issues to rent out your property. The easiest way to do this is to let a local agent manage the tenants for you, unless you want to live in Penang full time and put in the work yourself.
Keep in mind that there are no official laws or regulations stipulated for tenancies, but that the authorities usually put the tenant in favor, not the landlord.
Writing a waterproof tenancy agreement is crucial and you should seek help from an agent to handle this for you.
Where should I buy in Penang?
You should definitely have a look at both the island and the mainland. The most popular and interesting places are:
- Georgetown (the Island)
- Butterworth (the Mainland)
- Batu Ferringhi (the Island)
The island is way more expensive compared to the mainland, a reason why developers and buyers have found the mainland more interesting. For the people who can afford it, the island is still the preferable choice.
I also recommend you to read my separate article about buying property in Penang, which describes the places more in detail.
Hiring a solicitor
Finding a solicitor to help you through the conveyancing process can be crucial to avoid any pitfalls.
Some real estate agencies can connect you with solicitors, but sometimes it’s better to find an independent one upfront, a reason for this is that the agent and his appointed solicitor might “cooperate” and not put your needs first.
The solicitor can help you with a number of services, reducing risks and a lot of workload on your side. Some of the most important tasks that your solicitor will handle include:
- To check the title deed
- Preparing and exchanging contracts with the seller
- Check your mortgage documents and give advice
- Register the property in your name at the Land Registry
Acting alone in a foreign country far from home is not easy and the fee to hire a solicitor is either fixed or only 0.4 – 1% of the purchase price.
I hope that you found this article interesting and recommend you to read my complete guide about buying property as a foreigner in Malaysia.