INVESTOR / UPDATES
Penang’s property market will experience bullish times under the Northern Corridor Economic Region (NCER). With mega-projects on the island and mainland, more investments are expected to flow in. The widening of the Penang Bridge, construction of a second bridge and Penang Outer Ring Road (PORR), expansion of the Penang International Airport and North Butterworth Container Terminal, the implementation of the monorail and integrated bus service will make the state more accessible and attract more business and foreign investors.
With more k-workers and Malaysia My Second Home residents coming in because of the improved integrated transportation system and job opportunities, property prices will rise by at least 10% to 15% annually within the next five years. More Penangites will be owning properties because the economy will improve as will their spending power. NCER had brought back investor confidence to the state due to “the federal government’s strong backing”.
– The Star, July 27, 2007
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