Pearl Regency

Pearl Regency situated next to Tesco Hypermarket at Gelugor comprising 2 blocks - Residence Tower (Block A - Renamed to Vertiq Condominium) and Home Tower (Block B - Pearl Regency). Pearl Regency, nearer to Tesco, consists of 187 units; built-up area from 121 sqm to 198 sqm.

Pearl Regency comes with a wide range of facilities. Both towers have a sky garden and also a community zone. A link-bridge will be built to linked the two towers at the community zone.

Property Project : Pearl Regency
Location : Gelugor, Penang
Property Type : Condominium
No. of Blocks : 1
No of Storeys : 35
No of Bedrooms : 2 & 3
Built-up Area : 121 sqm - 198 sqm (1 sqm = 10.764 sqft)
Total Units : 187 (Block B)
Developer : IJM Land


September 22, 2008 at 9:57 AMShAwN_CrAzY

When it launch? & how much per unit? Hope just not like THe Spring, before launch it almost sell out!

September 22, 2008 at 11:07 AMEx-in-none

I went to ask in IJM office beside TESCO, the sale people said this is specially build for Korean, internal design, power point and everything also base on Korean. This condo come with full Korean interior design, and Korean style furnishing. Some of us might not get use to that kind of layout and interior design.

September 22, 2008 at 11:54 AMbiomatter

Huh? Are there so many koreans in penang? i mean korean permanent residents? Just curious!

September 22, 2008 at 3:19 PMEx-in-none

I think they are targeting Korean as they are launching and selling in Korea, their website also in Korean language. Not only sell to local Korean people, but also do marketing in Korea.

October 9, 2008 at 12:56 PMwani

Nice but very congested.. Too pack that area, just a small land only. Can you all imagine if owner can't buy extra parking, sure they will park beside the road. Jem morning time n after work..

December 5, 2008 at 8:25 PMSkye

but this condo's view will all blocking by surrounding buildings isn't it? IJM office, Bayswater, Platino, tenaga's 'smoking tube'...

December 20, 2008 at 4:24 PMAnonymous

If you ever work in Korea or with Korean... I doubt if you may think twice or three time to stay in a Korean neighbourhood, especially when they are partying and drunk.

December 28, 2008 at 4:55 PMAnonymous

not sure if this is true but i heard this project has been put on hold

January 6, 2009 at 8:58 PMAnonymous

wah...see the area soon to be developed, i'm worry that place will be jammed like mad.

March 18, 2009 at 7:47 PMThiam Sin

Then if Korean, we will need to buy all Samsung stuff to put in the house... :)

March 31, 2009 at 11:12 AMRobert Low

Do you guys saw the board where they stated they got fined for several offenses?

July 24, 2009 at 3:35 PMFisol

I saw the construction has started, piling pillars are earthed, soon it will rise! Good work IJM!

Is this a collaboration with Korean company?

August 22, 2009 at 5:34 PMLim

i'm interested in this project. does anyone know the launching status?

August 22, 2009 at 6:58 PMjin

i think it's temporary on hold....don't see any construction activities on the site after the piling.

November 6, 2009 at 11:54 PMPenang Fan

I think it may be a strategic business move by IJM. Platino B block view will be greatly affected once Pearl Regency is up. Who ever pays high price for that little glimpse of sea view in the Platino B block will end up viewing at Pearl Regency Blocks instead. Once all units at Platino is sold. Pearl Regency will start construction works again. Just think about the noise and pollution these new Platino luxury home owners will face. So hopefully potential buyers are aware.

December 29, 2009 at 2:46 PMJoseph

I heard some rumours saying that this project where initially targetted the Korean market will be stopped and converted to focus on local people. Can anyone advise and confirm this?

December 29, 2009 at 2:57 PMsv

The unit layout is more towards Korean style. It's not just targeting for Koreans but open to all including local ppl also.

January 14, 2010 at 11:24 PMProp

The design does looks like a hospital to me, and no balcony? I have not been to Korea yet, perhaps this design is considered a trendy there? Tower B will get full-frontal with the infamous TNB no 1, I am wondering if the korean would mind this. Heard they are launching this in Oct in korea, not sure about the response though. I don't think it will be likely that they will open to local, first being the price range (>600psf), and community consideration (pure korean or mix?), unless they want to setup double standard here.

February 13, 2010 at 9:17 PMhy

Open to local too? Any idea how much per unit? thanks.

March 4, 2010 at 8:28 AMCecilia

the unit is too small? only 600sf? how many rooms?

March 9, 2010 at 5:01 PMJoseph

is RM600/sf.....not the size 600sf...dun confuse...

