The Sultan Abdul Halim Mu'adzam Shah Bridge (Second Penang Bridge) will greatly benefit the property market and narrow the development gap between the island and mainland due to easy access, says the Real Estate and Housing Developers' Association (REHDA) Penang.
"The new bridge will generate positive spin-offs for the local property market especially with more players looking for land on the mainland, which previously they were less confident about," its chairman Datuk Jerry Chan said on 4 April.
He said the island's southwest areas of Batu Maung, Permatang Damar Laut and Gertak Sanggul are likely to see a boom due to their strategic location near industrial areas.
"The new bridge could be the solution for people who wish to purchase homes on the mainland as the island is too congested with few affordable houses, so demand for houses on the mainland would increase as it offers cheaper housing," he added.
According to property consultant Henry Butcher Malaysia, urbanisation in the southwest areas is likely due to the new bridge as younger people would prefer homes nearby as they are still affordable.
Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Jason Teoh said house prices are unlikely to see a sudden spike as the bridge has been long-awaited.
"However in the longer term, the bridge would help stimulate the state's economy amid more job opportunities from the new industrial corridor on the mainland especially in Batu Kawan.
"New factories, logistics and other business opportunities will boost the state's economy, creating demand for housing. It is a positive sentiment for Penang as whole," he said.
Commenting on the bullish outlook on the mainland, Henry Butcher Malaysia (Seberang Perai) associate director Fook Tone Huat said the new bridge is attracting the big players like IJM, Mah Sing and Eco World to take part in property development there.
"The property market on the mainland is likely to see a 10 per cent growth per annum amid positive economic outlook, rising interest for houses on the mainland as well as home-price appreciation," he said.
Fook said purchasers would prefer the mainland as the new bridge offers a shorter travelling time to the island and property prices on the mainland would likely appreciate.
Besides new housing developments, he said prices of secondary homes are likely to appreciate in the next five years, adding that demand for secondary homes is rising due to expensive new projects.
- BERNAMA
0 comments:
Post a Comment