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Penang LRT Project Bring Positive Impact On Property Price
The Penang executive council recently gave the green light to the ambitious RM27 billion Penang Transport Master Plan (PTMP) project’s delivery partner SRS Consortium Sdn Bhd to mitigate traffic congestion by 2030 and ensure Penang’s prosperity beyond 2050.
Penang Chief Minister, Lim Guan Eng says that “The TMP is an ambitious ‘big-bang’ approach towards facing the biggest challenge of both traffic congestion and public transport by adopting the approach of “moving people, not vehicles”. The TMP’s ‘big-bang’ approach combines air, water, rail and road to provide a “once and for-all” solution to mitigate traffic congestion.”
How will the TMP change the property landscape in Penang?
The highlight of the TMP is the LRT and monorail in Penang. As part of the state government’s effort to overcome traffic congestion, the LRT and monorail projects in Penang is approved. Penangites will now be able enjoy better public transport with this approval.
The railway scheme covers both the island and mainland, with one LRT and two monorail lines on the island, one LRT line across the sea linking both sides of Penang, and a bus rapid transit (BRT) system.
The priority for the railway scheme will be the light rail transit (LRT) line linking Komtar in the city centre of George Town and the Penang International Airport in Bayan Lepas. This project would be Phase One of the railway scheme and treated as a priority project. The construction of the LRT is expected to start in 2018 and take 6 years to complete.
How will this impact the property outlook?
According to Hong Leong IB Research said the Klang Valley experience had shown how property values were enhanced with better connectivity (roads, LRT, MRT).
“We expect the impact to be similar for Penang with the PTMP, if not better, given its more holistic approach.”
“Enhanced connectivity between the island and mainland should also narrow the price gap differential,” it said.
Infrastructure plays an important role in property’s value. Therefore we can expect the price for housing projects along the LRT lines and new bus routes will appreciate.
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One thought on “Penang LRT Project Bring Positive Impact On Property Price”
I also agree about the postive impact for Penang LRT. It seems that the state government had launched a new website to talk about it specifically – https://penanginfra.com/public-transport-lrt-brt/ , hope they’ll take prompt action about it soon!