March 14, 2010 at 12:34 PMNgoh

Are they going to sell the Block B first? When will sell the Block A ??

March 14, 2010 at 5:07 PMbryan

to all the either local or foreign, this project is just next to POWER PLANT. Please re-consider. Too near to power plant, this is the main consent.

March 15, 2010 at 7:47 PMbryan

Again, ppl simply invest without looking at the surrounding area. What is just next to this is A POWER PLANT..

for health, long term, it might affect yours.
for fresh air, definately no bcos power plant release hot steam daily, probably will be smelly as well.
for safety, maybe not, because it have a higher risk to explore when plant getting old.

Pearl Garden buyer, tolong sikit, gunalah otak..

why the project only open to local after sometime? because korean not even like that place, not a ideal place to stay. then IJM start thinking of our local .

March 15, 2010 at 9:53 PMtek

so many new projects, how many buyers are for invest and how many to stay? After lesson learnt from The Spring, a lot of potential genuine buyers (not for investment)that fail to get a unit after waiting for few years had learnt their lessons.

March 16, 2010 at 11:18 AMProp

No doubt that this project is quite attractive, but so far it has not create a stir mainly due to price range. 499psf is just not representative, this is the price of the lowest flr unit, each subsequent floor increase price by >=10k, and we are talking about 35 stories here. To get the smallest unit with reasonable height, lets say 10th flr, one will need to pay >=700k. With this price, you can easily get a brand new landed double-storey. IJM is really testing the limit of penang market, they have nothing to lose, but for local like myself, i think i will let the foreigners to feel "excited" over it instead..

March 16, 2010 at 12:31 PMbryan

Haha, Mr business,
Let see what will happen after OC.

Guess what, if i am the foreigner, i would choose tanjung tokong area.

Only very small group of foreigner like those work in FIZ will choose bayan lepas. Somemore, Bayan lepas got so many choices like putra marine, baystar, the light point, mahsing condo. definitely not pearl garden that next to power plant.

Dun forget, IJM only release this project to local after they feel cannot get the foreigner market like korean.

March 16, 2010 at 6:57 PMlau

to all buyer and invester
rm499 per sf in blk B
unit now is sold out, dont miss buy a unit at lower price.

March 16, 2010 at 9:32 PMMr.Business

I notice there are rumors that says Tesco Gelugor might move to Tanjung Tokong...
Many people do not know that setup a hypermarket is not a easy job because need to get a lot of approval. Moreover I think Tesco Gelugor is making a lot of money from day 1 since its strategic location attracts a lot of customers. Why Tesco want to move? Funny isn't is...Ha...

The truth is Tesco may set up another hypermarket at Tanjung Tokong. It is not moving. It is just that simple.

2009-10-02 00:00


特易購集團公關經理達茲仁週四向《光明日報》證實,有關新的霸市將設立在丹絨道光,由依恩奧集團發展的斯里丹絨檳榔屋業區(Seri Tanjung Pinang)內。


目前特易購在檳島已有2間霸級市場,另一間是雙溪賴特加特易購(Tesco Extra)。


March 16, 2010 at 10:09 PMHell

Mr Business a developer or HB ? sounds like u have many things to share with buyers. Do tell us more as I am quite keen ..but a friend of mine in a property line told me that IJM will not give the rights to agents to sell unless the project is "hard to clear ". Is that true or something to ponder

March 17, 2010 at 12:40 AMPenangAirmas

Another nice project at good location. :)

As a property agent, my 6th sense told me that this project will appreciate a lot in future. Price wise, it is a steal, but maintenance fee is a problem. It will be a good place for own stay if maintenance fee is at 0.25-0.29 cents per sft range.

Why it is a steal? It is located a mature market. Look at Bayswater, its 1300 sft unit transaction price is around 600k-630k, with merely medium class condo facilities. Pearl Regency is providing luxury lifestyle, bench mark with The Light Point. If you look into it closely, it is way better than The Light Linear and Platino.

Metroeast is more strategic than The Light based on the entrance roads.

If IJM reduce the maintenance fee, I think it will be selling like a piece of hot cake to locals. :)

March 17, 2010 at 10:00 AMLawrence

From Mr business statement below :
"" The Tesco lease expires only in August 2032, so worry for what? ""

So it will moved out one day lo, not now, but later. So Mr business why so nervous to explain n explain ? Bcos you already dump your RM499/sqf investment into the 'Korean house' already, you r hoping to get return of RM800/sqf right ?

