miramar

Hello,

I know thing change often under the MM2H program, but I was wondering if it's
true that foreigners can buy a property in Penang for 250,000RM?

many thanks

bakedbean

It is true I know of several people who have purchased.

Atilla

But finding something decent might prove challenging

miramar

Thanks to everyone who replied. As to what you get for 250,000, I've been looking on line at real estate and found several terraced houses that look nice. The problem is they don't show the interiors very often so I guess you have to see in person.

Also, I noticed that kitchen cabinets don't seem to come with many houses/apartments, I guess that's considered "extra" or something to pay for yourself.

Penang looks like a great place I can hardly wait till retirement!!!!

miramar

Thank you baked bean for your reply. I think you are our "resident expert" on Penang issues.

We have a home here we are trying to sell before we can buy in Penang. I just hope the local gov't doesn't tweak the foreign requirements before my house sells.

bakedbean

I'm no expert. Have only been living in Penang for 15 months. But many thanks for the compliment

If you're buying a new property or newish you generally just get a shell of a property, then have to 'renovate' which is basically finishing it off. Not sure if you are a Brit but, believe me, the system is different to UK.

If I'm not being too nosey, where did you see the terrace houses? Which part of Penang? Only ask as houses are quite expensive esp up in the retirement belt Bt Ferringhi-Tg Bungah-Tg Tokong-Gurney Drive.

miramar

I was looking in the area of Bukit Mertajam. The areas I've looked in are not in the north of Penang, where I think most of the expats are located. I also saw condos (Sea View) in Batu Fer..., can't remember the spelling near the beach in the north for 250,000 RM. I believe the prices are down in Penang just like the rest of the world at the moment.

I am American but lived in Ascot, England 2 years ago. We also have a small place in Portugal that we love, until this recent financial crisis that has all but destroyed the country.

Could you recommend a realtor in Penang that is honest and has worked with foreigners on the MM2h program. I have contacted several relators and they have told me you have to spend a minimum of 500,000. I guess they aren't familiar with the state of Penang.

Many thanks for your insight and opinions.

Atilla

In all honesty I think you'll find that Penang is specifically NOT like the rest of the world, far from it, and prices are very much on the up, and have been for a couple of years. If anything one can hope that they may be starting to plateau. Not sure where the units are in BF at RM 250K but you may need to check that it's not an old advert or some kind of unit around the 850 sf mark. IMHO a property at RM 250K on island will be a real challenge.

Below are some developments in the area that you are looking at. You do have to be careful that the area has enough to do though unless you want to get into a car and drive everywhere for everything.

You need to watch who the developers are too. The best IMHO are at best so so, the worst can be far worse. E&O, Boon Siew, IJM and Mahsing have the highest reputation amongst the big developers as they tend to complete on time, to good quality and give more thought to the development of the area where they are buiiding rather than the more common approach of "let's dump a few houses here".

Airmas

Palm Garden: http://www.airmas.com/projects.asp?i...dID=1&use=type

Boon Siew:

Canary Terrace (Butterworth): http://bsgproperty.com.my/canary.html

Kensington (Bukit Martajam): http://www.kensington.my/

Taman Bagan (Butterworth): http://bsgproperty.com.my/taman_bagan.html


IJM:

Permatang Sanctuary (Bukit Mertajam): http://www.ijmland.com/our_projects/...?ProjectId=130

bakedbean

Hi Miramar. Bukit Mertajam is on the mainland though part of the Penang state (Pulao Pinang). I don't really know that area I'm afraid.

You can find smaller and older condo units up around Bt Ferringhi for RM 250K or thereabouts. I know several people who have bought at the Reef. It's an older condo. Units are a bit small but it depends what you need. There's a few others in Bt Ferringhi. Your best bet is to come out to Penang for a holiday, hire a car, and have a good drive around and get a feel for the place. See if it has the "feel at home" factor.

I think there's probably some apartments down the bottom of P Pinang in your price bracket. South of the island doesn't have quite so many expats I think... at least not yet, so you'll find it very "local". Depends what you desire.

Atilla

But Reef units are advertised between 400-500K with most around the 430 - 450K mark. Most of the lowest price units in Penang seems to be small, shabby and even then RM 350K plus (e.g. Eden Seaview, completed 2011 and 880 sf). Everyone will have different needs but even the units at Miami Green are getting tight at 1,050 sf (unless you get a Nigeria unit in block E&F). If 880 sf is OK, could be an option.

bakedbean

If memory serves me right, one set of friends certainly paid less than 300K for their Reef purchase earlier this year. It's a small unit for sure.

Atilla

If they did it must have have been a lucky purchase, very lucky, min price they were going for over a year ago was roughly RM 350K. In the last 6 months the adverts have been around RM 450K with the odd unit at RM 420

PS: For Eden Seaview above it's completed 2000, not 2011.

miramar

Hi Atilla and Baked Bean,

Thank you for all your information, it is much appreciated to a "newbie" trying to gather information.

Some of the condo's I've looked at now, that presently have 2 bedroooms and 2 baths and a few 3 beds 2 baths in Batu Ferininghi for 250,000 to 270,000:

Mar Vista
Eden Seaview
Aquarius
I am not looking for a new development.

Could someone please refer me to a realtor in Penang that has worked with expat?
Thank you so much

Atilla

Welcome.

It's probably best to come here and have a look at all the places in question. You may be able to get a holiday let in somewhere like Miami Green which would perhaps be preferable to a hotel and give you chance to look around the BF area. That said, BF is SOME WAY from Juru etc (1hr easy, more if traffic is bad) so if you plan to hit there as well somewhere more central around Gurney Drive or Tg Tokong may be better. BF and Juru are then about 30 minutes or so away. If going to them regularly a hire car may be preferable to bus/taxi. You wouldn't get a bus to Juru or Bukit Mertajam anyway.

bakedbean

My friends confirmed that they paid 300K at The Reef and were very lucky indeed. Clearly you don't find too many of these bargains around.

Miramar, I sent you a PM (Private Message) the other day. I get the feeling that you didn't read it. Go check Top Right Hand Corner of this page under where it will say Welcome, Miramar - 2 lines down you'll see Private Messages. Just click on that.