Steady growth amid challenges: What’s next for Malaysia’s property market?

Under Prime Minister Anwar Ibrahim's leadership, the property market in 2024 appeared to have stabilised and will likely continue to do so in 2025.

​By Khalil Adis

Kuala Lumpur's city skyline. Photo by Khalil Adis.

When I first started reporting on the Malaysian property market in 2008 as an editor for Property Report magazine, I remember feeling overwhelmed by the country's sheer size.

“Where should one even begin?” I wondered.

As I navigated the complex property market and started speaking to various analysts and market leaders, I realised there are a few key cities that have seen consistent demand among both local and foreign investors.

I had also assumed that, like Singapore, high-rise residential apartments were the most popular property type in Malaysia.

This is a common mistake that many Singaporean investors make.

However, when you speak to locals, many would prefer living in a freehold landed terraced home.

These are just some of the nuances one must grasp when understanding the Malaysian property market.

Fast forward to 2025, these key cities for property investments remain the same—Johor (including Iskandar Malaysia), Selangor, Kuala Lumpur, and Penang.

Here is a quick review of each market, what happened in 2024 and the predictions for 2025.
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Kuala Lumpur: A city of opportunities and challenges

The busy intersection of Bukit Bintang, Kuala Lumpur. Photo by Khalil Adis.

What’s not to love about Kuala Lumpur?

With its favourable exchange rate, exciting nightlife, unrivalled shopping experience, delicious local foods and tourist attractions, it is no wonder Kuala Lumpur remains a perennial favourite among Singaporean and local investors.

However, Kuala Lumpur also has its share of challenges, which many investors may not be aware of.

According to data from the National Property Information Centre (NAPIC), of the total 22,642 overhang units in Malaysia as of the first half of 2024, Kuala Lumpur had the third-highest residential overhang status in the country at 3,051 units.

In Kuala Lumpur, these unsold units are comprised mainly of condominiums and apartments.

According to NAPIC, in terms of value, Kuala Lumpur recorded the highest overhang value, with RM3.06 billion worth of unsold units.

Across Malaysia, properties priced at more than RM1 million contributed to 12.0 per cent (2,719 units) of the national total.

Since the minimum purchase price for a foreign investor in Kuala Lumpur is RM1 million, imagine the intense competition you may face in the resale market if you decide to offload your property.

The sheer number of unsold units compared to what Malaysians can generally afford (below RM300,000) means you might have to either sell your property at a loss or wait a long time for the right buyer.

The oversupply of condominiums and apartments also affects rental income.

Rental market trends in Kuala Lumpur
According to listings on PropertyGuru Malaysia, two-bedroom condominium units in KLCC have an average asking rental price of RM3,000 per month.

Assuming your mortgage payments amount to RM3,700, your rental income alone would not be sufficient to cover your property upkeep and other expenses.

Likewise, rental yields may not be as attractive.

For example, an RM1 million unit rented out at RM3,000 per month would generate a rental yield of 3.6 per cent.

For better rental yields, investors should consider buying near transportation hubs like the newly constructed Kajang MRT Line, Putrajaya MRT Line, LRT stations, and educational institutions.

These areas tend to have high foot traffic and excellent connectivity, making them desirable for renters.
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Selangor: The heartland of Malaysia’s property market

Border crossing in Malaysia demarcating the state of Selangor and Kuala Lumpur. Photo by Khalil Adis.

​Also referred to as Greater Kuala Lumpur, Selangor is where most Malaysians reside.

Think of it as Kuala Lumpur’s heartland, similar to Singapore’s Punggol or Ang Mo Kio, where property prices are significantly lower than in the city centre.

Over the years, Selangor has benefited from several federal government-initiated transportation projects that have positively impacted the property market.

These include the Kajang MRT Line and Putrajaya MRT Line.

While property prices in Selangor are more affordable, there is a catch—the minimum purchase price for foreigners is RM2 million.

This presents a conundrum.

If offloading a RM1 million property in KLCC is already challenging, selling a RM2 million one further from the city centre becomes even more difficult.

To put it into Singaporean terms, it is like trying to sell a S$2 million condominium in Punggol and hoping a local buyer living in a S$500,000 four-room flat will upgrade.

Similarly, within Selangor, the price gap between what locals can afford and what foreigners must pay is substantial.

Also, most locals would prefer to buy a freehold landed property for the same price.

Rental market trends in Selangor
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Selangor does, however, present a vast rental market.