The reason IJM give this pearl regency marketing to Henry butcher is already show that this property is not sellable that y IJM is not interested to put their manpower to deal with it. Just use ur 2cents brain to think, if this project it so hot sell, will you have a chance to buy it ? It a failure project that original aiming for Korean market with Korean design, not 'Malaysian' market

March 17, 2010 at 11:16 AMdavid

I agree with lawrence.

To Bussinessman,
you can lie to yourself and belive on what your thinking is. But the fact is when Developer appoint agent to sell their project:-

1) not experience in doing sale and marketing
2) the project very hard to sell.

IJM is a established company, they are experienced enough to marketise and do sale for their projects. They have done for all the projects they launched so far. will IJM be so stupid to sub out the property sale to agent while IJM projects always easy to sell out in penang. then Why not Pearl Regency? reason is: hard to sell. Agent will be experted in manipulate & package the project and make it attractive enough to sell to buyers.

for Asia hill, same reason, the project use at least 6 years to complete and OC. very hard to gaiin back confident from buyers and market. that is why agent is appointed.

for bayu ferringghi, the develop think agent is experience enough to help them sell to oversea market. that is why being appointed.

March 17, 2010 at 12:33 PMLawrence

Mr business, u called your self a invetor and some unknown forum mederator for property but u choose to tell only 'feeling good' news on those property u have invested, reason ? simple, u hope it 2x up of ur hard earned $$.

everyone is sensing property bubble accumulating, do u think IJM will stupid enuf to resubmit plan and wait for x period of time for new plan approval ? By then bubble burst lo. IJM just wanted to sell all out when it at the peak as quick as possible. Left only those 'smart' investor who jumping in earlier fighting hard to get their subsale.

Don forget today RM499/sqf, RM600/sqf or higher is not driven by demand n supply, it speculated by the developer trying to push the market to max. Low interest and easy finacing 5/95 package has created many 'wanna b investers' jump into the property purchase, soon the interest rate revise up, many ppl will surely burnt their axx. U got the little money to shout about, but we got the time to wait.

Anything hit the peak, the only way is go down.

March 17, 2010 at 2:30 PMHell

I agree with Lawrence . To me It was for the Koreans but they ask local to " rescue " .
No point to comment as Penang Market is very small.

Article by Biz Times 8-9-2008

March 17, 2010 at 10:31 PMbryan

Hell, Good word to use: "rescue".
to be frank, we are a group of full time Penang property investors, we dun like this project as well. Believe IJM simply ask for local to "RESCUE".
RECOOMMENDATION : Not prefer to buy.

March 18, 2010 at 3:39 PMPenangAirmas

Henry Butcher and IJMLand did a good job this time by hearing feedback from potential buyers.

The latest maintenance fee and extra car park availability definitely enable MNC engineers to own a unit there.

Anyone know their sale response so far?

March 18, 2010 at 3:51 PMMr.Business

I was informed the response is very good, and inquiry from international market is a lot.

March 18, 2010 at 5:26 PMHell

Thats great ..I heard they give kitchen cabinet and whole house air cond unit

March 20, 2010 at 3:56 PMhomedust

It isn't hard to figure out this hype with common sense, good projects will be sold out before official launch or even without our notice. If something is there waiting for you, you know how good it could be.

March 20, 2010 at 10:35 PMhomedust

I'd have mentioned that I was referring to "I*M" projects, looking at their past records, people queued in wee hours just to get some leftover units.

On the positive side, may be this time I*M do want to reward their customers for their long-term support, by allowing them to secure some good units with lower price, just my two cents.

March 26, 2010 at 2:52 AMCK

Wow..the IJM euphoria starts all over again for 2010. After the record breaking bubble-bursting magnitude they created all thru 2008-2009..deja vu

Hey JeremyTan, are u reading this blog? We'd sure like to hear ur comments, after u put the Light Project to the firing squad!

March 30, 2010 at 10:15 PMVictim

What different between Agent vs Developer?
I have a bad experience with Agent during The Oasis Condominium pre-launching last year. The Agent told me the pilling work would start after CNY. Actual fact is the project was under court case on that time.

April 1, 2010 at 12:50 AMHell

Reading this is like a Dallas .. for those who catch my meaning

April 11, 2010 at 10:51 PMLawrence

Mr Business, now u see the problems, share it out since u r 'experience' investors. What goes wrong on this project and what goes wrong with ur highly recommended Ally the Henry Butcher agent ?

May 1, 2010 at 10:40 PMtan

i got several question about tis project:

1) ijm got their own sale & marketing department, why they only act as developer and not include sale and marketing?

2) this project had launched in korea last year already, how the responce and what is the selling price in korea?

3) when can the purchaser sign the SPA but not only the booking alip?

