Penang recorded 2,400 unsold residential units in the first half of 2024 (1H2024), placing it fourth among states with the highest property overhang, according to the National Property Information Centre’s (Napic) report. The total value of unsold units in Penang amounted to RM2.02 billion, reflecting the ongoing challenges in the state’s property market, particularly in the high-rise condominium and apartment sectors, which dominate the overhang.

Kuala Lumpur topped the list in terms of value, with RM3.06 billion in unsold properties, while Johor came in second with RM2.80 billion. Despite Penang’s high number of unsold units, Perak had the largest volume, recording 4,161 units, accounting for 18.4% of the national total, followed by Johor (3,219 units) and Kuala Lumpur (3,051 units).

Overall, Malaysia’s property market overhang improved slightly compared to the second half of 2023 (2H2023), with the total number of unsold units falling by 12.3% and their value decreasing by 19.5%. The report showed 22,642 overhang units worth RM14.24 billion in 1H2024, compared to 25,816 units valued at RM17.68 billion in 2H2023.

Condominiums and apartments made up nearly 60% of the national overhang, with 13,535 unsold units. In Penang, Johor, and Kuala Lumpur, these high-rise properties accounted for 18.9% of the total unsold units across the country. Terraced houses contributed another 24.4%, or 5,524 units.

Napic also noted that the overhang was most prevalent in the affordable housing segment, with properties priced below RM300,000 making up 30.2% of the total. However, units priced between RM500,001 and RM1 million followed closely, contributing 29.6% of the overhang. Despite some improvement, the number of unsold properties under construction rose by 13.3%.

Malaysia’s property market achieved a significant milestone in the first half of 2024 (1H2024), with total transaction value exceeding RM105 billion from 198,906 recorded transactions. This marks the highest growth in value and volume in the past five years. According to Deputy Finance Minister Lim Hui Ying, the volume of transactions rose by 8.0%, while transaction value surged by 23.8% compared to the same period in 2023.

This growth reflects the strength of Malaysia’s economy, which expanded by 5.9% during the period. Lim emphasized that this performance is aligned with the national economic transformation goals outlined in the Madani Economy framework. “The property market’s positive trajectory was driven by robust transaction performance across all subsectors, supported by government initiatives in Budget 2024,” Lim said.

Among the key government initiatives is the housing credit guarantee scheme (SJKP), which offers up to RM10 billion in guarantees. The Madani government’s efforts, including improvements to the Malaysia My Second Home (MM2H) programme and the development of the Johor-Singapore Special Economic Zone (JS-SEZ), have also contributed to market growth. Additionally, the Special Financial Zone (SFZ) in Forest City has spurred interest in the property sector.

Fiscal policies, such as the continued stamp duty exemptions for first-time home buyers and the steady overnight policy rate (OPR) of 3.0%, have further bolstered confidence in the market. According to the 2024 First Half Property Market Report by the National Property Information Centre (Napic), all subsectors experienced growth, particularly the commercial sector with a 22.4% increase in activity and a 41.5% rise in transaction value.

The residential subsector also saw a 6.1% rise in transactions and a 10.4% increase in value, while overhang units declined to 22,642 from 25,816 in the previous period, reflecting improved market conditions.

The Malaysian House Price Index (IHRM) for 1H2024 recorded an average price of RM471,918 per unit, a modest annual growth of 0.9%. Most states experienced positive growth, though Kuala Lumpur saw a slight dip of 0.8%. Detached, semi-detached, and terrace homes remained stable, while high-rise apartments saw a marginal decline.

The relocation of SJK (C) Aik Hua from its historic location on Muntri Street in George Town to Sungai Ara has proven to be a timely and strategic move, as student enrolment continues to grow. According to Penang Chief Minister Chow Kon Yeow, the school’s enrolment has increased to 191 students since the relocation, reflecting the community’s positive response.

During his recent visit to the school, Chow emphasized the importance of creating a vibrant learning environment for students. “I am proud to witness the completion of the school’s building, which marks a significant milestone in our education journey,” he said. He further praised the new facilities, including an auditorium, which cater to the diverse needs of the students and enhance their overall educational experience.

SJK (C) Aik Hua had been located on Muntri Street for over 100 years before its relocation to Sungai Ara in March this year. Construction on the new school began before the Covid-19 pandemic. Chow, who was formerly the Member of Parliament for Tanjong when the school was in George Town, expressed confidence that the school’s reputation would continue to grow once all necessary approvals from the relevant authorities are secured.

Chow also lauded the school’s commitment to providing a platform for special needs students, enabling them to thrive in an inclusive learning environment.

The school’s board chairman, Datuk Gary Choot, expressed gratitude to Chow for his unwavering support over the years. “The official opening ceremony for the school is planned for next year,” Choot said. The visit was also attended by state Tourism and Creative Economy chairman Wong Hon Wai, headmaster Lee Cheah Liang, and school staff, including teachers.