According to NAPIC, all districts recorded modest growth in rental rates for terraced houses and high-rise units, particularly in Petaling, Klang, Hulu Langat, and Gombak.

Given the preference for landed homes, it is not surprising that such properties in select areas saw higher rental rates.

For instance, NAPIC data showed that double-storey terraces in urban centres such as Mutiara Damansara, Bandar Utama, Subang Jaya, and Bandar 16 Sierra had rental rates ranging from RM2,200 to RM2,800 per month.

Meanwhile, similar houses in Setia Eco Templer, Taman Alam Sari, and Setia Eco Glade recorded higher rental rates between RM2,500 and RM3,900 per month.

Notably, these are all township developments located away from the city centre in Rawang, Bangi, and Cyberjaya, respectively.
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Johor: A promising start that fizzled out

Scaled model showing the proposed High-Speed Rail station for Gerbang Nusajaya's master plan. Photo by Khalil Adis.

I have personally witnessed Johor’s massive transformation since 2008, particularly in Iskandar Puteri (formerly Nusajaya) and Medini.

I recall attending a media site visit where officials from the Iskandar Regional Development Authority (IRDA) and Iskandar Investment Berhad (IIB) presented their master plan for Flagship B, showcasing catalytic industries such as Islamic finance, education, tourism, creative, and high-tech manufacturing.

At the time, the vision was impressive.

Yet, many Singaporeans I interviewed remained skeptical.

By 2013, however, interest in Iskandar Malaysia surged among Singaporean investors, especially after Temasek Holdings announced its investment in Danga A2 Island through CapitaLand Malaysia Pte Ltd.

However, somewhere along the way, the master plan changed beyond recognition.

Massive high-rise developments sprang up along Danga Bay and near the Second Link, particularly with the introduction of Forest City.

Market analysts began sounding alarms about oversupply, questioning the sustainability of Johor’s property market.

Fast forward to 2025, and the numbers from the National Property Information Centre (NAPIC) paint a concerning picture. Johor recorded the second-highest number of overhang units in Malaysia, with 3,219 unsold residential properties valued at RM2.80 billion—mostly condominiums and apartments.

That equates to an average price of RM869,835 per unit, a figure far beyond the reach of most Johoreans.

Johor Housing and Local Government Committee Chairman Datuk Mohd Jafni Md Shukor recently reported that Johor experienced over 15 per cent growth in overall property sales, including sales of previously overhung properties.

As of December 2024, Johor has 102,438 serviced apartment units, with 11,810 remaining unsold.

Despite these challenges, NAPIC data showed strong growth in serviced apartment transactions, with a 47.4 per cent increase in volume (6,804 transactions) and a 68.5 per cent rise in value (RM4.94 billion) in the first half of 2024 compared to the same period in 2023.

By state, Johor and WP Kuala Lumpur led the market, capturing 36.2 per cent (2,465 transactions) and 33.0 per cent (2,245 transactions) of the national total, respectively.

Yet, the 11,810 unsold units will continue to impact the resale and rental markets in the foreseeable future.

Rental market trends in Johor
Data from NAPIC revealed that Johor’s rental market remained stable, with mixed movements in urban centres such as Johor Bahru, Kulai, and Batu Pahat.

Due to their limited supply, landed terraced homes continue to perform better in the rental market.

For instance, double-storey terraced homes in Horizon Hills and Taman Laguna fetch between RM2,200 and RM3,000 per month.

With the upcoming Johor-Singapore Special Economic Zone (JS-SEZ) and the RTS Link, areas like Bukit Chagar, JB Sentral, and the Ibrahim International District may experience renewed investor interest.
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However, legal complications in Medini and continued concerns over the oversupply of high-rise units remain as cautionary factors.
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Penang: The island effect

Waterfront developments against a hilly backdrop near Gurney Drive. Photo by Khalil Adis.

I have reported extensively on Penang’s property market since 2010.

I remember spending nearly a week on the island, photographing developments and interviewing key developers, including SP Setia and IJM Land (which was then developing The Light).

Previously governed by the United Malays National Organisation (UMNO), Penang’s development accelerated under the Democratic Action Party (DAP).

A small but significant change caught my eye—Penang had started cleaning up its act.

For instance, Gurney Drive, once littered with rubbish, is now clean and well-maintained.

With George Town being recognised as a UNESCO World Heritage Site in 2008 and the launch of the George Town Festival in 2010, Penang’s appeal among tourists and investors has skyrocketed.

There is an unmistakable sense of pride among Penangites in preserving the historic city of George Town.

