Market ·
Penang's serviced-apartment market in the first half of 2026: the official numbers
NAPIC's figures for the first half of 2026 show 192 serviced apartments in overhang in Penang — completed and unsold for more than nine months — worth RM196.21 million, with a further 3,441 unsold units under construction and 331 unsold units not yet started. On Penang Island the Serviced Apartment Price Index stood at 125.1 in the second quarter of 2026 (preliminary), up 1.0% year on year, and rents rose in selected schemes in Timur Laut and Barat Daya.
Unsold stock
The National Property Information Centre (NAPIC) counted 192 serviced apartments in overhang in Penang in its Property Stock Status Report for the first half of 2026, worth RM196.21 million. Overhang has a precise meaning: units that are completed and have stayed unsold for more than nine months.
Earlier in the pipeline, 3,441 units under construction were unsold, and 331 unsold units were in projects not yet under construction. Neither figure is overhang; both are counted before completion.
Supply and transactions
NAPIC's Northern Region Report groups serviced apartments with SOHO (small office/home office) units. On that basis, Penang had 17,177 existing units, 14,063 in incoming supply and 8,046 planned, and recorded 201 transactions worth RM146.11 million in the first half of 2026.
Prices and rents
The Serviced Apartment Price Index for Penang Island stood at 125.1 in the second quarter of 2026, up 1.0% on a year earlier. The figure is preliminary.
On rents, NAPIC reports a direction, not a level: rents rose in selected serviced-apartment schemes in the Timur Laut (North-East) and Barat Daya (South-West) districts. No rent level is published, and this site does not estimate one.
Sources
- NAPIC, Property Stock Status Report H1 2026 — Penang serviced apartments: overhang of 192 units (RM196.21 million); 3,441 unsold under construction; 331 unsold not yet under construction
- NAPIC, Northern Region Report H1 2026 — Penang serviced apartments and SOHO: 17,177 existing, 14,063 incoming, 8,046 planned; 201 transactions worth RM146.11 million; rents up in selected Timur Laut and Barat Daya schemes
- NAPIC, Serviced Apartment Price Index Q2 2026 (preliminary) — Penang Island 125.1, up 1.0% year on year
Published September 2026
