Fettes Residences

Fettes Residences is situated in Tanjung Tokong, a new condominium project by IOI Properties. It is just located opposite the Prima Tanjung Business Centre and only a walking distance to Penang Island Plaza.

Fettes Residences consists of a single 35-storey condominium block and has a total of 195 units with average built-up area 1,800 - 2,000 sq.ft. There are also 4 penthouses of 4,000 sq.ft. Most of the condominium units will have seaviews.

The neighbourhood apartment blocks of Fettes Residences include Tanjung Park, Desa Tanjung and The Brezza Condominium.

Property Project : Fettes Residences
Location : Tanjung Tokong, Penang
Property Type : Condominium
No. of Blocks : 1
No. of Storeys : 35
Total Units : 195
Built-up Area : approx. 1,800 - 4,000 sq.ft.
Developer : Palmex Industries Sdn Bhd (IOI Properties)

328 comments«Oldest  ‹Older  1 – 200 of 328  Newer›  Newest»

November 10, 2008 at 10:31 AMRowen

May I know what is the price from?
And is it opened for sale already?

November 10, 2008 at 10:32 AMRowen

Is the project started?
How much is the price?

November 10, 2008 at 11:38 AMFaryna

Fettes Residences construction already reach the 3rd floor. Not even launch yet. But I hear its its ard RM700K+-.

November 17, 2008 at 4:13 PMHsiens

800k ++

November 24, 2008 at 1:09 PMsmart

I'm waiting eagerly to buy one unit here. When does IOI launch this project ? And the starting price from and square ft ?

November 24, 2008 at 1:55 PMoasis

i heard selling around three quarter millon 2 millon

November 26, 2008 at 12:08 PMHsiens

how big is type B3 ?? Anyone know?

December 15, 2008 at 8:46 PMFaryna

There are 3 sizes here. 2000SQF , 2007SQF AND 2470SQF. Six units per floor. Price range from RM808K and above.

December 19, 2008 at 10:45 AMFelix The Cat

According to the sales personnel. On the 19th Dec. The showroom might be ready for viewing. At the moment, only the invited guests by the boss's close friends know about the showroom.

December 21, 2008 at 9:16 PMAnonymous

I went to see the showroom. 6 units per floor. Around RM400/sq ft. Unit 5 is by far the best unit. Prices are unexpectedly reasonable given the good location and their solid reputation.

January 28, 2009 at 2:49 PMpp kaki

free or lease hold?

February 18, 2009 at 1:37 AMtan

it's a free hold land

May 3, 2009 at 6:58 PMelearnblog

Anyone know when the condo will be open for sale?

June 10, 2009 at 11:03 PMjean

may i know how much for d penthouse ? tq

June 23, 2009 at 6:23 PMking

any units avaiable ?

looking for a units with high floor

please reply.


June 24, 2009 at 10:27 PMam

Possible that developer will drop price to stimulate the sales of Fettes?

July 1, 2009 at 3:24 PMLim

am interested in the studio. is it a good buy? i intend to buy for rental or 2nd home. i'm comparing between this project and tanjung park. 1 bedroom vs 3bedroom. or should i buy landed in sg ara, SP Setia? any advise? by the way, i'm not buying for own stay.

July 6, 2009 at 12:17 AMHsiens

Hi Lim, you are staying alone or with family?

July 6, 2009 at 1:39 PMLim


with family. i plan to rent out the hse for now. not sure how is the demand for 1 bedroom studio.

July 8, 2009 at 9:06 AMHsiens

Lim, is the studio sufficient for you and your family? As i know there are still some studio units left.

July 8, 2009 at 10:55 AMLim


my budget is around 400k. i plan to buy for rental as of now and keep it for future retirement home. preferably near gurney or tanjung tokong area. not batu ferringhi. do u have any proposal? or no way to get such price condo besides tanjung park and gurney park?

July 8, 2009 at 10:56 AMLim


only left few units with better view. the rest are facing car park. just like E&O suites. all car park facing. selling at 525k.

July 8, 2009 at 2:02 PMHsiens


i see... 400k investment to collect for rental, there are a lot of other places out there but if considering keeping for future retirement, a good view is a must...

July 12, 2009 at 1:58 PMCitysleeker

Lim -

Suggest you take a look at The Brezza. It is just right in front of Fettes Res. As it is priced as a leasehold development (though convertible to freehold anytime soon), it will offer great rental yields.

July 14, 2009 at 1:29 PMLim


I know Brezza is cheap for this kind of location. But i don't like to invest in leasehold property. by the way, r u sure they can convert to freehold? est when? what's was the price when they were having soft launch? and what's the price now?

July 14, 2009 at 3:03 PMHsiens

i went to see Brezza after viewing Fettes Residence, you feel the difference ... :)

July 14, 2009 at 4:23 PMCitysleeker

Lim -

Suggest you drop by UDA's office at Prima Tanjung (GF). They will answer all your questions. I guess it is best you hear directly from the horse's mouth.

July 14, 2009 at 4:25 PMCitysleeker

Hsiens -

The Brezza is going for RM300+ psf and Fettes about RM500+ psf for the better facing. The former is in a better location compared to the latter. Am not condemning Fettes but just look at the surrounding areas.

July 14, 2009 at 4:33 PMLim

is there any showroom for brezza? what's the density?

July 14, 2009 at 4:33 PMHsiens

we pay peanut and we will only get monkey... : )

dont know y i dont have good feelings for lease hold properties.

so sleeker have you heard of seri tanjung pinang is launching new terres at 1.1 mil? Is that true?

Tanjung Tokong has a TESCO coming up?

July 14, 2009 at 5:12 PMCitysleeker

Hsiens -

The entire side of housing from UDA to Tanj Pinang is slated to be freehold.

Part of the deal UDA had with govt is to convert the leasehold title to freehold eventually. I heard it has been approved and now just pending for UDA to settle the payment. If you ask UDA, they will tell you the full story.

Yes! Am aware of the new terraces at Tanj Pinang. All sold out within a morning. Intermediate starts from RM1.1mil and sea fronting corner unit sold in a ballot for a cool RM2.9mil. Amazing isn't it? This place is slowly but definitely turning into a playground for the well to do.

E&O has sold a plot of land with building to Tesco but this project is delayed for the time being as Tesco is requesting for a later opening. It will be there eventually.

July 14, 2009 at 5:15 PMCitysleeker

Lim -

go to


not sure if the showflat is ready yet. there is supposed to be one soon in actual site.

July 15, 2009 at 5:44 PMHsiens

hi sleeker, thanks for the info. I am still prefer confirmed free hold land and the trust of IOI Prop... wish me luck... i am buying 1 units at Fettes Residence.

July 15, 2009 at 6:10 PMLim


i agree with u. i also prefer confirm freehold land. did u buy the 2400sq ft? they have done away the free MOT package. which i have missed 8k++ promotion. they will increase the price in 24 jul. i have not purchased any yet cause studio is not so practical, although the concept is nice. i think i should swith to 3 rooms condo eventhough i will use it as weekend stay. the price 800k-900k for tanjung tokong area. i also considering gurney area. by the way, what's the assessment for tanjung and gurney area?

July 16, 2009 at 9:18 AMHsiens

Hi Lim,

800-900k at Gurney, we can only get either a lease hold or a super old condo. 1 of the reason that I picked up fettes residence is because it is new and room of price appreciation is still there.

You are using for weekend stay? Ermm... You are not malaysian?

July 16, 2009 at 9:46 AMLim

u r right. pg1 is around 700k ++ to 800k but old building. i prefer to invest in something which i can use it when i need it in future. i don't want to invest in something which i can only rent out but i don't like to stay there. yes, i am malaysian.

July 16, 2009 at 9:52 AMHsiens

so... come and be my neighbour :)

July 19, 2009 at 12:10 AMFaryna

Can see that FR is gonna be a good place to stay.

July 24, 2009 at 10:31 PMLim

i heard they r going to increase the price effective 24jul. is it true? how many %?

August 22, 2009 at 9:43 PMLim

I'm looking into type 2B and 3A. Any comment on this 2 units?

How about type 5B and 4A, does the unit has cemetery view from the bedroom?

Any advise on the best unit to choose?

August 25, 2009 at 12:02 PMSue

Are there any sea view units left. If so,which of the above floor plan would that be and how much are they? When will the project be completed? Am a genuine buyer. Any info and advice would be much appreciated. Thanks.

August 28, 2009 at 5:10 PMHsiens

Hi Lim and Sue

I think type B unit 2 & 5 is good but unit 5 already sold out.

Reason being is that it is corner unit (more sun light emmited into the house) and balcony & some of the room has sea view.

I think we wont notice the cemetery and it will be blocked by various of buildings and the view of the mountain is nice.

August 31, 2009 at 2:05 PMSue

Thanks Hsien for your info. Do you work for IOI or are you an agent? I'm interested in getting more information especially about available units, on which floor, sea view, how much and payment schedule. I'm finding it difficult to get info from the company. By the way, I have seen the showroom in January. Is it Type A? I live overseas. Any info from you would be much appreciated. Thanks.

