Gurney Drive is well known and continues to be the most preferred location by investors. This road is characterised by high-end condominiums, prime shopping malls Gurney Plaza and Gurney Paragon, landed properties and commercial properties. It is also the tourist spot for street food.

This seafront promenade along Gurney Drive will be developed into a recreational waterfront project known as Gurney Wharf. The project, a partnership between the Penang State Government and Think City, is expected to deliver significant new opportunities for Penangites via publicly accessible waterfront promenades plus retail, education, lifestyle and transport amenities. The proposed Gurney Wharf concept masterplan encompasses four distinct areas: seaside retail F&B, water gardens, beach and coastal grove.

This project spans 40 acres out of the 131.09-acre reclaimed land along Gurney Drive and will be developed in two phases. Phase 1, known as Priority One, will feature a children’s playground, skate park, viewing deck, promenade pavements, hawkers’ kiosks, landscape and recreational park and an open car park. It is expected to be ready by end of 2022. As for Phase 2 which will be known as Priority Two, it will consist of a hawker centre, north vantage point viewing deck, additional hawker kiosks, multi-storey car park, open car parks, boardwalk and the beachfront, a water garden, a stormwater channel, the water taxi jetty and part of the water body reclamation. The entire project is expected to be completed by 2023.

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Notable high-end condominiums along Gurney Drive include Gurney Paragon Residences, 8 Gurney Condominium, 11 Gurney Condominium, Silverton, Gurney Beach Resort Condominium, The Regency and the new Setia V Residences.

Forecast

Being one of the most famous areas in Penang, the upcoming projects within this area are expected to enhance the ecosystem and promote a conducive lifestyle as well as attract more investors to stay. With land scarcity, a growing population, and the vibrant business activities in the neighbourhood, we anticipate that the property values of landed and stratified properties in the area will continue to hold and rise gradually.

Three highest transactions of condominiums over a three-year period:

In addition, Penang’s first luxury branded residences known as Marriott Residences is also located along this famed road. It will feature a range of small sized units from 850 sq ft to 3,134 sq ft. The selling prices start from RM1.5 million to over RM6 million. The development is expected to complete in 2023 together with the Marriott Hotel and Executive Apartments.

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Seri Tanjung Pinang, a reclamation project by Eastern & Oriental Berhad (E&O), comprises two phases. It is situated at the northeast coast of Tanjung Tokong between George Town and the famous Batu Ferringhi beaches. The first phase Seri Tanjung Pinang 1 (STP 1) comprised 240 acres of reclamation land and was completed in 2006.

The development of the second phase, Andaman Island (previously known as Seri Tanjung Pinang 2 (STP 2)), commenced in 2016 and is currently still ongoing. The site, spanning 760 acres, is located right opposite Gurney Drive. It is planned to be a catalyst of growth for the high-profile neighbourhood which offers unique architecture and design inspired by Penang’s unique Straits-eclectic architecture as well as good amenities.

Eastern and Oriental Bhd (E&O) has also commenced the launch of its next iconic address called the Andaman Island. Located just across the waterway from STP 1, it is planned for an integrated township consisting of mixed residential, commercial, retail, health and wellness as well as education. The well-planned masterplan will feature smooth connectivity and sustainability offering a balanced lifestyle. The Meg will be the first project on Andaman Island, offering freehold serviced apartments consisting of 1,020 units housed in two blocks spread over four acres of land.

The reclamation of STP 1, an upper-class residential suburb of Tanjung Tokong, will feature mixed-use components with seafront villas, semi-detached homes, contemporary terraces, high-end condominiums, executive apartments as well as low- and medium-cost apartments and other amenities like Straits Quay retail marina. Notable existing and completed developments include Seri Tanjung Pinang landed properties, Quayside Seafront Resort Condominiums, City of Dream and Straits Residences. STP enjoys wide views of the Andaman Sea – it is one of the most sought-after residential addresses among locals and international purchasers.

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Forecast

The ongoing reclamation projects for Phase 2 known as Andaman Island, together with Gurney Wharf and the Penang Transport Master Plan (PTMP) are expected to enhance the surrounding areas, boosting  the property market performance here as well as Gurney Drive. Overall, the sea fronting Seri Tanjung Pinang project certainly appears to be a prime investment.

Three highest transactions of bungalows over a five-year period:

Three highest land transactions over a 5-year period:

Pulau Tikus is a mature residential area with expensive high-rises and older established homes and neighbourhoods. An upper-class little city named after a small rocky island shaped like a mouse, it is situated just behind Gurney Drive and close to George Town. It is also home to Penang’s Governor, Chief Minister and mayor as well as the consulates for China, Indonesia, Japan and Thailand. A small minority of Eurasians, Thais and Burmese also reside here. The houses in this established upper-class neighbourhood are made up of mansions, colonial buildings, bungalows, semi-detached and terraced houses. The neighbourhood enjoys easy access to amenities like hospitals, schools and malls.

Most wealthy people who want privacy prefer this area because of the tranquil living environment amidst nature. Apart from luxury and stratified houses, Pulau Tikus also offers vacant residential plots.

Forecast

We forecast the values of properties in Pulau Tikus will remain resilient due to the resident’s profiles and the older established neighbourhood status.

Three highest transactions of bungalows over a five-year period:

Three highest land transactions over a five-year period:

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