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Penang property boom fuelled by capital appreciation, strong industrial and tourism growth

Among other draws, the state also has a strong history of capital appreciation with bungalows appreciating by 16 per cent between 2019 and 2023

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Tan Ai Leng

Tan Ai Leng

Published Mon, Oct 28, 2024 · 05:00 AM
    • Penang ranks third in Malaysia for property transactions, driven by high demand and robust market activity.
    • Penang ranks third in Malaysia for property transactions, driven by high demand and robust market activity. PHOTO: TAN AI LENG, BT

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    [KUALA LUMPUR] When Eastern and Oriental (E&O) – one of Penang’s premier property developers known for its upscale projects – unveiled The Lume in August, it sparked a flurry of interest.

    With price tags starting at RM2.2 million (S$667,385), the luxurious condominium offers expansive layouts of at least 1,722 square feet, breathtaking sea views and an enviable location within the nearly 308-hectare Andaman Island development.

    The hefty selling price did not deter the early birds, with a quarter of the 261 units snapped up within several weeks of the launch.

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