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Ventus & Tradesmen, an innovative investment project by Jayamas Property, is a versatile 3-in-1 property located in Batu Maung, Penang. It is an integrated development which includes freehold units. The upper floors feature the Ventus & Tradesmen (Hotel Suites), operated by the 4-star Oakwood Hotel & Apartment (managed by The Ascott Limited). The middle levels, from floors 17 to 29, are designated as Ventus & Tradesmen (Co-Space), and at the bottom floor is the Ventus & Tradesmen (Ventus Suites) designated for Small Office Versatile Office (SOVO). Its strategic location, with convenient access to the 2nd Penang Bridge and Penang International Airport, makes it an ideal choice for business travellers.

Getaway to Penang Silicon Island

With only 6 minutes to Penang Silicon Island, the main entrance getaway to Penang Silicon Island covers a total of 2,300 acres and is located strategically close to the Bayan Lepas Free Trade Zone (FTZ) which has led to the growth of a healthy ecosystem of 300 MNCs and 3,000 SMEs statewide, the Penang International Airport and 2nd Penang Bridge. A mix of residential, commercial and industrial usage, situated 6.5 km away, accessible minutes away from Ventus & Tradesmen. Batu Maung will be the first to be boomed.

The 38-storey Ventus & Tradesmen has 397 units with 5 different layout options. The units range in size from 409 to 1,238 square feet, and prices start at RM480,000 onwards.

Luxury Facilities at Level 10

Aqua Gym Pool • Infinity Pool • Kid’s Pool • Pool Deck • Open Lounge • Café • Communal Hall • Pantry • Laundromat • Co-working Space • Female Sauna • Male Sauna • Female Toilet • Male Toilet • Meeting Room • Gymnasium • Gym Terrace • BBQ Area • Meditation Deck • Reflective Water Feature • Open Terrace • Kid’s Corner • Landscape • Kid’s Playground

Show units are available for viewing daily. Call Jayamas Property at 016-291 6133 for more details.

• Ventus & Tradesmen Sales Gallery: 3-1-10, Queens Residences Q2, Jalan Bayan Indah, 11900 Bayan Lepas, Penang
• Main Office: No. 11, Jalan Casa Residensi, Pusat Perniagaan Casa Residensi, 14000 Bukit Mertajam, Pulau Pinang

Experience an exciting new phase of landed homes nestled among the serene hills of the mature, ultra-low-density neighbourhood of Taman Tanah Aman in Bukit Mertajam, Penang.

The upcoming phase offers a limited number of luxury landed homes providing a host of the finest home features and tailored to cater to the needs of modern homeowners.

Don’t miss this opportunity to be a part of the elite community at Taman Tanah Aman.

Strategically located within Bukit Mertajam 

Located within close proximity of both Bukit Mertajam and Bukit Tengah, the mature neighbourhood of Taman Tanah Aman is just a short distance from Icon City Bukit Mertajam. The neighbourhood boasts excellent accessibility via Jalan Bukit Tengah, North-South Expressway and Penang Bridge.

This prime location offers easy access to many urban conveniences, such as dining, shopping, education, and healthcare options. It is the perfect home for families of all ages.

The cosy atmosphere of the neighbourhood allows residents the flexibility to connect with the hustle and bustle of the city or enjoy the tranquillity amidst rolling hills.

Spacious Villa Homes

Whether you’re looking for ample space to raise a family or seeking a comfortable haven for retirement, the new phase homes promise to cater to diverse lifestyle needs.

These upscale homes feature a wide frontage starting from 28 feet, offering ample comfort for family members. Not just that, these homes are surrounded by landscaped walking paths providing the perfect space for a refreshing morning walk or evening stroll.

Luxurious Bungalow Living

Delight in the sweeping views of Bukit Mertajam below from your luxurious bungalows perched on the hills of Taman Tanah Aman, built to offer privacy and serene living.

Each bungalow boasts a spacious land area of up to 13,000 sq.ft., complete with your own private pool. Perfect for lush landscaping, outdoor activities, or hosting get-togethers with your loved ones.

Large, practical layouts offer plenty of flexibility for homeowners, ideal for multi-generational living with a large car porch that easily accommodates up to 6 cars. The combined living and dining area span an expansive 47 feet creating a grand, pillarless space that exudes elegance and sophistication. This residential enclave also features a clubhouse with various amenities like a swimming pool, tennis court, BBQ area and more for those who seek an opportunity to embrace their outdoorsy side.

Luxury Living like No Other

With a limited number of units available, don’t miss the opportunity to own a unit in Taman Tanah Aman, where comfort and convenience converge. The new phase of Taman Tanah Aman is now open for registration.