4) normally ijm project will have long 'q' or even balloting during soft launch, but why this project still 'available' for so long time?(even after korea launching)

5) HB sale person keep saying palling had been start long time already, but they cant tell me when is the completion date. when?

hope anybody can let me know more about this project.


May 2, 2010 at 12:35 AMJS

it's a norm that HB will talk GOOD or even BEST about pearl regency. this applies to all real estate agencies.

don't listen to what they said. trust yourself.

it's very simple. IJM can't sell this to korean thus open to penangites to purchase. what's so good about this project? i don't see any.

May 2, 2010 at 1:53 AMdavid

joe tan,
Below are answers to your question. btw, i am not investor/speculator/agent but employee from other company work on this project:-

1) ijm got their own sale & marketing department, why they only act as developer and not include sale and marketing?
==> reason is this project not "laku" in korean market and very hard to sell too to local market. The is why they need to make extra money to HB agent to do that.

2) this project had launched in korea last year already, how the responce and what is the selling price in korea?
===> the response was not good as predict by IJM. Can't even sell off 50% of units. i will keep the selling price confidential here.

3) when can the purchaser sign the SPA but not only the booking alip?
==> err, this one need to talk to HB in personal. i dunno what is the policy they are trying to pursue now. a) wait till 85% units got sold off, then allow SPA sign b) wait till 100% sold off, then start allowing SPA sign..dunno

4) normally ijm project will have long 'q' or even balloting during soft launch, but why this project still 'available' for so long time?(even after korea launching)
==> answer already in question (1) & (2).

5) HB sale person keep saying palling had been start long time already, but they cant tell me when is the completion date. when?
==> because they dunno when will all units get sold out..if let say today 60% sold out and they allow you to sign SPA, which mean within 3yrs IJM need to complete the project. who will pay for the rest of 40% construction cost ? And also will IJM take the risk to hold 40% units till after completion of project? if this project worth the price , why IJM wont keep them and sell after completion, that will even earn more..let think about it yourself.

May 2, 2010 at 12:45 PMPenang Lang

David, agreed with you.

First time I see so difficult for IJM to sell out their project in Penang. Something abnormal.

May 2, 2010 at 1:23 PMtan

Always see an advertisement on Kwong Wah newspaper promoting Korean style condo by HB. I believe it is referring to Pearl Regency.

May 2, 2010 at 4:35 PMpenangchew

Went to Gurney Plaza just now and asked for the pricing~~ Basically the Pricing is RIDICULOUS, i mean for a 950 sq. ft. house it's selling for RM470,000 (for the lowest floor / RM500 per sq ft).

What IJM is trying to do is shape the way so they can sell their "The Light" project for RM600++ / sq ft. Let's all get in the boat and DON'T invest in their stupid plans on making the Penang property even more harder for local penangites to buy.

And their "Condo" looks like a "FLAT" and yeah right they come with the fully furnish can get it cheaper outside~!!!

May 2, 2010 at 6:54 PMdavid

Mr. Businessman,

Coincidentally I'm having the same nick as the "David" who works as subcon of IJM.

Well, you may be right in your view but please do bear in mind that IJM can only change the plan if there're no buyer at all. Otherwise, how is IJM going to compensate the buyer who had placed and paid for the booking? Changing of plan is not as easy as changing clothes...

Just my 2sen.


May 2, 2010 at 9:34 PMdavid

Hi Mr.Business,

I'm agreeable to your comment regarding the clause in booking.

My view is the project is not bad in itself. The harder selling point is probably due to the pricing. So, it's highly unlikely that IJM will change its plan but may throw in more goodies instead. When you look at the overall design of the building & layout (like flats), high density on such a small plot of land, the pricing (in my humble opinion) is considered on the high side.

By the way, the overall master plan of The Lights looks like going to stretch till E-Gate though it may take another 5yrs to reach that. I'm just wondering what's left with the view for Platino when Pearl Regency is built and what's left with the view for Bayswater & PR when The Light is fully completed as per its master plan. Just sharing my thought.

May 2, 2010 at 9:49 PMtan

today fast fast wake up then go to pearl regency(PR) site take a look. suprise me was sunday still got ijm staff in platino site but empty in PR site.

so walk there and ask 1 of the guy wearing ijm logo shirt about the PR. here the info i got:

1) the palling in PR site was 'test pall' only since nov 2008.

2) the site was 'maintain' same from nov 08 until now.(mean no contractors handle this project)

afternoon call my uncle in korea and check with him about PR project.