August 31, 2009 at 4:48 PMHsiens

hi Sue,

I am just a buyer. what kind of information that you need? Understand that the office only serve people who walk in. But i think it is still ok that u can ask them to fax some details to you as well.

August 31, 2009 at 9:38 PMSue

Thanks Hsien for volunteering info. I just want to know whether there are any sea view units left and on which floor and how much? I understand that the higher you go, the more you pay. Type A looks good if it's the same as the show room. I think I might have to put all these enquiries off until I get to Penang early next year. By then, all the units may be sold. So be it!

September 20, 2009 at 10:32 AMMichelle

Went to see the show unit yesterday, I personally like unit 1, it's quieter and the kithen is brighter...

October 14, 2009 at 5:45 PMchew

The entry and the exit from this condo is only via the Tanjong Tokong main road.
This is very inconvenient.

October 22, 2009 at 10:30 PMHsiens

went to the sales office (which will be the entry/exit in future) more than 20 times, never felt inconvenient... but i feel very convenient because it is near to shops and shopping complex, and there are more shop lots coming up. further more, in that area, there are many nice "hidden" restaurant :)

October 26, 2009 at 10:50 AMMichelle

The lower floors of unit 3 & 4 are still available, guess they are too big, i.e. around 2300sf and the price is > RM900K

November 3, 2009 at 7:46 PMCatherine

Can anyone advise me how much the maintenance fee psf?

November 4, 2009 at 9:16 AMHsiens

RM400 per month, all units same price.

November 4, 2009 at 1:01 PMCatherine


Thank. Wow, avg 0.2psf, what a bargain! What's facilities provided?

November 16, 2009 at 10:04 PMMichelle

FR provides full condo facitilies. Details on FR are provided in http://www.palmex-property.com/ppreview/fettes1.php

February 27, 2010 at 8:08 PMRobert Low

I wonder anyone who can live with graveyard view & evening sun @ Unit 6 =.=

June 30, 2010 at 8:54 PMPeter

Super expensive for not really good environment at a busy junction. Must be dreaming to expect RM500/sqft.

July 5, 2010 at 8:03 PMcheng

any comment for type B3?

August 25, 2010 at 6:51 AMHsiens

what happened to Fettes Residence official website??

September 9, 2010 at 1:58 PMcondomana

Dear teng teng,

May I find out from you how big is the unit that's for sale at RM 595k?


September 9, 2010 at 2:06 PMTim

It is 1,000 sqft. It has been posted on Mudah.com for some time.

September 18, 2010 at 9:27 PMMichelle

I saw a few ads above on Fettes Residences with 1600sf for sale, however, when I check the IOI property website, there is no 1600sf unit. Further, the ad on mudah.com (http://www.mudah.my/Fettes+residence+1600sf-7176873.htm) says the unit is fully furnished, as far as I know, construction of FR has not even completed, did I miss out somethine?

September 22, 2010 at 8:15 AMHsiens

Michelle: yes, not in the website, they did not post everything on website. I checked last round about 2/3 months ago it is almost sold out and fully reno should be the show unit? I am not too sure.

September 22, 2010 at 9:36 AMtedd

michelle , do not listen to those housing agent . there is no 1,600 sq ft . the size is only 1,000sq ft + 600 sq ft of common area . there is no fully furnished . Only got air con .

September 22, 2010 at 5:34 PMProperty talk

Not fully furnish. Only got aircon. Aircon is less than 1k for 1 horsepower. Not significant compare to total cost for a unit. It should not fetch more than RM400 per square feet. RM380 per square feet is also damn expensive.

September 22, 2010 at 6:27 PMtedd

Guys you can buy from Property talk . He does own many units for sale below the market price . He is one who is ranked under the top 10 forbe ... billionaire.... in the world. He is an expert in penang Property . If you guys have any problem do consult him . He is a magician and also a sweet talker. But he cant even commit a performance bond because he talk more than action. He always think that he the greatest in the world.He do provide private funding on houses . If you need money you should look for him . He claim that he do manage merger or take over for banks and telco . If bank cant lend you fund for buying property . He may help . He had the capability to lend money to the banks as well . He is hanging around with Jeremy Tan and Lightning.

September 26, 2010 at 8:31 AMhouse

Tedd, i was thinking to get either brezza or fettes residence a year ago. but I didnot make any purchase. So far, you are the few who favour fettes residence over brezza. I like fettes residence because of the amenities surrouding it and from a reputable property developer, ioi. I was laughed at by friends who bought brezza saying that i m brand consious. My thought is I put a lot of many in it, i m not going to risk myself for "no track record developers". As for uda, they wont die but i have my reservation as it links to government i.e. slow progress, other negetive things. When I went around to look at brezza few days ago, it looks like " a bit better than medium cost house", it doesnot look "RM500-600", whereas fettes residence definitely has the look which reflected in its price. however, when i saw tesco being built beside it, i am not sure I have missed the boat of not buying brezza,despite the look n price, it does has a decent size and location (except it was surrounded by low cost tempo houses). As for fettes residence, reasons I didnot buy as it was surrouded by low cost flat and it was selling at 420psf, now 450psf???it is still worth buying Please comment. When you invest in fettes residence, is it more for its yield or capital appreciation? would you also like to comment about gurney paragon, would like to hear from you. i have 1 condo tg tokong and 1 landed in tgbunga, 1 soon under construction(the peak, probably not so good a bet), I just sold my condo lately, i have cash i want to put my money in landed property due to its capital appreciate, any location/project which you like to recommend, my budget is around 1.1 mil. would appreciate your input.tq

September 26, 2010 at 8:37 AMhouse

just want to clarify, my landed tg bunga, my condo tg tokong are being rented out currently. would you also share your thoughts both fettes residence and brezza are also surrounded by low cost houses. I have bad experience with housing agents, they can tell you all sort of things to get buy/sell your properties, not professional at all.tq

September 26, 2010 at 3:59 PMhouse


September 27, 2010 at 6:46 PMtedd

House , if you really know about UDA business history then you wont consider the BREEZA. Frankily speaking i do have 2 units of BREEZA, i will not hold them once i get the keys simply because i dont feel good with these project .The surrounding is real sad. Fortunately , i bought the BREEZA below Rm 300 per sq ft. UDA will take at least 5 to 10 years to settle the village matter . It is very complicated issue which is not easy to be resolved . Further more there will be more and more temperary homes built beside the BREEZA and the land status will be unlikely to be converted to FREEHOLD . Recently , another 80 units of temperary homes were built. I do own 1 unit of Fettes Residence . Do not compare the quality between FETTES Residence and The BREEZA . It is like comparing Metal with silver. If you really do a survey the property in Tanjung tokong area such as Tanjung Park you will feel that Fettes Residence is not overpriced. The return of rental and capital appreciation should be good . If you are talking about long term investment , landed property will be still the best choice . You can consider E & O 's courtytard terrace ( Phase 2) if you manage to get below RM 1.2 million .

September 27, 2010 at 11:48 PMcondomana

Dear tedd,

*wave*. Don't forget me when you get your keys for the Brezza, ok! Since you value it below RM300/sqft in your previous comment, I will buy from you at RM 330 /sqft provided they are in Block A-medium to high floor.

Dear house,

My opinion is, in terms of proximity to Tesco, I don't think there is any difference between Brezza & FR. You are not going to walk there anyway.

It is a fact that reputation wise, IOI beats UDA. However, IOI priced it's "reputation" into the selling price, resulting in higher price for FT / sqft wise. Now, I was told that the actual building contractor for Brezza is not UDA, but a sister company of IOI's contractor, as UDA is only a "facilitator", they don't actually build.

Now, low cost flats. I am not too concern about that, for both Brezza & FT. Why? If you had lived in this area long enough, you would know that the low-cost neigbourhood here is made up of pretty decent people, who are mainly your friendly hawkers around this area. If you go slightly inside near the pepper estate, you start to have gangsters. If you go to Jelutong low cost flats, you have drug pushers & robbers. You go to Paya Terubong, you have organized crime who run brothels & "Ah Longs". But Tanjong Tokong, its cool. You only get rascals who refuse to wear a helmet when they ride their motorbikes around the area.

The owner of a 2000 sqft FT with a nice seaview on the higher floors would probably be asking for RM 1 mil now. If you ask me, any condos with a price tag of RM 1 mil and above in Penang is pretty illiquid in the resale market.

Property agents? Yeah, you can definitely do without them. Looking for a property, just go to Mudah.com. Plenty of listing by owners.

February 6, 2011 at 5:48 PMpropertypenang


Can anyone tell me whether it is ok to get units below 12 floor... thanks.

February 7, 2011 at 8:22 PMPeter

2000sqft selling above RM1mil, serious ah ?

Somemore located at a junction where vehicles will be speeding away.. think about the noise, which can go all the way to high floors.

February 8, 2011 at 3:36 PMHsiens

the cars are not driving at high speed as there are traffic lights. i went to 25th floor and couldn't notice any annoying vehicle sound.

