28 Jan '14, 12am

#FACEPALM #GlobalREBubble #Singapore 'Penang Property Prices Booming' via @SGPropertyGuru

Comment E-mail to friend Bookmark & Share Property prices in Penang have significantly increased, especially in the capital Georgetown, based on the lack of prime land on the island as well as the skyrocketing land prices. Notably, prices have increased by more than 500 percent on the island while Seberang Prai saw prices soar by 700 percent. In a report, AmResearch Sdn Bhd (AmResearch) underlined that land prices in Georgetown have already hit rates between RM650 per sq ft and RM700 per sq ft. “Interestingly, Penang’s residential property prices have been rising faster than its land value. Property prices have surged beyond RM1,000 per sq ft as evidenced by E&O’s project at Andaman Block 2. The project had set a new benchmark within Georgetown, with an average selling price of RM1,300 per sq ft,” the report noted. The announcement of the second link project caused land pr...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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