<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 22): The ban on short-term rental in Penang has resulted in an increase in property values and rental yields, according to Eastern &amp; Oriental Bhd (E&amp;O).</p></div>

<div class=newsTextDataWrapInner><p>E&amp;O executive chairman Datuk Tee Eng Ho said the group's property development in Penang was never intended to be marketed as an investment play.</p></div>

<div class=newsTextDataWrapInner><p>"Whichever condominium without Airbnb, their property price goes up, rental even much better," he told reporters and analysts at E&amp;O's 2QFY2024 results briefing on Wednesday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"Our [development in] Andaman Island, we never targeted it for people to do Airbnb," Tee added.</p></div>

<div class=newsTextDataWrapInner><p>Tee was referring to the Andaman Island development, an artificial island off the Northeast coast of Penang that is set to be launched in the first quarter of 2024.</p></div>

<div class=newsTextDataWrapInner><p>Effective May 25 this year, the state government of Penang imposed a ban on almost all types of short-stay accommodation, making it the first state in Malaysia to impose such a ban.</p></div>

<div class=newsTextDataWrapInner><p>Excluded from the ban are six types of commercial properties: serviced apartments, small office home offices (SoHo), small office flexible offices (SoFo), small office virtual offices (SoVo), office suites and duplex offices.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/690916" target="_blank">E&amp;O’s 2Q net profit surges to RM30m on higher revenue, absence of forex loss</a></em></p></div>


The ban on short-term rental in Penang has resulted in an increase in property values and rental yields, according to Eastern & Oriental Bhd (E&O).

E&O executive chairman Datuk Tee Eng Ho said the group's property development in Penang was never intended to be marketed as an investment play.

Short-term rental ban in Penang has led to increase in property value, rental yield, says E&O

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