“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,” said Chairman Datuk Jerry Chan.
The new bridge could also be the solution for people wanting to acquire homes on the mainland considering that the island is “... too congested with few affordable houses.” With this, demand for houses on the mainland is expected to increase as houses there are cheaper, he added.
The island’s southwest areas of Permatang Damar Laut, Gertak Sanggul and Batu Maung are also expected to witness a boom mainly due to their proximity to industrial areas.
Property consultant Henry Butcher Malaysia noted that the urbanisation in these areas will likely be due to the new bridge as younger people will prefer homes nearby since they are still affordable.
Dr Jason Teoh, Director for Henry Butcher Malaysia (Penang) Sdn Bhd, noted that house prices are unlikely to see a sudden spike as the development of the bridge has been long-awaited.
He said: “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.”
Propertyguru
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