Deal or Grill Malaysia Property Review Episode 14 kicks off 2026 with a special state-by-state comparison. For the first time ever, the FAR Capital panel puts Kuala Lumpur, Penang, and Johor Bahru head-to-head, reviewing seven hot properties across all three states using the eight-property filter.
If you have ever wondered whether to invest in KL, Penang, or JB, this Deal or Grill Malaysia Property Review episode delivers the definitive answer. The panel exposed a critical market truth: less than 0.5% of transactions in JB are above RM1,000 PSF, yet most new RTS launches exceed this price.
Meanwhile, Penang’s Airbnb ban is reshaping the entire Georgetown rental market. And KL still offers the only market where you can achieve 10% gross rental yield in Tier one locations. Read on for the complete breakdown.
R&F Phase 3, also known as New Casa Suites, is the latest phase of the massive R&F development near JB CIQ. Located at the super city centre of Johor Bahru with walking distance to CIQ and First Link to Singapore, this project has become famous among foreigners and locals alike.
What Agents Claim vs. Reality:
| Agent Claims | Panel Verdict |
|---|---|
| “Golden intersection of Malaysia connected to Singapore” | TRUE – Prime location near CIQ |
| “Foreigner-friendly property” | TRUE – Pioneer for foreign buyers in JB |
| “Luxury and modern standard” | TRUE – Quality interior comparable to Phase 1 and 2 |
| “Linked to mall and CIQ” | TRUE – Integrated with R&F mall |
| “Safe investment with guaranteed returns” | CAUTION – Phase 3 enters at higher price than Phase 1/2 |
Pricing averages approximately RM980 PSF against a median of RM930 PSF. The capital gain rating of 2.33 stars reflects the concern that Phase 3 is launching at significantly higher prices than the earlier phases, which completed and were linked to the mall.
The cash flow rating of 3.66 stars is positive, but the panel noted that some layouts make money while others lose money. A three-bedroom unit rents for maximum RM3,700 but carries a mortgage of RM4,400, meaning negative cash flow for that layout.
| Filter Category | Score |
|---|---|
| Price | 2 Star |
| Booster | 5 Star |
| Supply vs Demand | 1 Star |
| MRO | 4 Star |
| Cash Flow | 4 Star |
| USP | 1 Star |
| ROC Capital Gain | 2.33 Star |
| ROC Cash Flow | 3.66 Star |
Paragon Gateway is located near Jalan Tampoi, connected to the Tebrau area. With approximately 2,100 units, this scale has become normal for JB developments. The project offers one-bedroom to three-bedroom layouts.
The panel gave Paragon Gateway balanced ratings in this Deal or Grill assessment. The four-star cash flow reflects genuine rental demand in the area, while the 2.5-star price rating acknowledges it is fairly priced but not exceptional value.
The two-star USP indicates limited differentiation from competing developments. For investors seeking a safer entry into JB outside the CIQ premium zone, Paragon Gateway represents a middle-ground option.
| Filter Category | Score |
|---|---|
| Price | 2.5 Star |
| Booster | 4 Star |
| Supply vs Demand | 2 Star |
| MRO | 2.5 Star |
| Cash Flow | 4 Star |
| USP | 2 Star |
| ROC Capital Gain | 2.6 Star |
| ROC Cash Flow | 3.1 Star |
Nordins is located in Georgetown, primarily targeting the Airbnb market. However, the panel highlighted a critical issue: Airbnb is currently banned in Penang. While the developer has created agreements where 85% of owners must agree to allow Airbnb, this regulatory uncertainty creates significant investment risk.