Similar to Singapore, Penang faces land scarcity and pent-up housing demand, which have driven up property prices—commonly referred to as the “island effect.”

However, unlike Singapore which is relatively flat, Penang has a hilly inner terrain making most parts of it unsuitable for development.

This, together with local regulations that prohibit developments from taking place on these hilly terrains, has resulted in very little land available for housing developments.

The scarcity of land versus the increase in demand for homes in Penang has brought about a spike in prices.

As a result, property prices are increasingly out of reach for locals, while foreign investors view Penang as an affordable retirement destination due to the lower cost of living.

According to NAPIC, recent easing of Malaysia My Second Home (MM2H) requirements has helped attract more foreign investors to Penang.
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Key investment hotspots in Penang

Menara KOMTAR in George Town. Photo by Khalil Adis.

Some of the most sought-after locations include the following:

• Tanjung Bungah
• Tanjung Tokong
• Batu Ferringhi
• George Town
• Queensbay
• Gurney

Property overhang in Penang

Luxury condominiums along Gurney Drive. Photo by Khalil Adis.

In terms of unsold units, Penang ranks fourth in Malaysia, with 2,400 overhang units, primarily condominiums and apartments in Southwest Penang.

With 8,168 units in the supply pipeline (including overhang, unsold under construction, and unsold not constructed), high-rise residential resale and rental markets are expected to remain competitive.

Penang’s rental market
Data from NAPIC shows Penang’s rental market has remained stable, with mixed movements in various districts.
Notably, single and double-storey terraced houses in Southwest Penang saw rental increases of 4.5 per cent to 10.0 per cent, with rentals reaching up to RM2,000 per month.

Moving forward, landed residential properties in Penang are likely to outperform high-rise units, given the strong local demand and limited land supply.
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What happened in 2024?

Low cost housing project in Kuala Lumpur called Program Perumahan Rakyat (PPR). Photo by Khalil Adis.

With property prices soaring in Malaysia, it is no surprise that demand for affordable homes continued to drive the residential property sector.

According to data from the National Property and Information Centre (NAPIC), homes priced at RM300,000 and below accounted for 53.1 per cent of all residential transactions.

Overall, the residential sector recorded 121,964 transactions worth RM49.43 billion in the first half of 2024.
Compared to the same period in 2023, this marks a 6.1 per cent increase in volume and 10.4 per cent growth in value.

The boost in transactions can be attributed to various government incentives under Budget 2024 aimed at promoting homeownership, especially for first-time buyers.

One such initiative is the Housing Credit Guarantee Scheme (HCGS), which saw its funding increase from RM5 million in 2023 to RM10 million in 2024, helping up to 40,000 borrowers—particularly freelancers and gig workers—secure housing loans.

Another key measure was the RM2.47 billion budget allocation for the People’s Housing Project (PPR), also known as Program Perumahan Rakyat. This included RM546 million to continue 36 PPR projects, including a new development in Kluang, Johor.

Lastly, the government introduced a full stamp duty exemption on the instrument of transfer and loan agreements for first-time homebuyers purchasing properties priced up to RM500,000.

This exemption remains in effect until 31 December 2025.
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Nationwide market performance

Landed terraced homes in Petaling Jaya, Selangor. Photo by Khalil Adis.

Selangor contributed the largest share to the national market, capturing 22.3 per cent of transaction volume (27,174 transactions) and 30.6 per cent of total value (RM15.15 billion).

Johor followed, with 15.3 per cent of total transactions (18,648) and 18.2 per cent of total value (RM9.02 billion).
Together, Kuala Lumpur, Johor, Selangor, and Penang accounted for about 50 per cent of all residential transactions in Malaysia.

It is no surprise that landed terraced homes remained the most sought-after property type, making up 43.0 per cent of total transactions.

This was followed by vacant plots (15.3 per cent), high-rise units (14.3 per cent), low-cost houses/flats (10.8 per cent) and semi-detached homes (7.9 per cent)

Kuala Lumpur: Where rental growth thrives

The Oval in KLCC. Photo: Khalil Adis.

Some areas in Kuala Lumpur witnessed strong rental growth, particularly those near major transportation hubs.

According to NAPIC, demand for double-storey terrace homes in premium areas like Damansara Heights, Desa Park City (Casaman), and Desa Sri Hartamas pushed monthly rentals beyond RM5,000.

Similarly, luxury condominiums in prime locations such as U Thant Residence, The Oval, 10 Mont Kiara, and Sunway Vivaldi recorded monthly rentals exceeding RM11,000.
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Selangor: A landlord’s market

Cyberjaya in Selangor. Photo by Khalil Adis.

