With Malaysia’s booming economy and globalization, there is an influx of expatriates from various countries to our country. Georgetown is rapidly becoming an expatriate hub for its highly industrialized economy. To date, Penang has drawn numerous MNC companies into investing in the state comprising Dell, Intel, Motorola, Altera, Seagate (to name a few) centered in Bayan Lepas Industrial Zone area.
Due to the large number of MNC companies, it creates a huge demand in the market for serviced apartment among expatriates on work-affiliated assignments seeking for short stay. This causes undersupply issue with the inventory shortage on that aspect. Therefore, service apartment or short term rental is generating higher rental income when compared to rent from residential property.