What Agents Claim vs. Reality:
| Agent Claims | Panel Verdict |
|---|---|
| “Prime freehold in UNESCO heritage heart” | TRUE – Excellent tourism location |
| “Close to all jetty and tourism areas” | TRUE – Strategic Georgetown position |
| “Airbnb hotspot with good rental yield” | RISKY – Airbnb ban creates regulatory uncertainty |
| “Future LRT stations coming” | TRUE – Infrastructure boost confirmed |
| “Medical tourism supports demand” | TRUE – Indonesian medical tourists frequent the area |
Pricing at approximately RM1,104 PSF is above the transacted median of approximately RM880 PSF in the same Georgetown area. The capital gain and cash flow ratings both sit at 2.6 stars, below the three-star safety threshold. The panel emphasized that while Penang has strong capital gain potential, rental yield remains lower compared to KL and JB.
| Filter Category | Score |
|---|---|
| Price | 2 Star |
| Booster | 4 Star |
| Supply vs Demand | 2 Star |
| MRO | 2 Star |
| Cash Flow | 3 Star |
| USP | 3 Star |
| ROC Capital Gain | 2.6 Star |
| ROC Cash Flow | 2.67 Star |
Lighthouse is a luxury development by the same developer as Nordins, located opposite e-Gate in Penang. This project targets a different segment entirely, focusing on owner-occupiers who value size, specifications, and premium facilities.
The five-star USP reflects the exceptional quality of the development. The units are generously sized with luxury specifications that differentiate it from typical Penang condos. The four-star supply-demand rating indicates healthy balance in this Tier two area, and the 4.32-star capital gain rating is the highest of any Penang property reviewed.
However, the panel cautioned that at approximately RM1,400 PSF, less than 1% of Penang transactions occur above this price point. While the quality justifies the premium for owner-occupiers, investors should understand they are buying into uncharted pricing territory for the resale market.
| Filter Category | Score |
|---|---|
| Price | 3 Star |
| Booster | 4 Star |
| Supply vs Demand | 4 Star |
| MRO | 2 Star |
| Cash Flow | 3 Star |
| USP | 5 Star |
| ROC Capital Gain | 4.32 Star |
| ROC Cash Flow | 3.66 Star |
Skyline Embassy is located on Jalan Ampang, marketed heavily to Singaporeans and JB buyers. The panel clarified a critical point: this is NOT walking distance to KLCC. It is on the other side of Jalan Ampang, a significant distance from Petronas Towers.
What Agents Claim vs. Reality:
| Agent Claims | Panel Verdict |
|---|---|
| “Prime location near KLCC” | MISLEADING – Not walking distance to KLCC |
| “Freehold with excellent connectivity” | TRUE – Good highway access |
| “Maximum rental options with dual-key” | TRUE – Flexible rental strategies |
| “Below market entry price” | TRUE – RM1,250 PSF vs RM1,304 median |
| “Positive cash flow guaranteed” | TRUE – Most layouts achieve positive cash flow |
At approximately RM1,250 PSF, Skyline Embassy sits below the Jalan Ampang West median of RM1,304 PSF, earning a four-star price rating. The five-star booster reflects the master plan and MRT integration. Cash flow is genuinely positive at four stars. The panel’s main concern is oversupply in the KLCC-Jalan Ampang corridor, which keeps the capital gain rating at three stars.
| Filter Category | Score |
|---|---|
| Price | 4 Star |
| Booster | 5 Star |
| Supply vs Demand | 2 Star |
| MRO | 4 Star |
| Cash Flow | 4 Star |
| USP | 3 Star |
| ROC Capital Gain | 3 Star |
| ROC Cash Flow | 4 Star |
Bamboo Hills by UOA is located near Jalan Kuching, close to the established Bamboo Hills commercial and dining precinct. The developer’s strategy of building the commercial area first before launching residential has created genuine demand and awareness.
The standout feature is the five-star cash flow rating. At approximately RM670-700 PSF with rental rates of RM2,000-3,000 depending on layout size, most units generate genuinely positive cash flow. The MRT linkage is already built, not promised, giving investors immediate connectivity rather than future potential.
The panel gave Bamboo Hills a final capital gain rating of 3.25 stars and cash flow rating of 3.8 stars, making it one of the most balanced investments reviewed across all three states.
| Filter Category | Score |
|---|---|
| Price | 3 Star |
| Booster | 5 Star |
| Supply vs Demand | 3.5 Star |
| MRO | 3 Star |
| Cash Flow | 5 Star |
| USP | 3 Star |
| ROC Capital Gain | 3 Star |
| ROC Cash Flow | 4 Star |
AB is a special project located in Bukit Bintang, sandwiched between TRX and Pavilion. The strategic location offers walking access to both the TRX MRT station entrance and the Pavilion shopping district.
