CONDOMINIUM DEVELOPMENT OF PENANG ISLAND
CHUNG KIT HONG
CHUNG KIT HONG
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Abstract
Housing developments on Penang Island have traditionally been in the form of terrace, semi-detached and detached single-family houses. Since the beginning of this decade, condominium developments have broken upon the housing scene on the Island. This study is embarked upon to investigate how viable condominium is as an alternative form of housing for the residents of Penang. An overview of the market reveals that condominiums are not performing well. Brought about mainly as a result of rampant speculations, there has been a persistent lack of demand since the crash of the property boom in 1982. So far, a relatively greater part of the demand comes from investors rather than owner-occupiers. Through an examination of the prices of this kind of housing in relation to the income levels of the Penang people, it is is found that condominium is viable for the top 7% of the housing market only. The housing preferences of this segment of the market, when investigated, reveal that the greater part is not receptive to this new lifestyle.
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1988
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