Anyone owned Penang property?

[LoverofCar]

Hi all

Anyone had a property in Penang. I talking about Singaporean with a penang property. I had intention to buy one for weekend get away and eventually for retirement purposes. I'm looking at Penang only so please don't recommend me JB property.........I would like to go for condo only..

1) Any good suggestion on area? With sea and mountain...

2) What is the procedure to buy one?

3) What is the Malaysia bank loan procedure since I don't work there and not a Malaysian?

4) Any other concern that I need to be aware of?

 

Thank you.

 

P.S: Pai Seh.....Post in the wrong section....Mod can help to move to Liz and Easy?

Edited June 3, 2011 by LoverofCar

[Kangadrool]

Went there last year end for a short trip.

 

Understand that most of these high end condos are snapped up by Indonesians and they pay with cold hard cash. Price is similar to Singapore except in MYR.

 

There are a dozen of private hospitals in this island and medical tourism is the main source of economic life force there. (Not too sure if there are lotsa condos bought by speculators but rented out to medical tourists. You might want to check this out for your intended condo purchase first).

 

It's definitely safer compared to JB though.

Edited June 3, 2011 by Kangadrool

[Brendon1980]

1) Any good suggestion on area? With sea and mountain...

 

what is your budget? Georgetown? Mainland?

Of course if you talking about investment yes, get the one across the bridge.

 

2) What is the procedure to buy one?

Nothing much. I paid mine in cash. Not sure about bank loan. Most Condos are available to foreigners. Rebates will not affect you if you are chinese.

 

3) What is the Malaysia bank loan procedure since I don't work there and not a Malaysian?

Did not take bank loan. but from my understanding loan is only 75-65%% max for foreigners and depending on bank. Also banks DO NOT convert your sgp salary to MY. the rate is 1 to 1. Meaning if you earn SGD5000, the equivalent loan for consideration is based on RM5000.

 

4) Any other concern that I need to be aware of?

Wait awhile, currently property in MY namely KL and Penang on the high side, heard market will do some correction. My advise if you can afford it, go for landed. The turnover is higher.

 

 

[LoverofCar]

  On 6/3/2011 at 5:55 AM, Brendon1980 said:

1) Any good suggestion on area? With sea and mountain...

 

what is your budget? Georgetown? Mainland?

Of course if you talking about investment yes, get the one across the bridge.

 

2) What is the procedure to buy one?

Nothing much. I paid mine in cash. Not sure about bank loan. Most Condos are available to foreigners. Rebates will not affect you if you are chinese.

 

3) What is the Malaysia bank loan procedure since I don't work there and not a Malaysian?

Did not take bank loan. but from my understanding loan is only 75-65%% max for foreigners and depending on bank. Also banks DO NOT convert your sgp salary to MY. the rate is 1 to 1. Meaning if you earn SGD5000, the equivalent loan for consideration is based on RM5000.

 

4) Any other concern that I need to be aware of?

Wait awhile, currently property in MY namely KL and Penang on the high side, heard market will do some correction. My advise if you can afford it, go for landed. The turnover is higher.

 

 

Thanks bro for the good advice..

I intend to get something around RM500 to RM600K....prefer in the island as the bridge can kill if jammed up by cars......Not really for investment. More for personal stay and retirement...landed property is not really my consideration as I like apartment that high and can view the sea and mountain from window....Also, condo is more secure then a landed property...I suppose...BTW, how the malaysia bank do credit check? they check with MAS Singapore?

Edited June 3, 2011 by LoverofCar

[Brendon1980]

  On 6/3/2011 at 6:11 AM, LoverofCar said:

Thanks bro for the good advice..

I intend to get something around RM500 to RM600K....prefer in the island as the bridge can kill if jammed up by cars......Not really for investment. More for personal stay and retirement...landed property is not really my consideration as I like apartment that high and can view the sea and mountain from window....Also, condo is more secure then a landed property...I suppose...BTW, how the malaysia bank do credit check? they check with MAS Singapore?

 

well if you prefer to get then get in the mainland as you will need to travel across the bridge unless you plan to stay on a long duration each trip. Range of RM500-600k may not give you many choices which seem decent. I need to remind you that standard of living in penang not butterworth is not low. I feel just a little lower than Singapore, infact penang has a higher living standard than KL. So things don't come cheap as many rich chinese MYsians are located there.

Jalan tembaga is located fairly on the hillside, well can see the seaview if you get a high floor condo. do note that penang is like singapore, the property there is also limited and do not be surprise that some condos are quite small (comparable to 3room hdb flats coupled with facilities). One of my units is near macalister highway, ok pretty near pusat bandar but around RM1mil hence you can roughly do the guage. Safety well pretty subjective I guess. you don't see much small petty crimes but big ones.

as to MY bank loan, like I mentioned I did not take loan so really not sure. I gather the same as other MYsians, just pass them your income statement and they will do the rest.

[Kangadrool]

a fairly decent condo with good view can easily set one back by 1.5~2 mil. Quite same price as Singapore condos except in MYR.

[Brendon1980]

  On 6/3/2011 at 6:54 AM, Kangadrool said:

a fairly decent condo with good view can easily set one back by 1.5~2 mil. Quite same price as Singapore condos except in MYR.

 

not so ex lah.

depending on proximity to town ammenities.

decent one around RM750k for condo. RM1.5-2mil can get a terrace liao with ok distance to town.

[Good-Carbuyer]

It does look weird: locals are emigrating for various reasons, while foreigners are immigrating for various reasons.

Locals not comfortable here, while foreigners are confortable here.

[Darthrevan]

  On 6/3/2011 at 10:30 AM, Good-Carbuyer said:

It does look weird: locals are emigrating for various reasons, while foreigners are immigrating for various reasons.

Locals not comfortable here, while foreigners are confortable here.

 

weekend getaways does not equate to emigration..the adage "grass is greener on the other side" might hold true

[Good-Carbuyer]

  On 6/3/2011 at 10:58 AM, Darthrevan said:

weekend getaways does not equate to emigration..the adage "grass is greener on the other side" might hold true

Agree. I believe transmigrate to Pulau Ubin will do for me.

[seanvinces]

Anyone here interested to buy a 292acres beach front land including 2 small island in Penang Island ? PM me if you are interested.