Today land costs account for about 30% of any property development cost. If you are wondering how much does the land costs in Penang, below is an infographic that shows several land deals transacted in 2019 with a value of more RM10 million. This report is based on data published by The National Property Information Centre (NAPIC) for the year of 2019.
Land transacted at more than RM10mil in 2019
An 11,000 sq.ft. commercial land with pre-ware building near Penang Times Square was the most expensive land transacted in 2019 at RM12mil, which is about RM1,080 per sq.ft. Technically the land with a size of 1 car park lot would cost around RM125k. It is also 72 times more expensive than the development land in Tasek Gelugor.
The 144-acre freehold land in Tasek Gelugor was acquired by Scientex Bhd at a cost of RM14 per sq.ft, for the development of 2,332 affordably priced double-storey terrace houses.