Selangor remains a high-demand rental market, attracting local renters across various districts.

NAPIC data showed modest rental growth across Petaling, Klang, Hulu Langat, and Gombak, particularly for double-storey terraces in urban areas.

For example, Mutiara Damansara, Bandar Utama, Subang Jaya, and Bandar 16 Sierra saw monthly rental rates between RM2,200 and RM2,800.

Meanwhile, Setia Eco Templer, Taman Alam Sari, and Setia Eco Glade commanded even higher rentals, ranging from RM2,500 to RM3,900 per month.
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Notably, these are township developments located outside central Kuala Lumpur, in Rawang, Bangi, and Cyberjaya.

Johor: A market under scrutiny

Medini in Iskandar Malaysia, Johor. Photo by Khalil Adis.

Back in 2008 and 2009, during a media visit to Iskandar Puteri, I was introduced to Medini—touted as a free-trade zone with no minimum purchase price for foreigners under a private lease scheme.

At the time, it seemed like a groundbreaking initiative, but over the years, bureaucratic and administrative setbacks began to surface.

In November 2024, I received a tip-off from a Singaporean buyer at Iskandar Residences who revealed shocking issues regarding property ownership in Medini.

In the documents seen, the individual strata titles that was issued nearly a decade later, showed that instead of the buyer being the legal owner, the title was still under Iskandar Investment Berhad (IIB).

This has now escalated into a legal battle, with 63 plaintiffs suing the developer, Distinctive Resources Sdn Bhd and the landowner, IIB, for fraudulent misrepresentation.

According to the source, around 10,000 homes within Medini do not have any strata title.

Given the Johor-Singapore Special Economic Zone (JS-SEZ) is being actively promoted, this controversy could shake investor confidence in Johor’s property market.

Johor’s rental market

An advertisement for a unit at 1 Medini. Photo by Khalil Adis.

Despite the legal concerns, Johor’s rental market has remained stable, with mixed trends across Johor Bahru, Kulai and Batu Pahat.

Limited supply helped double-storey terraces in Horizon Hills and Taman Laguna fetch RM2,200 to RM3,000 per month.
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Penang: Stability in the face of change

Charming shophouses in George Town, Penang. Photo by Khalil Adis.

Penang’s rental market has shown stable trends, with mixed movements across different districts.

According to NAPIC, Southwest Penang saw rental increases of 4.5 per cent to 10.0 per cent, with single and double-storey terraced houses fetching up to RM2,000 per month.

Moving forward, landed homes are expected to outperform high-rise units due to strong local demand and limited land supply.
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Predictions for 2025: Where should you buy in Malaysia?

Kajang MRT station along the Kalang Line. Photo by Khalil Adis.

If you are thinking about buying a home or investing in property in Malaysia in 2025, here is my advice: follow the infrastructure.

Why? This is because history has shown us that when new train lines, highways or economic zones are introduced, property prices in those areas tend to skyrocket.

It has happened before in places like KL Sentral and even parts of Iskandar Malaysia.

However, knowing where to buy is the tricky part.

Some areas will see real growth while others may remain stagnant for years.

That is why I have put together this guide—to help you cut through the noise and make a smart, informed decision.
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Let us start with Johor.
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Johor: Can it deliver?

Sultan Iskandar CIQ. Photo by Khalil Adis.

I remember frequently commuting back and forth via the Johor-Singapore Causeway a few years ago to report on the property market and to give talks for property developers.

Needless to say, while I enjoyed it, it was a frustrating and exhausting experience.

Sometimes, it can take up to five hours just to cross the border.
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It also made me wonder—will Johor ever become more than just a commuter town?

Fast forward to today, things are finally starting to change.

For example, the Johor-Singapore Rapid Transit System (RTS) Link is finally taking shape (like finally!), promising to slash travel time between JB and Singapore to just five minutes when it launches in 2026.

No more endless border queues that I used to endure!

If this were to actually happen as planned, areas like Bukit Chagar, JB Sentral, and the Ibrahim International District could see a huge surge in demand —for both homes and businesses.

The Land Transport Authority (LTA) estimates that it will carry up to 10,000 commuters per hour, in each direction, during peak times.

That means a massive boost for businesses, rental demand and home values in the surrounding areas.

Meanwhile, there is another interesting development: a new data center in Iskandar Puteri.

Telekom Malaysia and Singapore’s Nxera are working together to build this next-generation facility, which is set to be completed by 2026.