February 8, 2011 at 10:06 PMID PRO INTERIOR DESIGN

I am interested buyer for Fettes RESIDENCES. Pls call me 017-4886891. Studio or any type? I am a genuine urgent buyer.

February 9, 2011 at 2:17 PMPeter

I stayed at another Condo with a traffic light besides it. Trust me, it will be noisy. I practically have to close the window all the time. No need to mention the Mat Rempit at night, especially on weekends.

Anyway, RM1+mil for 2000sqft is still ridiculous for a so-called high-end condo (that has a low-cost flat besides it - which luckily just repainted, mostly likely by Fettes Residence developer, just imagine 5 years down the road when it deteriorated).

At Balik Pulau, new Focus Height bungalow going for RM1.2~1.4mil with 4100+sqft build-up, 5700sqft land area, 3-storey.

February 9, 2011 at 3:39 PMHsiens


February 9, 2011 at 7:13 PMMichelle

Dear Peter,

I'm quite keen to buy a good condo for own stay and was seriously considering Fettes Residences, if RM1+mil for 2000sf is considered high at the north-east area, then is there any good recommendations?

February 9, 2011 at 8:17 PMMichelle

Btw, Focus Height at Balik Pulau is a more appropriate comparison to Legenda@Southbay rather than Fettes Residences Condo. Legenda@Southbay is new bungalow development at Batu Maung area, cost RM3.8mil onwards, with land area from 6830sf.

February 10, 2011 at 1:53 PMKelvin

I think you cannot compare a property in Tanjung Tokong to one at Balik Pulau....it is all about location. With regards to the noise, I think it will not be a problem unless there are many blocks close together at the traffic junction...noise reflection!

February 10, 2011 at 2:04 PMM

There appear to be more apartments/condos for sale these days in Penang. Is this an indication of too many units chasing fewer buyers? Will prices per sq ft come down?

February 10, 2011 at 2:08 PMBM

Drove past the condo today. I must say the architecture is impressive, very different from the rest of the luxury condos on the island. I like the open concept perimeter fencing whereby passers-by can get a glimpse of the water fountain and other facilities inside.

February 10, 2011 at 3:01 PMFelix The Cat

M : The market is going thru a digestion period. Prices has increase significantly for the 3rd and last quarter of 2010. As for your question of whether the prices psf will drop...well all i can see is that the real property investors have not step-in to Penang yet. Hope Mr Lim Guan Eng will open the big front door to this bigtime investors when they come. When that happens, most middle class Penangites will be driven away from strategic location in the island.

February 10, 2011 at 3:38 PMPeter

The View condo going for RM700+, 2068~2088sqft.
Iconic landmark (twin tower) with view to another iconic landmark, the Penang bridge.

5min drive to Tesco or Queensbay Mall.

Is'nt it a better choice ?

However, do note that there is a Malay kampung besides it, close to Tower A. Which probably will take long time to redevelop (just think Tg Tokong or Kampung Buah Pala and the political issue).

So choose Tower B instead.

That said, I'm not agent nor seller. Just a bit disgusted by the RM600/sqft touted here.

February 10, 2011 at 6:12 PMHsiens

Peter, good luck.

February 10, 2011 at 11:00 PMKelvin


In terms of feng shui, the View is definitely not located on an ideal location, right at the tip of a bridge. That may explain the falling prices over the years.

Even though the design is superior to many other condos on the island, the location (feng shui wise) is not ideal.

February 11, 2011 at 7:57 PMPeter

errr.. and a Condo besides a Junction have better Feng Shui ?

Better take heed from the failing Island Plaza, even Metrojaya also looks like moving out with less and less goods everyday, which is located just opposite Fettes Residence across the junction.

Wah, now even better, just besides all the water features, they are building a new row of commercial units. Somemore facing their backside.

Really poor choice of location. If low to medium cost apartment still oklah.

If wanna charge RM600/sqft, better give at least beachfront, like The Quayside Condo, The Infinity, 1 Tanjong, so many beachfront condos.

February 11, 2011 at 9:57 PMMichelle

IOI has increased the price for the unsold units yesterday. After viewing the condos around north-east area for almost a year, still think that FR is a good buy and booked a unit just before the increment. If most of you who posted to this forum are future residents, then I would foresee we shall have nice neighbourhood in FR...

February 12, 2011 at 12:57 AMBm

Hi fellow residents,

I like the constructive arguments presented by all parties so far....at least we don't see really nasty people here. Well, I am also a future resident of FR. The things that I really like about this property is:

Location, location, location: Peter may not agree with me on this. I like the convenience of having a shopping mall right across the street from my house although it may not be the biggest or best in town. The food court right opposite the block serves me well coz I don't cook at home. I can also run my errands by just going across to the shop offices nearby. So what if we have a few shophouses beside us? I see that as a plus point. Bus stops are just at our doorstep, how convenient! We are not too close to the sea (like Quayside) to fear about future tsunamis, yet close enough to enjoy a good view! We are not right at the heart of Gurney Drive to enjoy the good food and great shopping, but close enough to take a nice stroll or drive and far enough to avoid the traffic jam during festive seasons!

So I think it is good value for money as compared to other luxury properties in the area.

February 12, 2011 at 8:00 AMMichelle

Totally agree, one more important point: Adventist Hospital is nearby in case of any emergency...

February 12, 2011 at 8:54 AMKelvin

Totally agree with Bm. And Michelle, Tanjung Hospital is even closer....Bear in mind, the new shopping complex at Seri Tanjung Pinang. Just like how Bm put it, not too close to encounter traffic jam but close enough...haha

February 12, 2011 at 10:17 AMKelvin

With regards to feng shui, having a bridge just outside your house (eg the View condo) is like having a drain taking your wealth away.

Having a junction is not that bad after all...name me any major developments that do not have a nearby junction...even our famous Petronas twin tower is located beside a junction! How about our very own Mutiara Ville and Persiaran Gurney 1 at Gurney drive! Even the nation's biggest bank, Maybank headquarters in KL is located at a major junction! It is all about connectivity.

February 14, 2011 at 12:35 PMPeter

2000sqft also not big enough to be considered Super Condo, but selling at Super Condo price at RM600/sqft.

Ya, right, Super Condo, sandwiched by low-cost flat and commercial 3-storey building. Somemore, opposite Island Plaza that MetroJaya also cannot sustain and moving out. Previously it was Super Tanjung that failed.

Hmmm.. for 2,000 sqft other places can buy for RM700k~RM800k. The balance RM400k, wow, can do extreme renovation, with balance left over.

Better buy landed property at E&O for the price. Have better capital appreciation.

February 14, 2011 at 12:49 PMPeter

Funny buyer here.

People buy low, sell high.

It seems buyer here wanna buy high, and expect to sell higher ?? Must be dreaming that a 2,000sqft apartment can worth more than RM1mil.

February 14, 2011 at 2:27 PMtedd

i dont think you can get any landed property at E & O at RM 1 million . the market price is around RM 1.45 million .. for terrace . the price you are talking about is in the year of 2008 . If you can get at RM 1 million , do contact me . I dont mind paying you commision . thanks in advance Mr. Peter

February 14, 2011 at 3:29 PMPeter

Ya, and they are offering Fettes Residence for RM1.2million and above now, at RM600/sqft.
Not even RM1mil.

2,000sqft versus terrace house at Seri Tanjung Pinang. Even 200k difference also I'll take terrace house anytime.

Let's do some simple calculation.

RM1.2mil for 2,000 sqft
+1% for agent fee
+3% Stamp Duty

That is RM1.25mil just to start.
Have not include lawyer fee, valuation fee and Penang property you most likely need renovation, and furnitures.

Easily come up to RM1.4~RM1.5mil for move-in condition.

Better buy existing fully-renovated, fully-furnished condos, which are still a bargain below RM1mil for 2,000sqft.

What is special about Fettes Residence, I really wonder ?
Location wise, View-wise, the Brezza also better at a lower cost.
At least the Brezza is priced reasonably, although also on high side. No wonder it has hot sub-sell value.

February 14, 2011 at 3:45 PMTanner

It is sellers market now folloiwng the standard Property cycle. Current economics and outlook looking positive, further fueled by factors such as low bank interest, attractive packages from financial institute, and also lack of better and safer mean of investment option to hedge against inflation which really push for the upswing for property demand. In terms of the selling price it is never too high or to low but merely base on the supply v.s demand involving both willing parties. By giving some comparison on the existing new or subsale property price (not transacted price,non super condo), Seri Tg Pinang service apt are asking >800psf, bayswater >500psf, The light linear >500psf, the light collection >600psf, platino from >450psf, pearl regency > 500psf, baystar > 450psf, even a leasehold putra marine is asking for >400psf therefore RM1mil for a 2000sqft fettes residence may not yet be ridiculous

February 14, 2011 at 3:59 PMHsiens

Hi Peter, i somehow agree with you. Fettes residence is just like Taiwan famous pop star Jay Chou, i really dont know what he is singing but yet was the best for past 10 years. what a weird world. I really wonder?

