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First Wonder: Seri Tanjung Pinang project by Eastern and Oriental Property is truly a wonder. The whole project will encompass the reclamation of Gurney Drive sea front. According the sales office, the reclamation will consist of condominium (over 1000units) costing almost ~1 million each, terrace, semi-D, bungalow, golf course and high class shopping complexes. You can visit the official website here.

Second Wonder: The great Penang Global City Centre or in short PGCC project by Abad Naluri (Abad who?). Plans has been submitted to build a whopping 40 blocks of high rise towers on 206 acres of land, with 27000 car parks 7000 private homes and 14.8million sq ft of commercial space. And the best part of it the project is launched by our Prime Minister himself!!

Third Wonder: The Light Waterfront Penang by IJM Properties. According to the Light website, there will be four phase of development. 1^st phase will consist of residential, 2^nd phase will be hotel, conference, shopping mall, offices, 3^rd phase being seafront park and 4^th phase for future development. The development will have the whole sea front from E-gate till Penang Bridge reclaimed. You can check out the details of the development here.

Fourth Wonder: The whole Queensbay project by CP Land. We would say this project is the most promising after the Seri Tanjung. The Queensbay mall is already opened its doors, proving it self to a formidable challenger to Gurney Plaza in attracting shoppers. Current launches are Bay Avenue or Penang Bangsar, Bay Garden landed properties, Baystar condominium, 3 star hotel and Bay Capital. Yet to be launched are sea facing Bay Villas, more offices, 5 star hotel and hospital.

Fifth Wonder: Mah Sing Project at Batu Kawan. Again this project will consist of gated landed properties, hotels, offices, shopping malls and of course, Palms of Penang, the houses on the sea.

6^th, 7^th and 8^th Wonder: this 3 can be group together as the infrastructure or the backbone of all the development and the future of Penang. The PORR, Monorail and Second Link. Without this 3 wonders all the above development would not be successful as Penang will just be choked with its notorious traffic.

Of course other than the 8^th wonders, there are still the small wonders, but equally impressive, such as the Penang Times Square, Hunza’s Gurney Paragon, The One. Suntec City, the many luxurious condominium dotted along Gurney Drive, Tanjung Bungah and Batu Ferringhi, the expansion of the current Penang Bridge and etc.

Frankly as a Penangites, I am extremely excited with all the developments in Penang. If it all happens, I have not doubt Penang will be able to challenge KL and Singapore in terms of development and prosperity. However before we all penangites go celebrate this developments, I am still scratching my head on how this could have happen in just in a year or two.

Firstly I am scratching my head because we have been asking for the 6^th, 7^th and 8^th wonder for like forever, and now suddenly all of them get approved.

Secondly I am scratching my head because I remember reading an article that Penang office occupancy rate is only about 70%, and now out of sudden we are hearing the 1^st till 5^th wonder is building so many offices. Just wonder who is going to rent them.

Thirdly I am scratching my head because do we even have that much of a market to support the many luxurious condominium, that cost >500K. I just wonder who will buy them J.

Fourthly I am scratching my head because suddenly we are building so many hotels around the city. Do we suddenly have so many business people coming to occupy this business hotels?

Fifthly I am scratching my head because wow Penang is going to be flooded with shopping malls. I remember clearly every time a new shopping mall opens in Penang, it will eventually sign the death certificates of the older shopping malls.

I could go on and on, but it just boils down to one thing, how all this development happen so suddenly. I would understand if the caring Penang government finally understand plight of Penang people and finally grant us the 6^th, 7^th and 8^th wonder, but the first 5 just do not make sense to me. I could just not figure out how all these project could be successful.

Anyway after thinking about it a little bit, I came to the conclusion that:

Either the developer know something that we do not know off, there is going to be huge FDI coming into Penang.
Or all this is just election ploy, by the time next year after election, all this "hu ha" development will quiet down, and the noise will start again 5 years later.
Or... remember Bayan Bay (the building that was renamed as Queensbay Mall), we will be seeing alot of those... sigh.

This is a very good thought. I do agree with you, wihtout the 2nd link, monorail and PORR, these BIG projects will never take off. I just can't imagine all the traffic jams around this area and putting myself in an investor's shoe i would want to choke myself in the jam.
I bet almost these properties are out of reach for most Penangites. Question is if it is grapped by foreigners will someday the local Penangites be forced out of the "luxurious" island? The place where the rich folks rule?