The panel revealed in this Deal or Grill Malaysia Property Review session that they initially purchased at approximately RM1,400-1,500 PSF, a price point that no longer exists in today’s market where current pricing approaches RM2,000 PSF. This 30% below-market entry explains the exceptional 4.3-star capital gain rating.
The five-star booster reflects TRX’s emergence as Malaysia’s financial hub. While the master plan is completed, it is not yet fully matured, meaning additional office towers and commercial developments are still coming. The MRT spillover effect is already visible, with demand pushing toward Velocity and Cheras as workers seek more affordable accommodation along the MRT line.
| Filter Category | Score |
|---|---|
| Price | 4 Star |
| Booster | 5 Star |
| Supply vs Demand | 3.7 Star |
| MRO | 4 Star |
| Cash Flow | 4 Star |
| USP | 4 Star |
| ROC Capital Gain | 4.3 Star |
| ROC Cash Flow | 4.2 Star |
After reviewing seven properties across three states, the panel delivered their overall verdict:
KL remains the best state for cash flow investors. As Faisor stated, “Only in KL you can cash out maximum RM150,000 and find property that gives you positive cash flow.” The panel confirmed achieving above 6% rental yield in KL, with some Tier one properties delivering 10% gross rental yield over the last 24 months.
For capital gain, the panel’s message was nuanced. Penang offers strong appreciation potential but requires patience and acceptance of lower rental yields. JB’s RTS Link is a genuine game-changer, but only for those who buy below median. KL provides the most consistent capital appreciation across all tiers.
The Deal or Grill Malaysia Property Review panel’s consensus for 2026: KL remains the safest all-rounder. It offers the best combination of cash flow, capital gain, and liquidity. JB presents the highest upside potential but carries the most risk due to oversupply. Penang is ideal for owner-occupiers and long-term capital appreciation plays, but the Airbnb ban has significantly impacted rental strategies.
This Deal or Grill Malaysia Property Review Episode 14 delivers the most comprehensive state comparison ever attempted on the show. The panel’s eight-property filter exposed critical differences between KL, Penang, and Johor Bahru that most investors overlook.
The key finding: there is no single “best” state. KL wins for cash flow and liquidity. Penang offers strong capital appreciation for patient investors. JB presents the highest risk-reward profile with the RTS Link catalyst. The right choice depends entirely on your investment objectives, budget, and risk tolerance.
What remains constant across all three states is the importance of buying below median. Whether it is AB Bukit Bintang at 30% below market, Lighthouse at a luxury entry point, or R&F Phase 3 at CIQ proximity premium, the entry price determines your investment outcome more than the location itself.
Watch the full EP 14 state comparison on the FAR Capital YouTube channel for complete panel discussions and audience Q&A. Explore our previous Deal or Grill Malaysia Property Review episodes covering EP 1 through EP 13 for additional property insights across North KL, JB, South Klang Valley, Penang, and Shah Alam.
The Deal or Grill Malaysia Property Review panel ranks KL as the best for rental yield, with achievable returns of 6-10% in Tier one areas. JB follows with 6-7% for well-selected properties. Penang trails at 4-5% due to lower rental demand relative to purchase prices.
Yes, the RTS Link connecting JB to Woodlands, Singapore is a genuine infrastructure catalyst. However, the panel cautioned that with 18,000+ units planned in the CIQ corridor, oversupply risk is significant. Only properties bought below median will capture the full RTS upside. For official updates, visit the RTS Link portal.
No. Penang has implemented a statewide ban on Airbnb for residential properties. Some developments like Nordins have created owner agreements to allow short-term stays with 85% consent, but this remains legally uncertain. The panel advises against buying Penang properties purely for Airbnb strategy. Check Penang Island City Council for regulations.
The panel confirmed that KL offers the most accessible entry points among the three states. With RM150,000 capital deployment, investors can find positive cash flow properties in Tier two and Tier three KL areas. For current listings, check PropertyGuru KL.
The panel’s advice depends on your investment stage. Beginners should prioritize cash flow to build a stable foundation. Advanced investors with cash flow covered can target capital gain plays in Penang or JB. As Sean stated, “After you’ve got your basis covered with cash flow, you go for capital gain.”
