Luminari - Butterworth, Penang

If you feel that the price of property in Penang Island is too high, try looking your ideal home or investing property at the Mainland. Here is a new project by OSK in Butterworth, 5mins away from the Penang Sentral.

Comprises of 1tower with 2wings, 462units in total with sizes of 950sqft , 1050 sqft, 1200sqft and 1335 sqft. It is being sold from 480k to 600k (Not calculating in the rebates and discounts available, read till the end!) There are also some retail shoplots on the ground level which can be good for providing foods and especially Starbucks coffee which will definitely raise the class of the condo.

The freehold condo is considered to be a Service Apartment therefore it is commercial titled.

[Investor's Perspective]
The condo is in Jalan Chain Ferry, Seberang Perai Utara, Butterworth and it sits close vicinity to the upcoming Penang Sentral – an integrated transportation hub which links directly to the existing Electric Train Service (ETS), bus terminal and ferry terminal. Future undersea tunnel could also be connected to there. If you're worried about the Penang Transportation Master Plan that might never take place, here it is : Penang Transportation Master Plan is given green light.

It is partly seaview if you are in the high floors. Right next to the Woodsbury Suites if you know that.

It is estimated to be done in 2020 and the Penang Transportation Plan should also be confirmed by that time then. With the progress on connecting Island and Mainland, the Butterworth area is bound to have a higher price appreciation within the next few years.


[Agent's Perspective]
I will definitely press hard on the factor that Penang Sentral is just 5minutes away from the condo. It has shoplots downstairs, Giant supermarket nearby and a transportation hub in sight.This project is great for investing and airbnb purpose as tourist will come over Mainland for staying overnight when Island cost them too much or its full,and it is easier for them to take the ferry and reach your units immediately from the Penang Sentral hub as well.


Proposed package :
1) 7% rebate and free legal & disbursement fees on SPA signing.

If sign SPA within 60days
1) additional 3% rebate is offered (total 10% rebate off  the price)
2) free loan stamp duty
3) free 2 units of inverter aircon and water heater

Well, 10% rebate is really a big amount if you calculate it. More offers might come as you discuss with the agents face to face to know more.

If you gets tired of the traffic in Penang Island, why not try buying a house in Mainland? Well I've been good living in Mainland for so many years!

Other projects in Penang that you might be interested in
[Golden Triangle 2] & [Urban Suites]

W.

Approval of Penang Transportation Master Plan

Months ago, Penang executive council gave the green light to the ambitious Penang Transport Master Plan (PTMP) project’s delivery partner SRS Consortium Sdn Bhd to work on mitigating the traffic congestion by 2030. The total proposed cost is around RM46 billion and covers the cost of the railway and highway which also included three major roads and an undersea tunnel project.

Just few days ago, Penang government announced that a sum of RM17 billion from an estimated total cost of RM46 billion for the Penang Transport Master Plan (PTMP) project has been approved.

Penang Chief Minister, Lim Guan Eng says that “The TMP is an ambitious ‘big-bang’ approach towards facing the biggest challenge of both traffic congestion and public transport by adopting the approach of “moving people, not vehicles”.


How does PTMP change the property landscape in Penang?
Without any doubts, the highlight of the PTMP will be the LRT and monorails in Penang. As part of the state government’s effort to overcome traffic congestion, the LRT and monorail projects in Penang is approved. Penangites will now be able enjoy better public transport with this approval.

The railway scheme covers both the island and mainland, with one LRT and two monorail lines on the island, one LRT line across the sea linking both sides of Penang, and a bus rapid transit (BRT) system.

Local government exco member Chow Kon Yeow said the priority for the railway scheme will be the light rail transit (LRT) line linking Komtar in the city centre of George Town and the Penang International Airport in Bayan Lepas. This project, he said, would be Phase One of the railway scheme and treated as a priority project. The Phase One construction of the LRT is expected to start in 2018 and take 6 years to complete.

To look at the planned map for the LRT routes, click here.

What does it has to do with us? Well, it means those property on the routes of LRT/Monorail will further appreciate as they provide more public transport benefits. One can even give up buying cars and go to work by LRT/Monorails like KL people.

Penang is very much similar to Hong Kong. The land of Hong Kong has appreciated so much that even parking a car cost HKD 25 per hour! Park there for a day work and you will need to fork out HKD 250 ( ~RM130! ) just for the parking fee! I certainly hope it would not happen to our beloved Penang. Invest well before the time comes.

Happy investing and look at the proposed map!

W.