11/30/2007 2:37:18 PM | brandon

Dear ,Brandon, i
I strongly agreed to your comments on the EIGHT WONDERS of Penang.
The island cannot be developed fully without the proposed second Penang Bridge.
However , we can only just wait and see if these proposed projects are just the coming election gimmicks!
AH ! I can hear the sound of cannons firing again!!!

12/1/2007 7:33:26 AM | wata

I bet my old wira, that it will be just another election ploy. I was at the PG Times Square developer office last year, asked them when the monorail will start. According to them should be next July (meaning 2007 July). Then this year, i asked the same question again, and they say early 2008. So which is which?
Now i'm getting confused who to believe. I fully believe if the government really want to do something, it will be up and running in no time. All the excuses, just putting in more doubts to people (at least to me). Sigh.

12/5/2007 11:37:15 AM | brethern

i am from penang, and we really need the monorail and PORR to bring the penang economy to the next level. PG has not improved since Chong Eu's time. All the prosperity that we have today, the foundation was layed by him. Tsu Koon now its your turn to leave your legacy behind.

12/5/2007 4:56:24 PM | seng

Mr.Koh, time for you to step down from your comfy seat. Time for renaissance in Penang, else we would be losing to our neighboring friends

12/7/2007 6:09:37 PM | tangteng@yahoo.com

"The light" is a complete new concept of coaster area development lead by IJM. As of now, I can see sea reclaim activities have been started, probably will be the 1st wonder happen in Penang to be happened. I am also strongly believe this will further spur the property in Penang.

I bought a Condo at Bayswater Condo Resort nearly 3 years ago at 310K, after the property completed mid 2007, the price has been appreciated to 450K (nearly 40% appreciated). The demand is still really hot !

So, time to grasp some properties along this stretch, good value for money and good for future investment. Thanks to the editor who share the Penang 8-wonders info to Luk4all readers, it is really exciting !

Cheerio,KL...Callum

12/10/2007 8:45:55 AM | Callum

callum - you are one lucky guy to buy at that area, wished i had done the same investment back then. now seems like everyting is overpriced, any advice on properties now?

12/10/2007 9:37:20 AM | bu bu

BuBu, this is a tough question. In fact, when I sign in for Bayswater resort, I did not even know it will appreciate to such crazy level. I am actually buying it for my own staying, and have no means to sell or rent it out.

Due to the overwhelming demand of Bayswater, I strongly believe the surrounding properties will appreciate drastically over the years. In my believe the coaster area will become the hottest spot in Penang in the next decade, will definitely over taking Gurney Drive to be the most recommended tourist spot in Penang.

What I can say is, if you still has lots of cash, go for some IJM properties such as shop lots,semi-detach etc along this stretch of coaster area. You need to be patient to see the fruits.

Another IJM project - Platino, a high class Condo build next to Bayswater is also selling like hot cake, but those low unit lower price has been sold off, only left with some expensive units for sale. Perhaps u can take a look at it ?

No matter what, Bayswater is still the best investment spot of all within this area due to the vicinities conveniences such as Starbuck, Tesco and many many restaurants etc..

Cheers,KL..Callum

12/11/2007 8:15:07 AM | Callum

Think pg properties are overpriced at the moment. Just the matter of time, it's going to crash. That's my personal opinion. Keeping my cash to buy when that happens.

Callum, no hard feelings :)

12/12/2007 1:49:36 AM | brethern

I agreed with Brethern's comments, keep the money and wait for the crash. It is just like buying a stock at the highest level. After the crashed, you will probably get the same price or lower as what I got.

Cheers,KL...Callum

12/12/2007 9:48:04 AM | Callum

thanks guys for tips. guess i will just hang on to my money in FD for a little while more.

