Sorry KL folks. Such deal are available only in Penang. This was announced as Penang state’s first privately-initiated affordable housing project. Not much details were available except that the project is in Mount Erskine in Tanjung Tokong. However, with a price of just RM299,000, I can safely say that the number of registrants would far outnumber the total units available. Per sf basis, it is at RM373. For a condo, within Penang island and in Tanjung Tokong, I seriously think there is no such deals available even today. Oh yeah, I believe these condos should be under the moratorium whereby buyers cannot sell their unit for 10 years. This was announced by the state exco for housing, Jagdeep Singh Deo a few months ago. Read here.
Not to be forgotten, there’s also another 390 units of low-medium cost apartments of 650sf priced at just RM72,500 each. Actually if you are family members and you happen to be able to get a unit side by side, thats just RM145,000 for a total of 1,300 sf! The GDV for this whole project is estimated at RM400 million and is expected to comment in the third quarter of this year. I have never heard of this developer, Aspen Group but MBSB is giving them a financial facility of RM95.5 million. Thus I think it should be pretty stable and safe.
Project name is called Tri-Pinnacle. Since Pinnacle is used to describe this project, you can be sure it is somewhere near highest point of an area where it is built. Tri may simply means there are three towers or blocks. I have never been to the site but normally names may give away their position. These houses are only opened to registered approved buyers by the State’s Affordable Housing Department. If you are interested, you may visit Aspen Group’s website here: www.aspen.com.my
written on 28 May 2014
Next suggested article: Affordable Penang Properties – where are they?