1) launching in korea about mac 2008, but responce was not so good. (due the economic crisis)

2) they target on 3 types of people:
a) those employee work in malaysia with small family.
b) investors
c) retirement people come to malaysia.(MM2H)

3) he dunno the price.(he now still checking for me)

i personally very interested in this project(own stay) and now i m considering between platino and PR(i dun mind to wait another 3 years). even both project also from ijm but when the time i call ijm check with them about PR they ask me to call HB. any sugestion? PLS

May 3, 2010 at 12:04 AMKevin

i think when it comes to view... PR still OK la...the worst hit will be Platino.... and i think this is a big screw up by IJM... they position Platino as luxury condo but then the view now kena block by Bayswater and PR... fulamak... ini macam pun boleh ka?

when all the condos are fully built that time at PR, Platino and Bayswter...we'll have 3 condos in one small place...with the road only having 2 lanes... i guess everyone staying there is gonna have a party!whooo!!!

May 13, 2010 at 10:41 AMAlvinfx

Developer has been selling this property to future price. Just like The Light, not much can be made as as investor as the price was future price.

May 14, 2010 at 10:05 PMyati

Sneak preview at Menara IJM on 15th May from 10am to 6pm.

May 27, 2010 at 1:19 PMjustm

Hmm, these seem very expensive to me. RM 550psf (albeit including fitted kitchen etc) compared with around RM 330psf for the lower density Platino at its launch?

I think IJM are sensible to offer 2 sizeable bedrooms in Block A instead of the usual 3 box rooms but it seems crazy to provide no en suite bathrooms in this day and age.

In my opinion it might make a good home, with IJM a very reputable developer and Metro East a great success BUT I wouldn't touch it as an investment.


June 7, 2010 at 6:06 PMSC

Is it true that IJM has sold the Tesco building to a Singaporean company? and the plan is to build a private hospital at the current site of Tesco? How will that affect the surrounding projects PR, Platino, BaysWater

June 7, 2010 at 6:59 PMRookie

Tesco building has been sold to Quill Capita Trust in 2008.

June 16, 2010 at 12:28 AMalan

Future pricing selling can create potential bubble in Penang property market. At the end, consumer of Penang will suffer.

July 17, 2010 at 11:01 AMDer

Tesco is renovating, both internally and externally. Rather illogical for the management to do so if TESCO is really moving. Any possibility that TESCO has managed to secure a new lease? Sure hope that the hospital is not materialized, imagine the price changes...

July 21, 2010 at 12:18 PMmalaysian

I believe that Pearl Regency is over priced. Strategic location, nice design and good concept but over priced. It should only valued in the range of 250K-350K.

July 21, 2010 at 2:55 PMTanner

Initially i thought of getting a unit, at that time the deal was 499 psf. However after much consideration, I dropped the idea. >=500psf is indeed very expensive, even in consideration of built-in kitchen cabinet, heaters, and all that. I also found it weird that the units at Block A do not have own bathroom attached to master bedroom, maybe korean like this concept? Bigger units at block B are more promising in terms of layout but to pay 700k for a 1300sf unit really a over-kill. There are also no more 5/95 or 10/90 package offered. In order to make a good profit after 3 years, need to sell the unit at >=600psf taking in interest, legal on loan, and agent fees, sounds very challenging. I am currently waiting for ivory city mall projet, queensbay and bayan indah future development, location wise equally attractive with shopping malls just within close proximity, and i believe price should not be >500psf in this case. At least for city mall, heard pre-booking price was ~440psf for a top-notch seaview unit only, and much decent design.

July 28, 2010 at 5:18 PMPesley

Just curious why Mr.Business so supportive to Ally Che's every comment and promotion to the property in Penang. So i decide to visit Ally Che's company booth (Pearl Regency) last week at Gurney Hotel.

Finally, I know who is Ally Che. My friend told me that she work as an engineer in one of the multinasional company in Bayan Lepas. She quit her job early year 2010 and change her job to become an "professional agent" as she claimed herself. I think she is new and fresh to the property field.

In addition, i suspect Mr.Business might be her husband. No wonder why Mr.Business is so aggresive to support Ally Che is this forum. I think you guys will noticed apperance of Mr.Business in every Ally Che's comment and post message. If i am not mistaken, Mr. Business from already invest his money in Pearl regency, The Golden Triangle, Reflection and one propery in Balik Pulau. Just curious why Bank can approve his loan unless he is a very rich guy.

I think Mr.Business sure will denied everything when he saw my post here. Anyway, i just told everyone in this forum that i feel that Mr.Business so fade and pretend that he just sharing his property experience with everyone here. In fact. Ally Che might be his wife and this explain why he so support to his professional agent.