12/13/2007 7:31:32 AM | bu bu

Hey guys, just 2 share my experience in PJ... bought one condo at 200k sold at 350k upon completion and another one bought at same price and sold at 322k. Had the same feeling when I bought and thought that they were overpriced. Guess what? These condos are now all 450k and above!! and I doubt will crash as prices of properties in major cities in Malaysia is way below relative to our neighbouring counties like Singapore, Bangkok or even Jakarta. Anyway, I feel the same shall happen (or already is?!) in Penang and with the Transportation hubs and the 2nd bridge next in line, there is small likelihood that properties will not appreciate in the coastal line between E-gate and Queensbay. So you know what I did? Got myself a condo in Baystar. Hope to make a couple of grand for this investment... and based on my previous investments... Im quite sure Ill be enjoying the fruits soon!! Just my 2 sen

12/30/2007 8:49:36 AM | flyhi

is baystar lease hold or freehold? as i know, that area is reclaimed land, n most of the property there is lease hold, just want to confirm.

1/6/2008 12:43:29 PM | niccla

BayStar is developed on a freehold land which were reclaimed between 10 to 15 years ago; unlike some projects in Penang that are currently developed on land that were reclaimed in <5 years??!! Not sure how the land office could approve that. Anyhow, the land in Queensbay area is matured and suitable for development and are unlikely to face more reclamation as there is Pulau Jerejak opposite it. I thought about all that b4 purchased a unit there!! Cheers

1/8/2008 5:33:27 AM | flihi

may i know how much u buy for baystar from developer? how many sqft and when will it completed? seem like baystar is located in strategic location, near to bayan lepas FTZ and queensbay mall. i am interested, pls provide me more details. Thanks.

1/9/2008 11:10:31 AM | niccla

You may visit their sales office at the Queensbay Shopping Mall, Penang on 3rd Floor for further information on their units or Tel: 04-6401188. Don't wait too long coz the last time I checked, theyve got only a few minutes left (and there arent any other condo projects there!!). Another development that impressed me is the Putra Marines Resort by TechWare. The condo is completed and it is not very far from Queensbay (Along Pesiaran Bayan Baru). The units are all facing sea and the sea, Penang Bridge, Pulau Jerjak and the soon to be 2nd bridge are all part of the fantabulous view. The units are 1800-2700 sqf and are more attractively priced (but sitting on a leasehold land)!! Check that out too!!

1/12/2008 10:57:33 AM | flihi

Well folks, beware of market crash this year !! In fact, as we can see NYSE and Nasdaq had crashed quite terribly recently. The real estates in US is slumping quite significantly, the banks are taking cautiously on loan, this signifies economy recession is on its way !! I don't see any reason why demand of such condos are so hot now in Penang ? Do we see huge of influx foreign investment come to Penang that spurs up the economy ?

Think twice...whatever goes up will come down, this is the basic theory of Newton's law. The speculators will finally trapped.

I am all set for with 1 now with my Bayswater Condo Resort. No more investment and wait for the crash comes ! By then many houses will be lelong for sale !!

Cheers....KL...Callum

1/13/2008 10:00:30 AM | Callum

Well, I think there are lots of rooms for lucrative investments in Penang. As you might notice, most ASEAN countries had doubled up their stock market indexes as compared with pre-financial crises in the 90s. Malaysia had only recovered till 1500 points which shows some more potential to go further, relative to its neighbouring countries like Bankok and Jakarta Indexes . As stock market goes down, property would be more preferred as it wouldn't make sense to hold on to cash due to rising inflation factor, hence weakening purchasing power.

Properties here in KL is really hot. For example I went to the Gaya Bangsar sales launch the other day on their 1st day of the soft launch. Guess what? 99% was sold out on their 1st day!! That was fantastic! Slowing down? hmmm.. I think investors are currently pursuing bargain huntings but with extra caution.

1/16/2008 7:30:13 AM | flihi

Well, I am seeing this in different pespective. When Asean stock market goes up while US stock market goes down, does this signifies our market is good ? Do we know why and the reason for the hikes ? When a country holds very high foreign reserve, this means there are lots of HOT MONEY gets into the market that spurs up the stock market. The HOT money is basically come from the capital venture such as George Soros. When the time is right, they will pull out their invesment and a quick buck out of it. After that what will happen ? Stock market CRASH !!!!!!

Malaysia and the rest of Asean countries are largely depending on America economy. This is undisputable ! If the American citizens are controlling over their spending, which means less import from Asean countries, this impede the econmy of Asean countires.

