My first apartment of 700sf was along Jalan Paya Terubong. It was RM123,000. I bought it when I was 25 years old and that’s slightly over 10 years ago. This meant the price per sf then was RM175 psf. The buyer who sold it to me bought the same unit just a few thousand ringgit cheaper. In other words, he had only managed to breakeven. He needed the money for a downpayment for his shop. Today, I read about a condo project along the same road with an indicative price of RM846 psf!
Eco World Development Group Bhd (EcoWorld) will be launching its first project in Penang named Eco Terraces condominium next month. It’s CEO Datuk Chang Khim Wah said that, “Apart from being the first project for the group in the northern region, we believe Eco Terraces will also set new standards in high-rise living here.” The development is along Japan Paya Terubong and would be 25 minutes away from Georgetown and 15 minutes from the first Penang bridge. These durations were also my main arguments versus a Penangite lady who insisted that Gelugor is a much better choice than Relau / Sungai Ara. Well, at least I now have a CEO on my side as well.
Eco Terraces should be completed by Q2 2019. There are a total of 333 units in a 33-storey block. Hey, anything to do with Fengshui? Unit sizes ranges from 1,095 (my personal minimum size for a family of 4) to 2,008sf (This is already bigger than majority of the usual terrace houses actual built up size). Maintenance fee is estimated to be 36 sen psf. (Actually, pretty high, perhaps because the number of units is just 333. (I consider anything below 600 units to be low density these days). The 36 cents would cover maintenance for the following facilities. A multipurpose hall, karaoke room, golf simulation room, indoor badminton or tennis courts, barbeque area, swimming and wading pool, gym, aqua gym, jogging and cycling tracks. Looks pretty complete for an above average condominium.
I think it is quite clear that this project would be setting a benchmark in terms of price psf in Paya Terubong area. I am just not so clear if Penangites would be buying these in droves because this is not Gelugor, Greenlane or even Tanjung Bungah. One thing is for sure, majority of the buyers would be those who are working in the Bayan Lepas area and would need a minimum combined household income of RM12,000 or higher to be able to afford it comfortably. I think one main point everyone should also note is that Penang island is still an island and with land prices continuing its climb, prices can only go up unless the developers are willing to cut their usual margins. Happy viewing this new benchmark setting condo project.
written on 29 May 2015
Next suggested article: Mainland Penang rising, secondary choice to island ending.