If Iskandar Puteri positions itself as a tech hub, we could see more high-paying jobs in the area—and with that, a stronger property market.
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Broken promises?

The former Pinewood Iskandar Malaysia Studios. Photo by Khalil Adis.

Alas, however, Johor has been full of grandiose project announcements but with a lack of follow through.

For example, the much hyped about Bus Rapid Transit (BRT) has now been canceled.

Let us also not forget the high-profile government-to-government project, the Kuala Lumpur-Singapore High-Speed Rail (HSR) which has been scrapped (for now).

Finally, the Iskandar Malaysia much anticipated boom has delivered very mixed results.

Remember Sanrio Hello Kitty Town, Lat’s Place at Puteri Harbour and Pinewood Iskandar Malaysia Studios?

They are all gone.

What about the dismal footfall at Mall of Medini and eerily quiet neighbourhoods in certain parts of Iskandar Puteri and Medini when night falls?

Speaking of Medini, the ongoing court case involving Iskandar Residences in Medini has some buyers worried about whether the area is as investment-friendly as once promised.
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Should you invest in Johor?

Gated and guarded landed homes called Estuari by UEM Sunrise in Iskandar Puteri. Photo by Khalil Adis.

Whether or not you should invest in Johor depends on your risk appetite.

If you are willing to bet on Johor’s long-term potential, focusing on areas near the RTS Link and major commercial projects could pay off.

Owner-occupied landed terraced homes (particularly gated and guarded) could also provide good capital gains over the long-term.

However, if you’re looking for a safe, guaranteed investment, you might want to wait out until the whole Medini debacle is resolved.

Kuala Lumpur: Is it still worth buying?

KL Sentral Monorail station. Photo by Khalil Adis.

If you are a Malaysian buying your first home, I would not recommend Kuala Lumpur.

Why? First, property prices here are high, with a median resale price of RM610,000—a steep entry point for most young buyers.

Second, KL is already a mature market, meaning there is limited room for rapid price appreciation compared to up-and-coming areas.

That said, if you are an investor looking for rental opportunities, certain areas—especially those along new MRT lines—still have potential.

My advice?  Follow the infrastructure.
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Where to look: The Putrajaya Line

Kepong Sentral: A hidden gem with industrial demand
This isn’t just another train stop—it is an interchange for the KTM Komuter Port Klang Line and serves one of KL’s most well-connected suburban hubs.

With plenty of industries (plastics, printing, electronics), demand for rental housing is strong.

Expect to find a mix of medium-cost apartments, terraced homes, and semi-Ds—good for both investors and homeowners.

Kampung Batu: Affordable & well-connected
One of the most underrated areas along the MRT line!

This interchange for the KTM Batu Caves-Gemas Line links multiple townships (Kampung Batu, Sentul, Taman Kok Lian).

Housing is mostly affordable (low to mid-cost apartments and terraced homes), but there is solid demand due to amenities like Victoria International College and local eateries.

Titiwangsa: The ultimate transit hub
If there is one place in KL that is a connectivity powerhouse, this is it.

Titiwangsa is an interchange for MRT, LRT, KL Monorail, and the Pekeliling Bus Hub, making it a commuter’s dream.

It is also a prime location for short-term rentals with nearby hospitals (Hospital Sentosa, Damai Service Hospital) and MICE venues (PWTC and major hotels).

If you are eyeing serviced residences and condos, Titiwangsa could be a long-term winner.

Ampang Park: The OG prime area
Ampang Park MRT is an interchange for the LRT Kelana Jaya Line, sitting right next to KLCC.

The skyline here is packed with luxury condos like The Troika and Binjai Residency—meaning it’s great for high-end investors but not first-time buyers.

Tun Razak Exchange (TRX): Malaysia’s Wall Street?
TRX is not just a MRT stop—it is Malaysia’s answer to Hong Kong’s Central or Singapore’s Marina Bay Financial District.

With a GDV of RM40 billion and major banks setting up HQs here, commercial demand is booming.

Residential property here will not be cheap, but if you can afford to buy early, you could ride the wave of appreciation.

Sungai Besi: Future-proof or a planning nightmare?
While Sungai Besi links to the upcoming KL-Singapore HSR station, the area has serious urban planning issues—limited walkability, poor pedestrian access, and scattered development.

Connectivity here is a nightmare!

How do I know this? Because I used to live there.

Residents from 1 Petaling and Petaling Indah Condo already struggle to access transit.

Unless major infrastructure upgrades happen, investing here is a risky bet.

