Malaysia is a beautiful country rich in culture, tourist attractions, and economic potential. It is divided into two major territories: East Malaysia and West Malaysia (also called Peninsular Malaysia). With land scarcity becoming a rising issue, it’s no surprise that investors are rushing to find the perfect spot for their Malaysia property investment. But where exactly should you invest in Malaysia? Look no further, here’s why you should invest in Penang property:
Resilient and rising economy
Penang is split in two parts: Penang Island, where the country’s capital city George Town is located, and Seberang Perai. While the state only holds 6% of the Malaysian population, it reportedly topped Malaysia’s FDI list back in 2011 contributing to 36% of the investments for the country. It slid down to number four in 2016 but Penang’s economy remains hopeful and resilient.
An aerial view of Penang during daytime
Meanwhile, if you’re hesitating to buy Malaysia real estate properties in Penang because you’re worried about accessibility, here’s some great news for you. The Penang state government has proposed the Penang Transport Master Plan strategy in the hopes of pushing the economy and Malaysia property market higher. The plan includes building three new highways in Penang Island. There’s also a plan for an undersea tunnel project and cable car to connect the mainland to the island. The government strongly believes this will alleviate the Penang’s traffic congestion problem and will, in effect, result in faster development.
It’s a tourist haven
Another reason to invest in Malaysia properties in this state is its huge tourism economy. Penang holds many architectural wonders. There is no shortage of sacred temples to visit in the state like the Kek Lok Si temple, which is the largest Buddhist temple in southeast Asia, the Kapitan Keling mosque, the humble Tow Boo Kong temple, and many more.
Penang is also home to Georgetown, one of the most popular tourist destinations in Malaysia. It has been named as one of UNESCO’s world heritage sites in 2008. The town paints a breath taking portrait of Malaysia in its colonial years. Old western styles blend with Eastern Asian culture as you walk along its historical streets. If you’re into historical architecture, this is the perfect place to buy a Malaysia home.
Another upcoming tourist destination is the Penang World City by Malaysia property developer Tropicana Ivory. Its first major development is the Tropicana Bay Residences, a Penang luxury condo, set to be completed on September 2017. This planned urban city development is set to mark Penang as an international city and attract more foreign investors at the same time.
Malaysia was largely colonized by the British in the 17th century starting with their acquisition of the Penang island. The state was actually known as “Prince of Wales Island”. Other countries that soon colonized the area after the British included India, China, and Japan. This culturally rich history gave Penang its firm foundation to be a warm home for many ethnicities.
In 2015, the demographics of Penang largely composed of Chinese, followed by Malay and Indians. Foreign investors looking for Malaysia property for sale can then be at ease knowing that Penang has a welcoming and diverse culture.
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