February 14, 2011 at 4:05 PMtedd

life is like that, you can take red wine or durain as good examples. some people is willing to pay for Rm 20,000 for a bottle of red venegar and RM 150 for a durian . Some people can even pay for RM 150K for a crystal or rock . Some mat salleh can even pay for a pre-war shop house for RM 1.65 million . so dont say you wonder this and wonder that . As long you are happy with it . It will be good enough .So dont argue

February 14, 2011 at 10:25 PMMichelle

This forum gives us a chance to voice our very own opinions and views to the property. We shall use it as a reference and whether the comments are right depends on our own judgements. Please bear in mind that there is no definite right or wrong so long as the buyers think it is worth buying: individual requirements and needs are different.

Some said FR is over-priced which is true if compare to The View, and I may prefer The View to FR if I want to stay close to Penang bridge. However, my preference is to dwell at Tj Tokong area and thus The View is a wrong property to look at as far as I'm concerned. And I think compare to the new condos nearby, FR's price isn't exorbitant, I don't mind the low cost flat beside, don't mind the sound from the busy junction; but I do mind if there aren't any eating place nearby. Whether or not FR will appreciate to > RM600/sf soon, it doesn't really matter to me as I'm not going to sell it in the near future. I guess some will have the same preferences like I have and that's why we bought FR!

Having said that, speculators may have different opinions. Any speculators out there? mind sharing?

February 14, 2011 at 11:45 PMBm


My sentiments exactly. I don't really care if the price goes above 600psf....I won't sell it anyway. It is the location that I was going after. Having grown up in Rifle Range Flats, I don't think noise will be a problem for me, if it exists in the first place. I like the convenience of having multiple food and entertainment outlets within walking distance fr my house. I can hop on a bus to town or to Batu Feringhi whenever I don't feel like driving.

February 14, 2011 at 11:51 PMBm

And i bought my unit quite some time back, before the surge in price. Was actually considering Baystar and Platino, which are in the same price range. But chose FR for its location. In the end, it boils down to where u work and where u want to spend most of your time.

February 15, 2011 at 2:04 PMsan

Whether it is a buyer market or seller market....depend on which condo you are talking about.

For sure, Platino and Delima Palace belong to the buyer market category. Investors can ask for high price but only limited potential buyers.

February 16, 2011 at 7:05 AMMichelle

Great minds think alike... :D

February 16, 2011 at 11:07 AMtedd

When E & O first launched the Seri Tanjung Pinang project , the market response was so poor until it had to knock the bell to sell the terrance and Semi- D .I did recommended many of my friends to buy the terrace and Semi-D but all of them thought i was insane . People in Penang are very funny . When the prioce is low they will not buy . But when the price is getting higher they will start chasing after the crazy price . When i bought my SEMI-D at Seri Tg Pinang, the price was only RM 1.4 M and the demand was so low . But now the price become RM 2.5M and the people are still chasing after it . So no one know what will happen until the whole project is completed. But i believe FR owners will not be disappointed. The location is good . The fair value should be around RM 550 per sq ft for a freehold condo base on the location and land price per Sq ft in that area. Dont compare the VIEW with FR . The developer of the VIEW is keeping too many units for themselve and recently they start dumping the price for quick sale . You can verify this info. One of my friends bought it at RM 580k last year . The main problem is the road access to the VIEW is very poor.

February 16, 2011 at 1:18 PMPeter

Tanjung Park, penthouse, 2260sqft, fully renovated, going below RM1mil.

Same location, actually a bit better location in that it is off the noisy main road and not facing backside of 3-storey commercial building with noisy aircond compressors.

February 16, 2011 at 1:38 PMPeter

If one were to fall in love with a property, then it doesn't matter what the price is. Some people can live in the forest by themselves as long as they are happy with the "location".

But we are talking about the general buyer who goes by common sense (and economics).

I would believe general buyers are one who cares about their property as a long-term investment, also one who do not have RM1.2mil on hand on a fancy purchase.

We can discount the speculators, as they just want to inflate the price and off-load.

Let's just talk about the typical buyer/investor, some hard questions I would ask:

1. Buying for own-stay. Condo and apartments are not a good hedge against inflation. Landed properties are. Furthermore, FR already at super high price at purchase, do you think it will appreciate that much more ?

I know buyer of condos/apartments around Northam Rd (now Sultan Ahmad Shah Rd), which was "prime" area decade ago. The price have hardly budge, bcoz, back then they already paying the price that it fetches today.

2. Buying for investment/rental. At RM1.2mil, you are looking at at least RM7,000~8,000 rental a month just to cover your loan payments and other expenses.

How many locals will pay this kinda rent ? They'd better buy their own if they can afford this and get a better and larger property at that.

Then it is back to expatriate. Do you think expatriate will like to stay in a condo that sandwich between low-cost flats and the backside of 3-storey commercial, with its noisy aircond compressor and besides noisy main road ?

There are so many more supercondo that has beachfront along Tanjung Bungah, not 5min drive away.

The Infinity Beachfront Condo, 3,700sqft supercondo, renting out at RM7,500 per month only. It was selling for RM1.7mil just half year ago.

3. Housing loan. For investors, 2011 onwards, you can only loan upto 70%, that means big capital upfront.

That will further trim down the pool of buyers.

4. Maintenance, I learn here that FR residence are suppose to pay only RM400 per month, which is RM0.20 per sqft.

That is medium cost apartment service charge rate, but to maintain a super-condo facilities (or do you really get super-condo facitilies here) ??

Common sense tells me, you will get medium-cost apartment level of service.

5. Occupancy rate. At such high super-condo price, what do you think of the occupancy rate ?

A quick check at Infinity Beachfront condo, 3,700sqft was selling RM1.7mil back then, now after more than half year since OC obtained, only about 5~6 units are lit up at night.

Which translate into less maintenance paid,
and you may pay apartment rate now, do you really think it is sustainable ? Unless the property developer is super rich and pay full amount for their unsold units.

But developers have a lot of tricks up their sleeve, like giving themselves a lower rate for unoccupied units, delaying the Strata Title application (so that they remain in charge of management), and adjusting the accounts to minimise their debt before handing over to the residence committe (if and when they actually issue the Strata Title).

All-in-all, for the majority of investors out there, THINK TWICE, even THRICE, before investing in a hyper-inflated property, as this will only benefits Speculators and the Developers.

February 16, 2011 at 7:52 PMMichelle

Thanks Peter for the heart-warming advices, I bet you must be one of the few caring Penangites who bothers to make the long typing.

Just a few notes,

- I used to stay at Tj Park, but it doesn't provide the env I am looking for, hope FR will provide me with prefered env, do pray for me please...

- you'll be surprised how rich Penangites are nowadays, many of them can afford the multi-million dollar "real super condos" as dubbed in your comments, not to mention FR. Further, more and more people are receptive to the high-rise stay espcially those with tight security, in view of higher potention target for theft and burglary at the landed properties. I used to stay in a landed property but always feeling unsecured and had unpeaceful of mind when away from home. My pet dog was kidnapped from the garden in front of our eyes. If it could happen to a dog, it could happen to anyone in my family too, that thought freaked me out!

- I was an expat at a foreign country before, somehow I'm aware of how expats think. My advice is, try to avoid expat area if you are local, thus I don't hope for FR to be an expat area, but dwelled by decent locals.

Afterall, in terms of property price, only God knows when the ceiling will be reached.....

February 16, 2011 at 8:08 PMPeter

As I said, if you already love the property for your own stay, it does'nt matter. You lose money also does not matter.

I'm a property investor looking for long-term investment (not hit-n-run type), and this is one Condo that I cannot figure what would allow it to command RM600/sqft, nor how will I recoup the investment.

I can only conclude that the developer and the early speculator will be the one laughing all the way to the bank.

Obviously the real-estate agents is encouraging it too, as they make money either way you buy or sell.

So, it is a "syok sendiri" property sale.

February 16, 2011 at 10:54 PMMichelle

You are not making fair and appropriate comparisons among all the properties, e.g. condos vs landed, middle cost vs high value, Tj Tokong vs Gelugor/Balik Pulau; and your outdated pricing information is misleading; that won't make you a wise investor...

February 16, 2011 at 11:34 PMKah Seng

hi all, i read thru all the post here and i am glad that i will be having good neighbours in future. Friendly, polite, educated and knowledgable. Quality neighbours! booked my units few weeks ago, my family wanted to move to tj tokong as earlier as possible but within that budget we found fettes is the best (to avoid criticism,"the best" here refer to our family needs) :) , so we decided to wait for few more months for it to obtain OC.

February 17, 2011 at 10:13 AMtedd

Peter , wat about Seri Tanjung Pinang ? How come the price is above the market price in Penang Island . The developer and speculator are also laughing as well . Pls comment .

February 17, 2011 at 11:30 AMHsiens

Tedd, in 2009, i was quoted seri tanjung pinang terrece for 900k, asked a agent yesterday the price is now 1.4m. 500k hike in price for less than 2 years. at that time i do not know strait quay can be so beautiful and also dont know there will be tesco and other leisure centers development. And now even island plaza is more crowded these days. I can only blame my poor vision.