MRT 3 Circle Line: The game changer?

Screengrab showing the Circle Line taken from MRT Corp's website.

MRT 3 (Circle Line) will complete the Klang Valley rail network in a “wheel and spoke” system, linking existing MRT and LRT lines.

Hotspots along MRT 3 include:

• Bukit Kiara Selatan
• Kompleks Duta
• Titiwangsa
• Setiawangsa
• Pandan Indah
• Taman Midah
• Salak Selatan
• Kuchai
• Pantai Dalam
• Universiti

Why these areas?
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Properties near transit hubs and educational institutions historically appreciate faster and attract strong rental demand.

Selangor: Shifting my 2025 predictions

Stadium Kajang MRT station. Photo by Khalil Adis.

Previously, I had said that Southern KL was the next hotspot.

However, due to delays in the KL-Singapore HSR and Malaysia Vision Valley, I am revising my forecast.

Thus, the new key growth areas will be along the Kajang Line, Putrajaya Line and LRT Shah Alam Line.

Kajang Line: Where are the investment hotspots:
Kwasa Damansara: The next KL Sentral?
This 2,330-acre township is KL’s next big mixed-use hub.

Think KL Sentral… but at a much earlier (and more affordable) stage of development.
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With 30 per cent designated for housing and 70 per cent for commercial, prices here are still reasonable—but this will not be for long.

Kwasa Sentral: TOD living at its best
Part of Kwasa Damansara, but expect higher property premiums due to its centrality.

Meanwhile, its Park N’ Ride integration will attract car-owning professionals who commute to KL.

Bukit Dukung: The smart investor’s choice?
With Universiti Putra Malaysia (UPM) and the German-Malaysian Institute (GMI) nearby, this area attracts students and working professionals.

Savvy investors should look into auction properties (BMV), which can go for as low as RM100,000–RM200,000.

Stadium Kajang: Rising property demand
Stadium Kajang MRT station serves several townships, including Taman Sri Kantan, Taman Sri Jambu, Taman Bunga Raya, Taman Sri Kajang, and Taman Kajang Baru.

With enhanced connectivity, land here has become highly sought after.

As a result, developers like Gamuda and Country Heights have launched medium- to high-end township developments in the area.

Some notable projects include Jade Hills, Prima Paramount and Country Heights.

​The Kajang MRT Line has significantly improved access to Kuala Lumpur, making Kajang an attractive location for both homeowners and investors.

Putrajaya MRT Line
Sungai Buloh MRT Station: A key interchange hub
Sungai Buloh MRT station is a major interchange for MRT Kajang Line, MRT Putrajaya Line KTM Komuter & KTM Intercity

This station is conveniently located near ELC International School, serving upscale neighbourhoods like Bukit Rahman Putra, Damansara Damai, Bandar Sri Damansara, Valencia, Sierramas and Taman Villa Putra. With seamless connectivity to Kuala Lumpur, these areas are seeing increased demand from homebuyers and investors.

Serdang Raya South: A vibrant commercial hub
Located along the Kuala Lumpur-Seremban Highway, this station is right across South City Plaza and close to Mines Resort City.

It serves mature townships like Kampung Baru Seri Kembangan, which has a thriving commercial scene.

Established amenities here include AEON Equine Park, Giant, Maybank and McDonald's. A large overseas student population (Middle East & Africa) provides great potential for student accommodations provides strong rental demand.

UPM: A student-focused market
Located near Universiti Putra Malaysia (UPM), this station caters to a student population of over 24,000. UPM specialises in agricultural sciences and research, attracting both local and international students.

It is a good rental market as the station is near the Faculty of Medicine and Health Sciences, making it highly convenient for student.

There is a strong demand for rental properties among students and staff If you are considering investing in a unit for rental, UPM is a prime spot for student housing.

Sierra: A township with strong growth potential
Sierra MRT station is part of Bandar 16 Sierra, a township by IOI Properties located at the southern tip of Puchong.

This area is expected to benefit from two major government projects, namely KLIA Aeropolis and Cyberjaya City Centre.

The former is a multi-billion ringgit logistics and aviation hub while the latter is a smart city development in Cyberjaya

With good connectivity via the SKVE, MEX, and LDP highways, Sierra has one of the best capital appreciation potentials in Klang Valley.

Cyberjaya City Centre: The next KL Sentral?
Developed by Malaysian Resources Corp Bhd (MRCB), Cyberjaya City Centre will be a transit-oriented development (TOD) integrated with the MRT station.

