Penang the Next Global Mega City?

Penang is a popular island state situated at the northern part of Malaysia. Commonly known as the Pearl of the Orient, Penang is vastly popular for its food (eg., Prawn mee, Assam Laksa, Lo Bak, etc) and a popular tourist destination offering nice beaches and holiday resorts. Penang is also home to many high tech multinational and local manufacturing companies. Its property prices is also one of the most expensive in the country due to scarcity of land. For many years, Penang development has been rather stuck in a stagnant image, due to some major relocation of high tech manufacturers from here to other lower cost destination partcularly China, and the perception that Kuala Lumpur is the better place to job opportunity and making money.

For the next foreseeable years ahead, I believe Penang's image is set to change dramatically given that there is now increasing influx of foreigners into Penang (it's nice to live, good infrastructure, friendly people, etc) and the real estate properties in the state are also increasingly gaining popularity and attractions from property developers and foreign investors. The major area fronting Gurney Drive ( a popular sea-side tourist spot) is also bursting with new commercial activities with the upcoming launching of up-market shopping mall, Gurney Paragon. Its neighbour, Gurney Plaza, was just acquired by Capitaland of Singapore a couple of months ago at around RM1,000 psf!

The latest unveiled is the launch of Penang Global City Center (PGCC), reminiscent of Kuala Lumpur City Center (KLCC) where the twin Petronas Tower is located. This is indeed the latest mega property project unveiled in Penang by the Prime Minister of Malaysia himself. The project spans over 257 acres of land located at the old Penang Turf Club. Ring any bell? For those who are familiar with the present KLCC site, it was also formerly the KL Turf Club! The project entails top-class hotel, retail, residential, international school, arts, medical tourism and exhibition centers, connecting with monorail service and designed by French and New York architects! Moreover, the zone will also be classified Multimedia Super Corridor which carries the MSC status, a benefit comes with tax and business incentives specially dedicated to ICT companies.

Judging by the great success and world class recognition enjoyed by KLCC and the positive spillover to the surrounding real estate property valuations where prices have skyrocketed, it is worthy to take note of this latest special property development. If all goes according to plan, i have no doubt that property and land prices surrounding PGCC will also escalate over the years ahead! This is also indeed a great opportunity to position Penang as the next potential global mega city of the world!