February 17, 2011 at 12:12 PMPeter

Seri Tanjung Pinang, I would say it can command such high price, due to its rather forward looking development.

Nice, beautiful surrounding (although on reclaim land), also look at all the premium tenants at the Straits Quay. You can judge by the throngs of crowd visiting there, even it not fully occupied.

However, I can't say the same for Fettes Residence.

You can't tear down the low-cost flats (and luckily they repaint it recently, probably just to encourage sales at FR, previously it was so old and moldy), neither can you relocate the 3-storey commercial building that is under construction there. Imagine you will be relaxing within your compound, to the accompaniment of noisy compressor from the commercial building and vehicles from the main road.
I can only bid the FR buyers good luck and get a pair of good earplugs !

Going back to similar comparison with Fettes Residence, let's take The View.

Orignal purchaser bought it around RM470k~RM500k 5+ years ago. Today, it is selling for RM700k above. Not to shabby 50% increase.

Penang average is doubling of property price in 8~10 years.

If at the point of purchase you already lose money, then you will have a hard time gaining back later. Of course, you can always hold on to it for decades, it will sure go up one.

But as smart investor, you want your investment back as soon as possible.

That said, if you looking to buy for own stay,
and already in love with the property, and have cash on hand. It does not matter.

February 17, 2011 at 12:42 PMbryan

Peter, all the way back in June you were complaining about the junction and the high price of 500psf, and how people must be crazy to buy, now you're still complaining about the junction and the price of 600psf. It sounds to me that the boat has left the harbor and you're still in the terminal complaining about price of a ticket. What may be a lot of money to you, may be very little to someone else.

Michelle, Congratulations, you have managed to insult about 20% of the future population of Fettes Residences with your comments about expats. The sales people at FR would have been happy to share with you the amount of foreigners that have purchased units, and even which countries they're from, just incase you have a particular distaste for certain countries or cultures. One day, you might even have to share a lift with one of us.

February 17, 2011 at 2:19 PMPeter

Err... Mr bryan, you must've mistaken me for another Peter. I did'nt even go into this thread until a week ago.

But then again, I would agree with the other Peter...ha..ha... even if it is 6 month ago, as you mentioned.

This boat can leave no problem, there is no value to get into it even at 500psf.

Actually I was expecting for this location to be build medium-cost apartment. Such a poor choice of location.

Also funny is the service charge also based on medium-cost apartment rate. Must get you thinking whether it is really super-condo facilities you guys getting.

Or it is another bait-n-switch tactics by the developer. Cheap now, but increase later.

February 17, 2011 at 3:24 PMMeng Tze

Apparently, Peter needs to attend economy101.

February 17, 2011 at 3:26 PMMeng Tze

and, personal advice, read some worldwide news and do some tour, open up your eyes; jump out from the well.

February 17, 2011 at 4:07 PMPeter

Well, on the home page of this blog:


It shouts "Fewer Takers for Super Condos" by REHDA chairman Dato Jerry Chan himself.

So, it is like a musical chair, and the music stops now with those people stuck with Fettes Residence purchase and nowhere to offload.

Apparently, someone else needs to attend Economy101, stupid!

February 17, 2011 at 4:32 PMtedd

well, when E & O first lauched its project , everyone is thinking like what expert MR.Peter . But now everyone is changing their view on Seri Tanjung Pinang . Why ah ? No can know about the future . The market forces will determine the price after OC. From the reliable info i get , when FR lauched 2 years ago , the market reponse was so poor . But the demand suddently picked up in mid 2010 . People begin to realise the real value of FR . Anyway , people is penang is very funny . They just love to chase after the crazy price when the price go up.It is like stock market . When people start goreng many auty and uncle will join the game . The BREEZA also the same , when UDA first lauched the project , no one is intereted to buy . That time the price was so cheap. And luckily , i did opurchase 2 units regardless wat other people say . Unfortunately , UDA still cant give a definite answer on the FREEHOLD conversion status . Base on the history of these company , it will never happen . But there are still many crazy buyers chasign after the stupid price .

February 17, 2011 at 4:47 PMMeng Tze

Dear Peter, ignore my advice if you are not stupid. Drink some cold water and take a deep breath if you need to. We are all discussing and learning here and hope you have the patience to listen to me just like others having patience listening to you too.

February 17, 2011 at 4:48 PMPeter

Mr tedd,

Yes, it is always a good time to buy.

The developer knows it, the speculator knows it, and they goreng and goreng, so that there will be the last sucker who bought the unit when the musical chair stops.

What I'm saying, no one here counter with any kind of anylysis, just giving me "I luv FR, so you should too. And by the way, buy from melah, so that I can offload with bundle of money" reasons.

So, let's put some maths into it.

Again, we go back to The View. Even you buy today at RM700k for 2068sqft, with supercondo facilities, mind you. Rental offered now at RM5,500, but lets be conservative a bit, lets just expect RM4,500.

That translate into almost 8% rental yield, which is pretty decent for Penang.

Now, we work the reverse on FR, purchase price at RM1.2mil. You need RM8,000 per month just to get 8% rental yield.

To put it into perspective, Infinity Beachfront Supercondo, with true supercondo facilities and an actual beachfront.
3,700sqft renting out at cheap cheap RM7,500 only !

You think FR can get RM8,000 rental... ?

You can cannot put any maths into your Economics, then you are just uncle-auntie speculator, syok-sendiri goreng-goreng the price here.

February 17, 2011 at 4:56 PMPeter

Ah, and even at 500psf, that translate into RM6,800 per month to get rental yield 8%.

2,000sqft not really to big for those paying this kind of money, it is not small for average Penangites either.

There are so many other choices in Penang for rental and at much cheaper price (like The View at RM4,500).

That is why I don't mind "missing the boat" at 500psf, bcoz it is not worth it even at that price...

So, do you Math101 first !

February 17, 2011 at 5:21 PMMeng Tze

Hi all, is me again. A story teller. I want to tell a story of my friend whom I helped him to discover that his tongue actually less complex compare to normal person. Last year, whenever I brought him to a fine dining, he is upset. "Do you know how much is this piece of meat? 2 dollars, how much are they charging us? 20 dollars. Why must I pay extra 18 dollars for the meat?" then I said "it taste better than our own cooking", he says "No, it is the same. I can cook like the 5 star chef in this restaurant". I was surprised and started to investigate. "Can you cook?" I asked. "Why not???" he answered confidently. And then 1 day we all went to his house. He cooked and then serve each of us a piece of steak. Then he started to calculate, "with all the ingredients, this piece of meat with the same weight cost me only 3 bucks." He was so proud. We all tried the steak he cooked. "OMG" we screamed and spit the meat out from our mouth. He was stunned and tried the meat himself, slowly he starred at us and said "why you all vomit? It is the same taste ah?” Immediately we sense something serious. We brought him to check and found that he couldn’t differentiate most the taste of the food. To him, 2 pieces of meat is the same, so he has no idea why 1 of it cost higher, because he has no taste. But I think it is good for him. He is happy with a 3 bucks steak but I have to pay 20 bucks because I have taste.

February 17, 2011 at 5:21 PMPeter

Frankly, I could'nt be bothered about Fettes Residence, it is an open-n-shut case for me. Already conclude it is a poor buy even at 500psf.

Unfortunately, I have to drive past it every day.

So, it is really "Ting Teh" in my eyes...ha..ha..ha..

A pseudo-supercondo rising from midst of low-cost flat and cheesy commercial building.

Oh, somemore I notice there is an illegal hawker food-stall just besides the entrance. Alamak...

Just like in India when I last visit, stay in 5-star hotel, but got slums all the way until its entrance gate.

February 17, 2011 at 5:26 PMPeter

Oh, Mr Meng Tze.

Obviously you have very good taste, buying pseudo-supercondo but have illegal hawker food-stall next to its entrance.

February 17, 2011 at 5:32 PMMeng Tze

Everyone, clarification on Peter's FALSE STATEMENT on me. I am not staying in a condo. I am just a story teller. Just like Peter.

February 17, 2011 at 5:37 PMPeter

Everyone, clarification on Meng Tze's FALSE STATEMENT on me.

It is he who needs to attend Economics101, on top of that also Maths101.

Because he only know how to tell story, but flunk his maths when pressed to give his justification on FR worth.

February 17, 2011 at 5:50 PMMeng Tze

Peter, you are cute and funny la :). Nice to meet and chat with you. Am happy today that Peter helped to kill some of my boring time. Happy Chap Gou Meh to everyone.

February 17, 2011 at 10:55 PMMichelle

Meng Tze, your tasty story cheered up my chap goh meh, if you were a future resident, I look forward to better stories from you with varieties of spices.... how I just love this community, can't wait to move in.

