The Star, 1 March 2014 - Former fishing village changing fast
The Star, 1 March 2014
Batu Maung, a former fishing village, is now undergoing rapid transformation into a residential township following the construction of the second Penang bridge.
The price of land there had largely remained stagnant at between RM50 and RM60 per sq ft prior to the announcement of the bridge project in 2006.
However, the prices have shot up to RM250 to RM300 per sq ft now, said property consultant Ken Lai.
He said that price of landed property units there was about RM450,000 before the construction of the bridge but now a house was valued at about RM1.2mil.
“New apartment units which used to cost between RM250,000 and RM300,000 each now cost between RM700,000 and RM800,000,” he said.
On rental of residential units, he said it has gone up from RM1,000 a month to RM2,000 while the rental for commercial units has gone up from RM6,000 to RM7,000 a month.
Lai said there were now many business opportunities in Batu Maung.
He said several developers had started their projects there including Mah Sing Group Bhd, Tropicana Ivory Sdn Bhd, SP Setia Bhd, Ideal Property Sdn Bhd and PLB Properties.
“Mah Sing has got one of the best plots in Batu Maung with their Southbay project which is a mere five minutes’ drive from the second Penang bridge landing point,” he said.
The spillover effect has also been felt in neighbouring areas such as Bayan Lepas and Sungai Ara where property prices have soared.
“One contributing factor is industrial development which creates more job opportunities and this brings in a lot more people,” he said.
Lai said Batu Kawan was also undergoing rapid development and there was much growth potential in neighbouring Juru, Bukit Tambun and Simpang Ampat.
In Seberang Prai, the price of vacant land has risen dramatically to between RM50 and RM60 per sq ft.