September 20, 2010 at 12:35 AMwinnie

Hi investors, if u r planning to invest in this project please take some time to read the platino luxury condo. Ijm called it luxury but it offers us a chicken fencing, cheap 4 seasons garden, no private fencing and a low end perimeters etc on its project. I am not sure how they define luxury by ijm but It only look good on the Brochure. Please do ur homework b4 u continue buying Ijm thing platino prove the definition of luxury by Ijm.

September 22, 2010 at 9:42 AMraymund

An Open Letter to IJM

With regards to the soon-to-be-completed Platino Luxury Condo, a lot of buyers here are very disappointed with the final product.

First and foremost is the parameter fencing. Compare the fencing of Bayswater and Platino. The fencing facing the Tesco Hypermarket looks like some medium cost condo. When buyers pay for a “luxury” item, these buyers are not the average Tom, Dick and Harry. They also pay for privacy. With the “see-through” fencing, there is not much privacy for Platino buyers. By standing near the fence, outsiders can actually see into the car-park and mark the residents there whether they are at home or not. It is hope more trees will be grown to cover up the holes in between the fencing.

As for the fencing facing the jungle near the Marine Police area, it is definitely way below the standard of a Luxury Condo. It could qualify for medium cost condo, at most. The so-called “green chicken wire mesh” is definitely a no-no. On top of that, there should be a retaining wall build around that slope to prevent future landslide which may be caused by heavy rain. Or else one day, all the residents will have a bloody muddy car park. And since I believe most of the residents here will own “luxury” cars as well, I think someone is going to get sued if the cars are damaged due to landslides.

What “luxury” image does IJM want to project with Platino’s entrance? If this is the final product of the grand entrance, then IJM should go check the dictionary for the meaning of “grand”. If they don’t know, please ask their architects and engineers to drive around Gurney Drive or Tanjung Bungah to seek for better examples. A normal guard-house with the “touch-n-go” entrance control bar to keep out strangers is the least that all other condo provides. Nothing luxury about it.

Looking at the progress of the 4-seasons garden, they look more like a jungle than a garden. But since it is a “work-in-progress”, I will reserve my comments until the final product is unveiled.

Another visible point is the balcony railing. Compare to Bayswater, Platino’s balcony design look very cheap. The use of thin metal railing is a safety issue for families with kids. A lot of residents would have to spend extra money to modify the balconies to make it safer and more solid. Even the neighbouring MPPPP hostel complex has better balconies!

If IJM wants to appear as a high-end developer with the launching of the Light Projects, Platino should be a show-case to attract future buyers. With the sub-standard completion of Platino, no wonder the Pearl Regency nearby is a failure!

You can con some people some of the times but you cannot con all the people at all times. Those who bought Platino or has invested into Platino is going to make sure that IJM live up to the name of “LUXURY”!

Future Resident.

October 9, 2010 at 8:36 AMjeremy tan

Since CK invited me over to comment about this project, it would only be fair if i drop a simple comment on this project.

Let me be honest with all of you, if you were to go through most of the posts in regards to IJM projects except for Bayswater, you will realize that i have never like any of their projects.

I would rather buy their shares.

The Pearl Regency is basically a failed project.

They were trying to sell it to the Koreans for an exuberant price but the response was so bad they had no choice but to bring in the rescue 911 team aka Henry Butcher Team.

The girls from the Henry Butcher Team are dedicated and very persuasive in selling this project.

I quote them recently from the G Hotel property fair " Don't worry MR all you have to do is pay RM6000, i promise you this project will be a success based on IJM's past track record"

This is a lie and a gimmick. But i will give the sales girl some credit, as i was walking away from the pearl regency booth, she was still holding on to my arm, insisting i should buy it! Such immense dedication to her job deserves an acknowledgement.

The truth is all she cares about is her commission from you depositing your RM6000. Whether you buy it or not at the end of the day, she has already received her commission. That is the incentive that drives them.

At a price of RM500/sft. How much upside do you think there will be once its completed? Seriously, do you think it will hit RM650/sft?

With a total of 574 units, the density speaks for itself and this is not inclusive of Platino and Bayswater. Don't you think it is claustrophobic to be paying such exuberant prices just to live in Gelugor area?

Let me ask you, out of the 574 units, how many units will be for own stay and how many units will be rented out? If i were to include Platino and Bayswater, it brings the total number of units to over 1000 units. If i were to include the light linear, light collection and light point. It would easily hit 1500 units in that area.

How many units will be occupied? How much rental can you collect to cover your loan repayment?

It is obvious that at such prices, and not so great location with a density
that simulates an "ant kingdom" , it is a bubble in the making. Whether it explodes or not i do not know.

