Long time ago, when I bought my first condo in Penang, a friend asked me why would I buy such a high-density project. The project’s name was Regency Heights in Sungai Ara. I laughed it off and told the friend that he should take a stroll inside before concluding whether it’s high density or low density. He did not and I did not care too. Anything above 500 units were considered high-density. Not many bothered to understand how big is the piece of land that the whole condo project was built. Well, fast forward to today, in Penang, this high-density argument seemed to have been replaced by affordability. As long as the price is still okay, no one bothers to ask for the number of units anymore. Why do I say so?
Well, there is a project which even I find to be “affordably” attractive based on the starting price, location and developer’s brand. It’s Eastern & Oriental Bhd (E&O)’s Tamarind project in Seri Tanjung Pinang, Tanjung Tokong. A good friend bought a unit in its first tower and this weekend (20th and 21st June), it will be launching its second tower. In fact first tower was 90 percent taken up since its launch in February 2015. The pricing started from RM600,000 for a 1,047sf three-bedroom unit and it comes with one car park. I think one reason why it was so popular was because majority of those who bought were already prepared for such a price for the area. If the area had been Teluk Kumbar or even Balik Pulau the price would not have been so easily acceptable.
According to it’s sales general manager, Christina Lau, “The Tamarind showcases unique facilities to cater to the lifestyle of its residents including a private one-acre waterscape of beach and free-form swimming and wading pools for the family to enjoy.” The Tamarind is in an area where these are nearby or within walking distance. Tesco hypermarkets, Straits Quay retail marina, Straits Green Public Park, Straits Quay Convention Centre, Penang Performing Arts Centre as well as the 1.6 km seafront promenade. Total number of units? 1,104. Yes, it’s nowhere near the benchmark of yesterday. In fact, many of Klang Valley’s new ‘affordable’ condo projects have even higher number of units!
Within Penang island and in the popular areas, RM600,000 is already accepted as a usual price and if you are a branded developer, then the price would carry some premiums too. Read here: Penang affordable homes? RM300,000 – RM650,000 lah Do note however that the prices cannot continue to rise as if there’s no tomorrow. Even within Penang itself, the popular areas are already way higher than the lesser popular ones. Penang state government has to continue attracting even more talents to work in Penang if it wants the property market to continue to be vibrant. I think if my good friend is buying for own stay, it would be a very safe investment. If it’s for rental, then it is likely to be hard as within Tanjung Tokong itself, there are many condo projects coming up. Selling for huge profits? I have to smile. Happy investing.
written on 19 June 2015
next suggested article: Penang affordability, higher units definitely
Leave a Reply