Phase one is expected to generate a gross development value (GDV) of RM5.35 billion.

It will feature a 200,000 sq ft convention centre, a 300- to 400-room business hotel, low and high-rise office buildings and a retail podium.

With a 20-year master plan, Cyberjaya City Centre aims to become a major commercial and tech hub, strengthening Cyberjaya’s position as Malaysia’s Silicon Valley.

The MRT station is located just opposite Lim Kok Wing University of Creative Technology.

Putrajaya Sentral: A fully integrated transport hub
Putrajaya Sentral MRT station will be an interchange station to the Putrajaya Sentral Express Rail Link (ERL) station that links it to KLIA and KLIA2.

This station will be served by multimodal transports which include Putrajaya Monorail, a taxi centre and a bus hub, making it a fully integrated station.

As the seat of Malaysia’s government, Putrajaya has always been well-planned, but this new MRT connection will make commuting far easier for its residents.

LRT Shah Alam Line
BU11: Affluent suburban living
BU11 LRT station is located at Merchant Square, serving Tropicana and its surrounding high-end neighbourhoods.

Originally a landed residential zone, of late, however, luxury condominiums are now on the rise due to strong demand from nearby Bandar Utama and Kota Damansara.

Top developers here include Tropicana and Thriven. There is also a strong rental market as it is close to The British International School & First City University College.

Kerjaya: Industrial growth and rental demand
Located in Glenmarie, this station serves two major industrial parks.

Firstly, Hicom Glenmarie Industrial Park which is Home to Kawasaki Malaysia, DHL and other major corporations.

Secondly, Batu Tiga Industrial Park which is a light industrial zone surrounded by residential areas.

With a mix of local and expatriate professionals, there is strong demand for rental properties in Glenmarie.

Stadium Shah Alam: More than just a sports venue
Stadium Shah Alam LRT station will be built near to Shah Alam Stadium car park and will serve the Shah Alam Stadium, Stadium Malawati, the Management and Science University (MSU) campus, AEON Mall Shah Alam and the township of Taman Batu Tiga. MSU will provide a ready pool of potential tenants.

UiTM Shah Alam LRT Station: A student housing hotspot
UiTM Shah Alam LRT Station is located between Petronas and Shell petrol stations near the Federal Highway.

When completed, it will serve the Universiti Teknologi MARA (UiTM) campus and parts of Seksyen 2, specifically the nearby landed homes at Jalan Topaz 7/4.

There is a huge demand among students wanting to live off campus but within proximity to the university’s grounds.

In fact, the college management has established a Non-Resident Management Unit to help students find accommodations in Shah Alam. This presents a good opportunity if you are thinking of renting out your unit to students here.

Bukit Raja Selatan: Industrial park potential
Bukit Raja Selatan LRT Station is located within the vicinity of Bukit Raja Industrial Park and Lebuh Keluli.

The industrial area is home to multinational companies such as Nestle, Tamco Switchgear and Pharmaniaga Pristine, just to name a few.

Bukit Raja Industrial Park features modern-looking properties catering to light to medium industries.

Buying a property here means you can capture potential tenants working at the various multinational companies at the industrial park.

Pasar Jawa: The gateway to Klang and beyond
Pasar Jawa LRT Station is an interchange station that will be integrated with the Klang KTM Komuter Station serving the Port Klang Line.

When completed, it will serve Klang and its surrounding areas comprising Kampung Keretapi and Kampung Kastam. Port Klang is a shipping hub and a gateway to Malaysia. 

This is the place to live if you prefer a laid-back environment. Here, you can hop onto the train and then hop off to the ferry terminal to explore Pulau Ketam or Tanjung Balai and Dumai in Indonesia. You can also find the original Little India here offering masala tea to sarees at a fraction of the price than that is offered at Brickfields.
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Penang: An island that is moving up the big league

The Light by IJM Land. Photo by Khalil Adis.

I have always loved visiting Penang.

There’s something magical about the island — the way George Town’s heritage charm blends with modern developments, and the undeniable pride Penangites have for their home.

It is a city that is constantly evolving, and over the years, I’ve been impressed by its rapid development.

Much like Singapore, Penang has so much untapped potential.
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And finally, we’re seeing it come to life.

Would I recommend It for first-time homebuyers?

Not really.

The main island is expensive, with even far-flung areas like Balik Pulau commanding an average residential price of RM600,000. 

For first-time buyers, that is a hefty sum.

However, if you’re an investor, there are some exciting growth areas—especially along new transport routes—that could see strong capital appreciation and rental demand.