If i am an investor, i will certainly avoid the Pearl Regency.

Take your RM600k and go buy some IJM shares instead. Towards year end, once they start collecting money from the buyers, the shares would easily hit RM6 for IJM Corp shares. That way you can make RM100K without even having to buy such a non liquid asset. Any properties above RM600K i would consider non liquid for Penangites.


October 14, 2010 at 7:38 PMnolwenn unit at block B is going to be next to the fire pump room.....any harm/disadvantage? any answer would b e greatly appreciated

October 14, 2010 at 8:59 PMAl


Kudos on your assessment. Very realitic and down to earth in my opinion.

October 25, 2010 at 1:56 PMBB

Unconfirmed source stated that the Tesco in front of the Pearl Regency has been sold and will be converted into a 6-star hospital. Anyone has information about this?

October 29, 2010 at 1:19 PMprop

Tesco Penang is ownded by Quill Capital Trust currently. Any news from QCT that it want to sell or convert Tesco to hospital?

November 1, 2010 at 2:57 PMDD

Latest financial report of QCT. This REIT is listed in Bursa Malaysia and any activity of sales will have to be reported and published. As of Oct 19th, QCT still owns the property and TESCO is still the main tenant.

November 3, 2010 at 3:13 PMBuyer

Just confirmed with IJM staff, James, the project is abandoned and the site is converted to shopping mall, the buyer will get 0% refund, view source>>

November 3, 2010 at 5:14 PMsokohaw

If this is true, I don't know what to say......meaning developers can change plan based on demand??? See how easy to run this business in Penang, "SURE GAIN" risk!

November 3, 2010 at 5:19 PMjeremy tan

what do you mean buyer? Pearl Regency will be converted into a shopping mall instead?

November 3, 2010 at 7:00 PMsan

A reputable developer will not do so.

BTW, is the propert market in Penang in trouble? I thought due to the scarcity of land, the property is always in high demand...

November 6, 2010 at 5:10 PMtan

It is very serious if Pearl Regency is abondoned. It indicates that the property supply and property price have hit the peak. The investors will have difficulty to sell their properties and the price will be stagnant.

November 7, 2010 at 3:30 PMgoh

don think the property market is burst la...

should be the demand is poor, as IJM too greedy asking for riduculuos price for such high capacity development and called it luxury.....

the location is stragetic, but don think is luxury area. price is beyond realistic.

November 8, 2010 at 5:58 PMProp

I have a different opinion. If this project really get pulled off, the main failure is the design itself, not over-supply or over-priced. The design is suppose to cater for Korean, therefore some features such as lack of balcony and separate bathroom are just not the kind of concept malaysian/singaporean can accept. Not to mention the numbers of different built-up and layout, simply confusing. I am sure that if they duplicate the platino/bayswater buildings onto the current site and giving good interior and furnished, 500psf people can still consider.

November 15, 2010 at 4:44 PMSC

Is PR officially scrapped or just speculation? How many floors will the new mall have? The land looks quite small to be a full fledge mall unless they planned to build high floors mall.

November 26, 2010 at 11:39 PMKevin

i don't think scrapped...saw some activity going on a few days back...with the heavy machines there...

February 20, 2011 at 9:22 PM阿茶

huh just bc frm ijm project...thought block b only will open for booking next week?

February 21, 2011 at 5:14 PMSui-Lian

i m really really pissed off with IJM!

currently i m renovating my unit at summer place, an ijm project.

my contractors were threatened by gangsters. they had no choice but had to pay them RM500!!!!! and i have to pay the RM500 back to my contractors.

and what more? the gangsters said to my contractors they will ask for money again from my next groups of contractors (for kitchen cabinet).

why this thing don't happen in platino? is it because the buyers are all have more money, so IJM has been taken care of their interests? what about our interests at summer place?

why gangsters are allowed to get in to my unit? why do we pay our money to hire more than 10 guards and gangsters are allowed to go in? what sort of security is this? 3 tiers? 4 tiers? bullllllshittttt!

now i don't dare to complain to our management... don't know if they are the same gang or what...

i don't feel secure any more at summer place


March 18, 2011 at 10:04 PMPenang

Another rescue project by Penang people

May 18, 2011 at 9:12 AMScent

I decided to check out on Pearl Regency but seems like there are alot of negative opinion here... perhaps i need to re-consider.. hmmm

I see there are speculations that Tesco is moving out, in my opinion, I think usually supermarkets would not budge one of their top sales outlet to somewhere else lar.