For Bryan, I do apologise if making you feel insulted unintentionally, don't understand why you interpreted it that way but it was the cost of living that will also be "upgraded" in an expat area, which I was referring to, instead of dislike to any certain countries or culture. Fyi, I'm a peace-lover and was brought up in a well-disciplined environment which taught me to respect others, I've never critised others on purpose but unfortunately my words are interpreted differently. Anyway, if you are a future resident and a foreigner regardless of your nationality, as long as you are kind hearted and a peace-lover, you are most welcome to be part of the community... but sorry to say that I still avoid to stay in an area consists of > 50% expats, though the expat environment could be pleasant (like alila horizon I must agree), I just can't afford the daily cost!

By the way, hope this forum won't like other forums which always ended up with negative criticsms and personal attacks.... please let the subject of discussion stay on situation instead of human. The future and potential residents are more interested to know things like
1. the progress of FR, will we get OC earlier than the contractual date
2. how is the quality of finishing work
3. what are they going to do with the basement carpark as the carpark are not opened for the residents during reservation (am I right?)
4. how's IOI's reputation in managing other condos like SpringField
5. are they builing linkways to all car park levels
6. is there a small door at the back of FR leading to the existing shop houses? that'll really be convenient to us
7. Will IOI plant more trees in the garden? I passed by FR today and see only a few trees

I'm not an investor nor speculator with major concern in property appreciation, from a resident's perpective, my major concerns are the above as of now. Input from anyone?

February 17, 2011 at 11:49 PMcondomana

Hi All,

*wave*. Can I comment, or should I just shut up, just like what i've been told in Breeza blog?

February 18, 2011 at 2:28 AMtedd

Peter, why not you compare THE SANCTUARY with Seri Tanjung Pinang . since it is near to your favourite ..THE VIEW . How come the price of the SACTUARY is not moving much ? You can purchase it through auction at below market price easily. If you are talking about rental yield . E & O 's semi D can only generate a return of RM 7000 to RM 8000 per month and the price is RM 2.5 million onward and the terrace can generate RM 4,000 to 5,000 per month rental and the market price is RM 1.5 million. How do you explain about these ? how come still many people are hunting .... for these property even though the rental cant cover the loan interest ?

February 18, 2011 at 10:35 AMPeter

Hi tedd,

It is a known fact that landed property have low rental yield. Those who invest in landed property is investing because of capital appreciation, mean the price of the property will go up faster than condo/apartment.

If you are cash rich, then you invest in landed property.

But for most of us mere mortals, we are borrowing money from banks to finance our investment.

Therefore, we looking for high rental yield to cover our bank loans.

Which is why condo/apartment is still favourite choice.

Frankly if I have a lot of money I won't plonked it down on one single property either, but rather I use my leverage to borrow money, to make money ! What better way to no need to come up with capital, but you still earning money, right !

But that is provided it is not priced out beyond ability even to secure tenant, like FR.

I'm not familiar with the Sanctuary... hmm... it seems to be landed property, not too much in my radar.

Oh, last night, while driving past. I see people taking teh tarik in front of Fettes Residence entrance, since there is a convenient teh tarik stall there. It must be part of the super-condo facility...ha..ha..

February 18, 2011 at 10:41 AMPeter


This is the Internet, you can comment whatever you want. But if you poke the wrong hornet nest, be prepared to get flamed...ha..ha..

February 18, 2011 at 10:46 AMPeter

Dear Michelle,

Since you prefer to listen to story. Here's one.

Well, IOI no doubt a strong company. Their major bread-n-butter is in Palm Oil, and with Palm Oil now above RM700+ per tonne, I'm sure that they expect the rest of Malaysian to be equally loaded as well.

Yesterday newspaper somemore listed their group chairman, if my memory serves me correctly, #3 or #4 richest man in Malaysia with like RM30bil to his worth.

So, I'm not surprise they expect equal windfall from the property venture they get into.

Only thing is that, they still can't change the fact that there is a teh tarik stall next to your entrance... ha..ha.. (or maybe they can, proof me wrong ;-))

February 18, 2011 at 12:05 PMMeng Tze

All of us has the right to comment, express own opinion dieregards a good or bad comments. We all should take it positively. Everyone has different needs. Someone wants to buy low sell high and someone wants to buy low and obtain good rental yield.

Personally, I like to debate with Peter because he is cute and energetic. As you can see, teh tarik pun keluar now.

February 18, 2011 at 12:12 PMtedd

well Peter , it seems that you hate IOI so much . Property development business is not IOI's bread and butter . People just follow the market trend . Too bad when FR first lauched , the palm oil was only RM 350 ++. Peter if you want to use palm oil price as an indicator for FR. It will be a little too much for that . It is too early to comment on FR before OC . It could be good or it could be so so only. no one know. The BREEZA is the best example. Many buyers are chasing after the crazy price blindly regardless of the land conversion status and OC . But you cant blame them , FR and the BREEZA are 2 different classes of condo which attarct 2 different type of investors . The buyers are also from different segments. Condo like FR attracts long term investors and the BREEZA attracts short term speculators. I relly hope that MR. Peter can stay calm and cool. Dont take it too personal. Even Warren Buffet also can make wrong projection . You can ask all of of seri Tanjung Pinang owner, they never expect the price can go up like crazy when they purchase the property . I am one of the owner there. Pls dont comment too early . Who knows.. u could be wrong. Pardon me .

February 18, 2011 at 1:13 PMbryan

Michelle, It sounded to me as though you were saying that you know how ex-pats think and you don't want to live near them.. anyway, no harm, no foul..

About FR, I was there 2 weeks ago to make payment and to inspect my unit. I noticed on a lot of these condo message threads, many people are unsatisfied with their developers, and they didn't feel that they got what was promised. The first thing that I noticed about the FR building was that it looks exactly as it does in the brochures and in the marketing office, which in my opinion is very good. The lobby was almost completed, and they were doing landscaping, the lobby also looked good, very spacious. I then went to see my unit which was almost finished including the 7 A/C units. The wood floors and doors still needed finishing. I noticed that the bedroom walls, in a certain light, looked slightly pink, not my personal taste. They even removed a wall that I requested taken out during the original signing. So far, I would say that this developer is living up to its good reputation. The marketing people say that everything is on schedule for a June O.C.

Somone mentioned a price increase to 600 psf, from 450psf? I very much doubt that. Can anyone confirm that?

February 18, 2011 at 2:25 PMPeter

Dear tedd,

Hate is such a strong word, why all these hate and anger. Come on. Cool down.

I have no feeling towards FR or IOI, except that it is "ting teh" in my eyes, as I have drive past it everyday, as I've mentioned it before.

Actually I already wasted too much time here, except that there are some interesting personality here like our story-teller, Meng Tze, and our sweet "I luv FR" Michelle here that keeps me going...ha..ha..

Cool down, kick back and relax in Fettes Residence compound, to the accompanying music of compressor for 3-storey commercial unit (coming soon), oh, and don't forget to go for Teh Tarik at your entrance.

Let's start calling the Teh Tarik join the Fettes Residence Teh Tarik, shall we... ;-)

February 18, 2011 at 3:07 PMtedd

Do check the price of palm oil seed in the year of 2008 . it was only rm 350 +++ that time most of the estate owner can't even cover the cost. So far i never advertise for any party behalf. These is a forum to make comment and sharing the views but not personal attack like you do . even the price go up or down , it is not a big issue to me . I only buy and never sell . since i dont need the rental return ton pay off the loan . As long as the rental return is higher than the FD rate , it will be good for me .If you are a real educated man you should talk nicely and a little polite . I also dont know why you are so sensitive when i comment something here . Pls read carefully all my msg here.

February 18, 2011 at 3:11 PMPeter

Hmm... gleaning more information from actual buyers here, we can deduce that some actually bought it for RM450psf.

Althought a bit on the high side, I suppose if they bundle in a lot of other stuff, like A/C etc, it may be still worth it.

Therefore, those offering for sale at RM600psf, this must be the speculator trying to offload and making sweet noises here. Not genuine owner.

It is not even the developer inflating the price. Only the speculator trying to goreng-goreng.

Busted !

February 18, 2011 at 3:25 PMtedd

Peter , That 3 storey shop lots beside FR are highly demanded. I did contact the developer last year . From the info i get there are more than 100 ready buyers waiting to buy . Previously he is asking for RM 1.8 million min . Now he say he will only make offer after OC .

February 18, 2011 at 3:55 PMMeng Tze

Tedd, it is true. I am 1 of the hundreds. Gurney to TJ Bungah is my target investment area. I switched my investment area from Greenlane to here. I bought Bayswater few years ago and there was a teh tarik store infront of it and some of my friends were actually complaining bout that. I was actually worried but nah... i am still alive. Somehow I do not agree on this as there are alot of super high end condos in KL with mamak store attached, Malaysia ma. But 1 thing i do agree with Peter is that the high price properties of Island is no longer a good rental yield properties. Be it Singapore or Penang, hmmnn but not a bad thing thou, looks to me it is just a change of rules of the game. No matter you like it or not, this is a fact. For good rental return, I am now looking in Vietnam and Australia. Peter and those who are "long term investor", you can keep an eye on that. Good timing to buy Australia properties now, you know why. If i buy fettes residence then you guys will have added a half expat as your neighbours. Am i welcomed?