One of the key projects driving this change is the Mutiara Line (previously the Bayan Lepas LRT), which the federal government took over in 2024.

The Mutiara Line: A game-changer for Penang
The Mutiara Line will span 29.5 km with 21 stations, running from Penang South Reclamation Island A (PSR-A) to Penang Sentral and KOMTAR.

Construction kicks off in early 2025 and once completed, it will drastically improve connectivity across the island.

Here are some potential hotspots along the route:
FIZ South: Silicon Valley of the East
This station serves the Bayan Lepas Free Industrial Zone, home to major multinational corporations like Osram and Bosch.

With a strong tenant base of professionals and expats, rental demand here is expected to remain high.

Bukit Jambul: A transportation hub in the making
Bukit Jambul station will connect to the Rapid Penang Bus Hub and Bukit Jambul Complex, making it a key residential and commercial interchange.

Sungai Dua: The link to the mainland
Sungai Dua station will be an interchange to the Sungai Nibong Bus Terminal, which connects Penang to major cities like Kuala Lumpur, Singapore and Ipoh.

This makes it a prime area for rental properties catering to travelers and working professionals.

Penang Waterfront: The future Sentosa of Penang?
This station will be located within The Light development by IJM Land—think Singapore’s HarbourFront meets Sentosa.

The master plan includes luxury waterfront homes, a convention center, and even a proposed interchange for the Georgetown-Butterworth Line, connecting Penang Island to Seberang Perai.

Sungai Pinang: The Future of sky transport
Although the exact location is not confirmed, it is likely to be near Karpal Singh Drive, where it will connect to the Penang Sky Cab system.

Developed by MRCB, the Sky Cab will carry 1,000 passengers per hour, per direction, reducing ferry dependency and improving cross-strait connectivity.

KOMTAR: The beating heart of George Town
KOMTAR is Penang’s equivalent of Singapore’s City Hall MRT station (albeit a more laid-back one)—a major transport hub.

Not only does it house the Rapid Penang bus interchange but there are also plans to upgrade it into a major MRT interchange for future monorail lines connecting Tanjong Tokong and Ayer Itam.

Seberang Perai & Batu Kawan: Affordable alternatives for first-time buyers
If you are buying your first home, I would recommend looking across the strait at Seberang Perai or Batu Kawan instead.

Since the Second Penang Bridge was announced in 2006, land prices in these areas have surged—but they are still relatively affordable with plenty of upsides.

According to data from Brickz, the entry price for residential properties in Seberang Perai and Batu Kawan is RM236,500 and RM467,000 respectively.

Seberang Perai: Growth in progress

View of Seberang Perai from George Town Ferry Terminal. Photo by Khalil Adis.

​Once overlooked, Seberang Perai has transformed from agricultural land into a key development hub.

In 2015, property prices averaged RM56 per sq ft.

By 2024, that figure skyrocketed to RM327 per sq ft.

There are also state-led affordable housing projects in the pipeline. You can check them out here: LPNPP

Penang Sentral: The mainland's major transport hub
Seberang Perai is home to Penang Sentral Station, which links the island to mainland Malaysia. It will serve as an interchange for  KTM Butterworth, Butterworth Ferry Terminal and Rapid Penang Bus Terminal

Penang Port: A future halal logistics hub
The mainland is also positioning itself as a logistics powerhouse, with Penang Port emerging as Malaysia’s leading halal logistics hub.

There is also a proposed RM27 billion Raja Uda - Bukit Mertajam Monorail Line connecting the port to Permatang Tinggi.

Batu Kawan: The next urban hub
Once a sleepy town, Batu Kawan is now home to IKEA and township developments by EcoWorld and Mah Sing.
In 2019, property prices were RM219 per sq ft. By 2024, they had risen to RM367 per sq ft.

A Bus Rapid Transit (BRT) system is also in the works.

The BRT Permatang Tinggi - Batu Kawan Line will have 15 stations, running from Permatang Tinggi through IKEA before terminating at Bandar Cassia Industrial Park.

Should you invest in Penang?
It depends on what you’re looking for.

For first-time homebuyers, consider Seberang Perai or Batu Kawan for affordability and growth potential.

For investors, the Mutiara Line will be a key driver of capital appreciation on the island.

Areas near transport hubs like FIZ South, KOMTAR,and Penang Waterfront are promising for rental demand.

With these upcoming infrastructure projects, Penang is no longer just a cultural hotspot—it is fast becoming one of Malaysia’s most exciting property markets.