But Anyway, I think the RM600k-RM700k is okay for that category of property ba? Giving that they will provide full furnishing for the entire house... Nowadays hardly got condominiums at such level to sell lesser than RM400k d, not to say the Pearl Regency at such location (go Bayan Lepas or to town also not so far)... haiz...any cheaper condominiums in Penang can recommend?

Actually I would prefer for the developers to include the renovation for me, so I can just pay downpayment one time, apply loan then settle, move in to live already... don't have to worry the plaster ceiling, wiring, flooring, kitchen cabinet and etc etc so much...

Uerk, find property until wan vomit blood.. any other good suggestions?

June 13, 2011 at 8:18 PMPeter

For RM600~700k, can get 2000+sqft condo at The View.

Why bother with this potential flop, judging from the poor quality of the Platino.

June 15, 2011 at 11:56 AMDD

Poor quality of Platino, the build quality of the interior, or facilities? Maybe you can shed more light.

June 18, 2011 at 11:05 AMtan

Location is great to me and within budget.Is it
on for this project.Has pilling started?I was
told the two blocks becomes one now to built.
Maybe due to poor response or ? Anyone has the
information can kindly share here.Thanks
Genuine buyer!

July 1, 2011 at 1:28 PMjohn

Hi to all

Is this project work in progress and is it worth

buying.Any opinion is much appreciated.

September 20, 2011 at 1:50 PMsyntax

i am staying nearby at green lane area...few friends are staying in bayswater...i think that area is starting to choke up.....congestion will happen soon if once platino and pearl regency full occupied. anyway lotsa GORENG in these area. bayswater to stir till >RM700K. Please.....hopefully wont get any bubble burst case.

October 29, 2011 at 9:59 PMPO

This project has sold well recently especially in the last 3 months. It is a superb architecture, with all units facing the sea, it's in a good location, with a mall underneath the building and Tesco next to it. Foreigners are also active on buying this project.

April 16, 2012 at 10:45 AMTying

May I know isit this project is sold out?

April 16, 2012 at 11:05 AMproperty guy

Please call IJM, number is on the web

April 23, 2012 at 1:24 AMPO

non bumi should be all sold out.

March 16, 2013 at 4:39 PMLee

Newspaper news that one chinese guy fall down from 24 th floor is from Pearl regency. His job is to install aluminium window

March 16, 2013 at 7:00 PMPO

can someone share this news please?

November 23, 2013 at 2:22 PMAnonymous

is key ready?

November 26, 2013 at 11:25 AMwhale blue

i heard oc obtained already, anybody got in already?

October 2, 2015 at 4:02 PMLee Khay Ping

Pearl Regency
Fully Furnish
sea view
asking rm 2700

Alvin Lee

December 11, 2015 at 10:30 AMsummer lee

High Floor, Corner, RM1.3mil

May 11, 2016 at 1:56 PMChewy Lim

Mid floor unit for sale @ RM900,000
Fully Furnished & Fully Renovated
1313sf Seaview

Please call CHEWY LIM @ +6016-4321534 for viewing

May 13, 2016 at 1:25 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 16, 2016 at 3:37 PMah pang

1 unit for sale
- 1345sqf
- Basic Reno
- Seaview
- 2 rooms 2 bathrooms
- Price nett
selling 900k

Hi...Call or Whatsapp me, if interested, Phang 0164704702... From Real Estate Agency

May 17, 2016 at 1:42 AMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 17, 2016 at 7:58 AMCool Rap

1568sf, seaview, 2 cp, FF & FR
For sale 1.1mil only!
Please contact agent 019-6991888

May 18, 2016 at 12:48 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 20, 2016 at 10:28 AMAnthony

I have some units for sale and rent. Pls call or watsapp Anthony from Popular Realty. 0124333370 or 0124338798. U can also email to TQ
Will try my best to negotiate for u. TQ and have a nice day.

May 20, 2016 at 3:43 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO

- 1345sf
- Seaview
- Unfurnished
- High floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 22, 2016 at 12:43 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO

- 1345sf
- Seaview
- Unfurnished
- High floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 24, 2016 at 3:33 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO

- 1345sf
- Seaview
- Unfurnished
- High floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 27, 2016 at 3:10 AMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO

- 1345sf
- Seaview
- Unfurnished
- High floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /

May 27, 2016 at 2:59 PMdarold tan

Dear Buyer,
I have GOOD BUY UNITS for sale
- 1313sf
- Seaview
- Renovated & Furnished
- Middle floor
Asking ONLY 899k NEGO

- 1345sf
- Seaview
- Unfurnished
- High floor
Asking ONLY 899k NEGO


Please contact Darold Tan
016-493 2520 /