February 18, 2011 at 6:41 PMPeter

I have to agree that commercial unit at that location will be hot, especially the ground floor. Upper floor only so-so, look at Tanjung Park also not fully occupied on the upper floors. But I guess this is normal for multi-storey commercial unit here. Nobody bothers to walk up the stairs.

Fettes Park has always been the focal point for Tanjung Bungah area, for commercial, that is.

Although Island Plaza still fail somehow. Maybe bcoz ppl just need another 5min drive to Gurney Plaza.

Aiya, Meng Tze, I already had trouble managing my tenants within Penang Island, how to manage it overseas.... maybe you can teach us.
Also what abt financing ? Unless you are Australian PR.

Penang is an island, it is just a matter of time it go the way like Hong Kong and Singapore. I think it is still good investment here. Prices still double every 8~10 years.

But have to make sure buy lowlah, FR at 600psf too high liao, which is my original point.
If all new property also this range, then perhaps better invest in Palm Oil...and Rubber... ha..ha..

February 18, 2011 at 10:44 PMMeng Tze

Peter, goto consult Citigold. They will teach you. All my friends hire an assistant to manage tenants. My accountant offer me his assistant to manage my tenants so I only need to pay half of market price only :) a tips for you - go and negotiate with your accountant, I know most of them has assistant or maybe a runner.

February 19, 2011 at 7:35 AMMichelle

Meng Tze, Your are a nice person: humourous and sound positive; come be our neighbour and cook more stories for us (make sure their are tasty ya) :-D

Though location of a condo is a key factor, capital appreciation of a condo also depends largely on how we upkeep the place and the quality of the residents... not saying I am the one (to avoid the flame) but am trying to be with quality people so I can behave like one :-D

February 19, 2011 at 11:57 AMMeng Tze

There are 3 condos in my mind right now, at this area. Will place my chips by next month. FR price is high, or is high? Or is high!!! Ppl might have different expression to it. I had an experience on few of my family's properties, 1 of them u folks should know, bayswater. There was once my friend shouted infront of me, the price is high!!! It was few years back. Well, I don't care, bought a 2nd unit after the price hike 45%. Any now I am happy with my crazy idea. Believe it or not, this is a matter of taste. The other 2 condos I am looking at also very "high" price. Hmmnn high, or high?

February 19, 2011 at 12:33 PMtaphie

MT, as long as u like it and you can afford it, there is no such thing as high price!
Like wise, sky is the limit, if you are willing to pay 2million for a unit in FR. Nobody will say anything, sum may say you are D...d but who cares when you have loaded of cash to throw around, its your money. The profited owner will be lol with your loaded cash and you are happy with your puchase of the luxurious FD.
The conclusion is as long as in the end, both the onwer and seller walk away happily with the deal.

February 19, 2011 at 12:35 PMtaphie

sorry a small typo,I meant owner and buyer. hehe..

February 19, 2011 at 1:20 PMMeng Tze

U got the point. Like Warren buffett said, when a deal is done, there are 2 people think they made the right choice. I think the owner who sold his unit to me with 45% profit was laughing at me. But he missed another 300%. who should lol now? I won't, because the price might drop tomorrow. No one should lol at others decisions.
Just learned the word "lol" from my son.
Taphie, let's lol together for better tomorrow and for our happy family.

February 21, 2011 at 11:49 PMcondomana

Hi Michelle,

Care to elaborate on your definition of "quality people"?

February 22, 2011 at 9:03 PMPeter

"I luv FR people" = "quality people"...kah..kah..kah..

Anyway, drove by this weekend, saw that the 3rd block of the low-cost flat is not painted.

My wife further noted that only the side facing FR have colours, and the back side just plain.

So, it is obvious window dressing to help sales at FR.

A bit shameful really, not sincere in helping the low-cost flats get a fresh coat of paint.

Anyway, such paint will hv a life-time. Typically they guarantee 5-years to 10-years, depending on the cost.

Imagine after 5-years it deteriorated back to original condition (like the 3rd block), will the FR residences will be so generous as to offer to repaint the low-cost flats again ?

At RM0.20 psf maintenance fee, I seriously doubt so....

I'm a secretary at a residence committee and knows how much the running cost, and RM0.20psf is just cukup makan for medium-cost apartment level.

Oh, I further notice the first 4 floors will be immediately facing the backside of the commercial block, or the low-cost flats.

Wonder how much it will be selling for per sqft ? ;-)

February 22, 2011 at 9:19 PMPeter

Meng Tze,

Well, just chatted with a friend who migrated to Australia, he said property price there is dropping due to high interest rate and economic uncertainty due to rising fuel price.

I think Penang still a safer bet, price have never dropped even in 1997 recession, only stagnant. However, with current hyper-inflated prices, we may well see the first price drop in Penang.

February 23, 2011 at 11:42 AMMeng Tze

Peter, good day. I see opportunities in uncertainty, thou one may see difficulties in uncertainty. It depends on method of investment of individual. My property investment strategy having the similarity of a jade traders.

I believe everyone voicing out opinions in this blog is quality people because I dont see anyone belittling others in this blog. People who belittle others are only belittling themselves.

we have good discussion here. Wether you hate of love this property, it is all energy with one line between. In country style of explaination; means, we all will only praise or criticise an intelligent or beautiful woman. You can rarely see that happen to a normal person :) Be grateful if somneone criticise you or your properties or others' properties.

February 23, 2011 at 2:50 PMMichelle

Well said, MT, half full glass of water makes our life brighter...

Yesterday I went to view my unit, the status and finishing are the same as what Bryan has described, no complaint thus far, except for the air-con piping runs across one of the bathroom windows which doesn't look "nice".

As for quality definition, the Oxford Advanced Learner's Dictionary says it is "general excellence", I'm still working hard to update my dictionary to be on par, for those who do not have it at all in your dictionary, you are strongly suggested to add it in...

February 23, 2011 at 3:37 PMMeng Tze

went to see few units. doors and grills are in good quality but not well installed. Ceiling height is higher compare to others. Personally the rooms flooring does not match my taste but acceptable. Air conds are just meeting my expectation but since it is free then i will keep myself quiet on that. Overall workmanship is good such examples like the paint, flooring, switches, wiring and even toilet ammenties. Hardly can find any flaws. The garden in the middle is weird? Hope to see more sharing from those who had view any units in FR.

February 25, 2011 at 12:59 AMcondomana

Hi Michelle,

I know the definition of "quality". But I'd like to understand more about "quality people", especially from your point of view, since you were the one who first coined the term..:)

February 25, 2011 at 11:30 AMPeter

Just had meeting with my property manager last night, he is formerly IOI staff.

He said FR start only RM400psf. So now it is hyper inflated to RM600psf by speculator.

Don't know which sucker will buy at RM600psf.

Refer you to Sri Perdana Condo, along Jalan Sultan Ahmad Shah (previously Northam Rd),

More than a decade ago already selling at RM300+psf due to supposedly Prime location this and that, today still selling at that price.
Used to inhabited by many Japanese expatriate, now mostly inhabited by China dolls.

So, those who buy FR at 600psf will be buying its worth more than a decade ahead.

So, ban ban tang.... and maybe the "I luv FR" campaign will bear fruit for the speculators trying to offload....kah...kah..kah..

February 25, 2011 at 11:57 AMMeng Tze

Cheers my day with a joke again :) comparing chicken wing with a steak. I would be more likely to accept an apple to apple comparison.

February 25, 2011 at 12:31 PMPeter

The comparison is on the speculative expect on the pricing for these so-called units in "prime" location.

Sri Perdana Condo was way overpriced a decade ago, therefore its price remains the same a decade later.

Same thing goes for Fettes Residence with its overprice.

Need further explanation of the fried chicken versus steak ?

February 25, 2011 at 12:34 PMPeter

Oh, btw, besides "teh tarik", you can also enjoy some Tom Yam at the stall just next to FR entrance.

Very convenient super-condo facility.

Unfortunately, no steak for Mr Meng Tze.
Only Nasi Goreng Ayam..... kah..kah..kah..

February 25, 2011 at 4:34 PMMeng Tze

congratulation Peter. You are enjoying wonderful world in your life. I can't stop myself to tell you that I envy you . Life is wonderful when everything goes simple. Someone can just compare a thing with single fact, for example, "prime location" to make a conclusion. But to me or some others, we have to work harder to find out other details such as the size of the properties. So, comparing a 900sqft to a 2400sqft does not seems logic/sufficient to me. With limited land, higher sqft properties will have higher appreciation rate, such like HK. And there are just more things to consider - such like feng shui as we are now talking about Penang. And, to me "teh tarik" is not a strong point laaa. It may be important to you but not for me - it just sounds like you are complaining your pretty Miss Hong Kong girl friend has a pimple on her face, a lot of ppl wouldn't mind i guess :)

Since Peter always joke about nasi and teh. I also joke a bit. Having said so, Peter is not a joker. I guess. But I am bad in guessing.

February 25, 2011 at 10:28 PMcondomana

Hi Peter,

I dont understand why you're quoting RM600/sqft, as there are many units for sale at ~RM500/sqft. I am sure sellers are willing to let go at ~RM450/sqft after nego. What are you debating with MZ about??!

