Due to growing demand, industrial property transactions and prices in Penang are likely to rise by about 10% in 2024.
One Asia Property Consultants Sdn Bhd executive director Chandra Mohan Krishnan said the current pricing, which was at RM65 per sq ft to RM90 per sq ft, was likely to be adjusted upwards.
The Napic report noted the Northern Seberang Prai is an up-and-coming site for new industrial investments. Both Central Seberang Prai and South Seberang Prai recorded 260 and 107 industrial property transactions respectively in 2022 compared with 224 and 95 respectively in 2021.in SPU, for example, have been strong since the launch in March 2023.
Malaysia Semiconductor Industry Association president Datuk Seri Wong Siew Hai said PTP in SPU has emerged an alternative site for high-technology investments. The PTP is close to the up-and-coming SP Fontaines, a 1,691 acres mega township that offers green and sustainable world-class development. According to Penang Chief Minister Chow Kon Yeow, the state recorded RM13.7bil in approved manufacturing investments in from January to December last year.
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