New Property in George Town Penang 2026
All new property launches in George Town, Penang — Tanjung Tokong, Gurney Drive, Greenlane, Bayan Baru and Relau. UNESCO heritage city, MM2H favourite, and Malaysia's top Airbnb destination. Direct from developers.
32 active projects11 new launchesFrom RM420k
Tanjung TokongPremium north island corridor — sea views, luxury condos, expatriate community, near Gurney DriveGurney DrivePenang's most sought-after address — seafront promenade, luxury condominiums, upscale diningGreenlaneEstablished residential — close to KOMTAR and city core, mix of apartments and terrace housesBayan Baru / Bayan LepasFastest-growing south island area — near Penang International Airport, FTZ industrial belt, SPICE ArenaRelauMid-range affordable suburb — popular with first-time buyers, good highway access, quiet livingAir ItamHillside neighbourhood — close to Penang Hill, George Town heritage zone, compact apartments
New Launches in Penang Island
New Launch
Mah Sing Group
M Zenni
Batu Maung, Penang
From RM531k
Serviced ApartmentFreehold
Under Construction
Eco World Development
Eco Sun
Batu Kawan, Penang
From RM678k
Landed HouseFreeholdEst. 2029
New Launch
SP Setia
Single Storey Terrace Homes (Charm & Rejoice) @ Amansara North, Setia Fontaines, Penang
Kepala Batas, Penang
1,385 sq ft
From RM475k
Landed HouseFreehold
New Launch
Sinaran Residences @ Utropolis Batu Kawan, Penang
Batu Kawan, Penang
667 sq ft
From RM500k
Serviced ApartmentFreehold
New Launch
Viluxe @ Aspen Vision City, Double Storey Terrace Homes | Penang Property
Seberang Perai, Penang
2,100 sq ft
From RM1.1mil
Landed HouseFreehold
New Launch
Camdon Garden Home @ Eco Horizon, Penang
Seberang Perai, Penang
1,676 sq ft
From RM1.1mil
Landed House
New Launch
2-storey Terrace @ Taman Riang, Butterworth
Butterworth, Penang
1,664 sq ft
From RM978k
Landed HouseFreehold
New Launch
SP Setia
Allure Double Storey Superlink Homes @ Amansara North, Setia Fontaines, Penang
Kepala Batas, Penang
2,727 sq ft
From RM708k
TownhouseFreehold
New Launch
SP Setia
Double Storey Terrace Homes (Glamour & Shine) @ Amansara North, Setia Fontaines, Penang
Kepala Batas, Penang
From RM589k
Landed HouseFreehold
New Launch
Zen6 @ Georgetown, Penang
Georgetown, Penang
1,050 sq ft
From RM689k
CondominiumFreehold
New Launch
Malton Berhad
Tuan Pavilion, Condominium @ Air Itam, Penang
Air Itam, Penang
1,172 sq ft
From RM695k
CondominiumFreehold
Browse Penang Property
George Town Property Price Guide 2026
| Area | Property Type | Price Range |
|---|---|---|
| Air Itam / Relau | Apartment / Condo | RM300k – RM480k |
| Greenlane / Jelutong | Condo / Apartment | RM380k – RM600k |
| Bayan Baru / Bayan Lepas | Condo / Terrace | RM420k – RM750k |
| Tanjung Tokong | Condo / Serviced Apt | RM600k – RM1.5M |
| Gurney Drive / Straits Quay | Luxury Condo | RM1M – RM3M+ |
Price ranges are indicative. Verify current developer pricing on individual project pages.
Recently Completed in Penang Island
Recently Completed
IJM Land
Ayra Terraces by IJM Land
Nibong Tebal, Penang
From RM438k
Landed HouseFreehold
Completed
Mah Sing Group
The Loft @ Southbay, Penang
Batu Maung, Penang
3–4 bed2–4 bath1,690 – 1,700 sq ft
From RM1.6mil
Condominium/ApartmentFreehold156 unitsEst. 2017
Completed
Mah Sing Group
Ferringhi Residence 2
Penang
From RM789k
CondominiumFreehold
Completed
Mah Sing Group
M Aspira
Taman Desa, Penang
From RM452k
Serviced ApartmentFreehold
Completed
Eco World Development
Eco Meadows
PENANG, Penang
From RM758k
Landed House
Completed
Eco World Development
Eco Horizon
Batu Kawan, Penang
From RM678k
Landed House
Frequently Asked Questions
What is the average price of new property in George Town, Penang in 2026?▼
New property in George Town, Penang in 2026 ranges from RM300,000 for apartments in outer areas like Relau and Air Itam to RM3M+ for luxury condominiums along Gurney Drive and Tanjung Tokong. The Penang Island median condominium price is approximately RM520,000 based on NAPIC transaction data. New launches in growth corridors like Bayan Lepas and Tanjung Tokong are priced from RM420,000–RM900,000.
Can foreigners buy property in Penang?▼
Yes — foreigners can buy property in Penang subject to the Malaysia My Second Home (MM2H) programme and a minimum purchase price of RM1,000,000 for most property types on Penang Island (as of 2026). Penang Island is one of Malaysia's most popular destinations for foreign buyers and MM2H applicants due to its international lifestyle, English-speaking community, good healthcare, and global connectivity. Some heritage properties in George Town may have additional restrictions — always verify with a licensed solicitor.
Is George Town Penang a good Airbnb investment?▼
George Town is Malaysia's top Airbnb market with year-round occupancy driven by cultural tourism, food tourism, and expatriate short stays. UNESCO World Heritage City status attracts consistent international visitor flow. Airbnb gross rental yields of 6–9% are achievable for well-located units near the heritage zone, Gurney Drive or SPICE Arena in Bayan Lepas. Operators should check local council short-term rental regulations before listing.
Is it better to buy on Penang Island or Penang Mainland?▼
Penang Island (George Town area) commands premium prices due to land scarcity, heritage status, and strong expat and tourist demand. Mainland Penang (Seberang Prai — Bukit Mertajam, Butterworth, Batu Kawan) offers significantly more affordable options, particularly for new landed properties, with prices starting from RM250,000 for terrace houses. For capital appreciation and lifestyle living, island property has historically outperformed. For affordability and rental yield from local workers, mainland properties offer better entry points.
What is the MM2H programme and how does it affect Penang property?▼
The Malaysia My Second Home (MM2H) programme allows foreigners to obtain a long-term residency visa in Malaysia. Penang is among Malaysia's most popular MM2H destinations. Holders can purchase property under the programme subject to state-specific minimum price thresholds (RM1,000,000 on Penang Island). The programme drives steady demand for premium condominiums in Gurney Drive, Tanjung Tokong, and Straits Quay — supporting property values in the RM800k–RM2M segment in 2026.
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