Good luck to your investment !!

KL...Callum

1/17/2008 6:41:36 AM | Callum

I'm betting on my cash hold in my bank now. No more property buying, personally really think that it's overly inflated nowadays. Even the property back in mainland (Prai area) is hiking up steeply. Guess i just have to wait and see.

1/17/2008 6:46:44 AM | brethern

just saw in the sun yesterday, the resident around gurney are protesting against gurney paragorn. I tend to agree, with gurney plaze alone, the traffic is already very bad, wonder what will happen when we have gurney paragorn comes along. I am not againts development but the council need to be smart about township planning. We need PORR and monorail!!! AND WE NEED IT NOW!!!

1/17/2008 8:27:55 AM | ah seng

Brethern, are u sure u will buy house in Malaysia at low tide season ? I suppose you had migrated to Oregon, right ? May be it is a good time to grasp some nice houses in USA.

I am now in SanJose, the local folks told me the price has gone down by as high as 25% !! It is time for you to consider for one since u are long term staying in US. As for me, Penang is still my home, I am heading on back home next week.

Cheers....KL....Callum

1/18/2008 7:39:19 AM | Callum

why not? at low tide, you can get it at the best deal :)When it economy is good, it goes up, sell and get quick profit.

Nah, not on long term in OR. Even if i do, will definitely coming back to my live-n-die hometown. Even though the other side of the fence is better. Just like the malay saying, "hujan emas di negara orang, hujan batu di negara sendiri, baik lagi di negara sendiri". Something like that...

And Ah Seng agree with you, i think the island is has developed so fast that the improvement (public transport...etc) couldnt catch on. It's time to slow it down and get all the necessary improvement to be ready for the next BIG development. What they are doing now is like thumping down a 10 pounds steak into a 2 pounds room stomach. And this is suicide. Man, sometimes just can't imagine why we have such a dumb people in our administration.

1/20/2008 5:28:56 AM | brethern

Flihi.....watch out my word, just barely 1 week after your statement, the world's economy superpower, theUnited States Nasdaq/NYSE are facing big crash now, and now spreading across to rest of stock markets in the world !

Anyway, good luck to your investment ! If u have a job, keep the job and treat your boss nicely. The big wave is about to come soon.....CASH IS KING !!!!!!!

Brethern, Ah Seng and myself will be marching to the lelong shop soon......

KL...Callum

1/23/2008 8:09:41 AM | Callum

If we're at this rate that we are going, the recession is going to kick us hard in the b***s. Even the bosses are at the verge of losing their job. My advise is to stop spending (like what we used to spend the last few years), hold back major commitment and keep as much cash as possible.

NASDAQ now is dropping like hell, just a matter of time before we're at recession.

1/23/2008 2:34:17 PM | dleow

George Soros has recently made the statement :

This is the WORST financial crisis that we ever experience since world war II.

If his prediction is true, then this round will be worst than that happened in 1997.

I still remembered there was one billionaire in Thailand (famous real estate developer) who ended up selling all his assets, and ended selling sandwiches on the streets with his wife.

Good luck to those who "So-Greedy" and play stocks like in the casino !!!

KL...Callum

1/24/2008 7:52:13 AM | Callum

I agree, recession definitely will come in a year or max 2 years time. But the matter that really influencing property pricing will be demand and supply. I agree recently there are so many heavy weighted project going on around this small lovely island , but think carefully, the demand are mainly by local investment (As i know 85% Baystar purchaser are local (here i mean Malaysian), 2nd runner up will be Singaporean and remaining are other foreigners. So i guess property pricing are mainly influence by local ( its the local should account for high pricing in property, not foreign investment to be blame). Same as Bayswater , i hardly see any foreigner when i visit my friend there.
p/s: I also purchased Baystar last year during soft launch, so my opinion mainly based on Baystar...:)

1/24/2008 2:48:02 PM | Winwin

If there's a recession coming in, the most hit will be locals. If they stop buying, the properties are sure going to be impacted. Unless, you can hold on to it for long (and if your lucky, you are still employed), then i guess it should be fine. Else, if you out of work, and owe bank RM200K, then you in deep s*** :)

1/27/2008 5:54:29 PM | tangteng@yahoo.com