However, I am surprised to read here that there are still units available from developer. Unsold units during this time of bullishness actually tells us something about the popularity of this property.

February 26, 2011 at 12:23 AMMeng Tze

Peter is right. We went to view 5 units but those sellers who has units with sea view aren't letting go less than RM580/sqft. 450/sqft...hmmm maybe the very low floor studio units? Let me know if there is anyone selling 2400sqft units above 25th floor with both seaview and gurney view with only RM450/sqft. Am serious.
Developers only left very few units which are non seaview large units. "Normally" it takes time to sell, would have higher chance after obtain OC, someone will like it but not for me thou. Learned that from my friend's Bayswater low floor 1600sqft, he bought last minute slightly before OC and sold for a sweet price. This is what I couldnt understand but it just happened.

February 27, 2011 at 12:28 AMcondomana

Hi Meng Tze,

You can refer to a post by sharon on Feb 23 2011 1:14pm - above 30th floor with sea & gurney view only RM500/sqft (call her, negotiable somemore!!).

I agree with you no one would sell below RM450/sqft for this type of unit because they already paid that much to the developer. Selling below that would mean a big loss (after deducting legal & other finance charges!!)

You want to understand why last minute buy before OC for low floow units at Bayswater could still be profitable for the buyer? Haha, simple. That was the time when property in Penang was not that "hot", that was the time when Bayswater was going at RM200++/sqft and Penang property went through a "step-jump price overhaul" just after that period.

But your Bayswater example is not applicable here because :-
(1) Buyers are buying from developer at RM400++/sqft for FR (almost double of Bayswater back then)
(2) If you look at statistics rationally (throw away greed, jealousy & herd instinct), household debts are at all time high because people are over leveraging on multiple properties
(3) FR's location at a busy junction is just not cool!!

February 27, 2011 at 12:14 PMMeng Tze

Thanks for informing. but that is not the layout I am looking for and I have some restriction in identifying agencies.

About your bayswater and penang properties theory. I have heard a lot of theories from many experts ranging from newspaper seller to properties investors with his company listed. A lot of them will start the conversation with "you know why? haha simple, let me tell you why". But usually managers won't tell me in this kind of manner. :) although the core of the message is similar. I have heard a lot more complex explaination on that even with data and graphs supported - from a paid seminar. I would't say you are wrong but your point isn't as strong as others to convince me.

1) Different table different stake. We have $5/$25/$100/$500/$1000 black jack table in Vegas but the rules are the same.
2) Agree. Thats why I have rejected some proposal of purchase of certain area in Penang.
3) My tenants love this location because it is a busy junction. Strait Quay's pubs, Gurney, Tesco, local foods, Starbucks, upcoming BSG leisure mall, international school, Japanese/Korean food around the corners are all the attractions to my friends/tenants.

This is not to argue whether FR is good or bad. We have to understand that different people have different needs and interest. they are still cool although they do not share the same opinion as yours.

February 28, 2011 at 6:28 PMPeter


Looks at earlier post, already ppl goreng-goreng RM1.2mil for 2,000sqft, I doubt it already renovated at this stage, so I don't see how it can be value added until RM600psf.

Now it seems after pouring some water before the unit "chow hoy ta", it starts dropping a bit ;-)

So, beware those getting suckered at RM600psf.
Fair price here at most RM450psf (original buy from developer around RM400psf).

Still I would'nt buy at that price...ha..ha.. !

Btw, Mr "storyteller" Meng Tze, how much you intend to rent out here ?

March 2, 2011 at 11:31 AMPeter

To the buyers (including speculators) out there, beware that the musical chair going to stop soon.


Pity the sucker who got stuck when the music stops.

March 7, 2011 at 11:39 AMPeter

Btw, Metrojaya at Island Plaza, opposite of FR, already close shop.

Even Metrojaya cannot beat the bad feng shui of that location at the junction.

Only ground floor business still able to survive,
with more and more retail shops closing at Island Plaza.

March 7, 2011 at 8:26 PMWilliam

Oh, you sounds like you dont know what will happen next in near future?? haha...

So fun seeing people how knows nothing talks like he knows everything!

March 8, 2011 at 10:02 PMcondomana

Hi William,

Care to share what you know about what's going to happen to island plaza in the near future? I am really puzzled by the bad fortune that's been bestowed on this commercial property, considering it's highly visible location at a busy junction.

March 9, 2011 at 4:23 PMPeter

Well, my brother-in-law use to work for the property management there. Used to belong to some Singaporean company.

Now, the place also bought up by another Singaporean company.

Well, good luck!

See, if they can beat the bad feng shui there or not. First it was Super Tanjung, then MetroJaya, after this..... Fettes Residence...ha..ha.. just joking !!

March 10, 2011 at 1:35 AMtedd

Actually , it is not becasue of Feng shui and the location is fantastic. The reason are as following. Mr. Peter if your brother in Law really work for that Singaporean company , he should aware of these .

1) 10% of the retail outlets are belong to private individual not Island Plaza .It is not like gurney plaza which is 100% owned by the Capital Retail Group.

2) All the private owners are hesitate to pay for the renovation cost but also refuse to sell their units to island plaza. Not like Gurney Plaza , every three years , the tenants are required to renovate their respective units. The deal is take it or leave .

3) Without major renovation , it is difficult to attract people. Further more, the hall is too small and very difficult to organise events . Nowadays , people tend to bring their family to those places which got event.

Anyway , no one know what will happen for the next 3 years. 10 years ago , Low Yat Plaza in KL also got such problem. But now many tenants are hunting for these place. It is too early to comment . Who know the Singaporean got their way to solve these problem. Who knows they purposely make Island Plaza to sink and then buy the individual units at low price .IT could be their smart strategy .Such things always happen in Hong Kong and KL. Once they own 100% of island plaza they will start turning the old hut into palace.

March 10, 2011 at 10:04 AMPeter


I'm aware abt that, as well as how Gurney Plaza operates, actually they having tough time even collecting service charges from the retail unit.

It will just cause a death spiral.

However, someone else once brought up issue regarding feng shui aspect. Thereby, I brought up the case of two large anchor tenants that failed at Island Plaza, even the mighty Metrojaya was brought down to their knees.

Perhaps 3rd time would be lucky for the new owner....ha..ha...

March 10, 2011 at 7:33 PMbryan

Mr. Peter,
Sometimes I like to visit this site to get some constructive information, be it positive or negative.. It seems that you are here just to try to antagonize people with all of your ha ha ha's and kah kah kah's, what gives? do you have a gripe with the developer? Maybe you can just put it out in the open.

March 11, 2011 at 12:10 AMcondomana

Hi William,

I think no one is disputing the fact that Tanjung Tokong is a vibrant and up coming centre of attraction in Penang. No doubt.

Like you said, Tesco (definitely a big draw, i'm waiting for that day to punish cold storage for selling expensive groceries all this while), Straits Quay (although not very succesful yet, but with so much at stake, E&O die-die also must make it super successful), Island Plaza (i love the place for the size, just nice for an upscale neighbourhood hangout for food & other luxury lifestyle shops), BSG leisure mall (ah this one i am not sure lah, BSG always chin chai build, sell expensive and no one buy also no issue because ah kong bought the land very cheap - almost zero cost). There is no where else to build, no more land in penang, but tanjung tokong provides ample land for a structured, well planned development.

But my point always was, FR is residential. Being located at a busy junction, to me, is not that desirable. I noticed that the common facilities (pool, garden & basketball court etc) are just by the busy road. Putting these facilities on a higher level (3rd or 4th floor) would have made it less "exposed". Dont get me wrong, I am not all against FR. I do find the landscaping nice, the bouganvillas are absolutely adorable.

March 11, 2011 at 12:31 AMWilliam

oh is ok, i stay in farlim.

March 11, 2011 at 1:14 AMtedd

Mr. Peter , For you information , Metrojaya had to move out because Island Plaza needs to use the place to covert the office lot to suite. Since you are so expert in Penang property you should aware of 118 @ Island Plaza . For details you can call Henry Butcher for details . If your brother in law really work for Island Plaza , he should know. BSG is very good in goreng the property price . You can refer to its history. With the participation of BSG , the potential is there.

March 16, 2011 at 12:48 PMPeter


Perhaps you missed it, or perhaps you don't understand Hokkien.

I have said it before, I have nothing against the developer here.

From info I get they offered the units in early days at RM400 psf, which I think is reasonable given that they bundle quite a lot of stuff with the units. Frankly, even All Seasons Park in Air Itam also offering at RM400 psf now for their Winter Tower.

What I have against are the speculators here trying to "goreng-goreng" (stir-frying, local for the act of promoting "I luv FR" just for the sake of off-loading to unsuspecting buyers).

Thereby, I'm here to debunk the myth of the RM600+psf pseudo-super-condo and the "I luv FR" campaign.

I even gave a detailed analysis from a investor point of view, but the "I luv FR" crowd seems to be rather persistent without giving any counter-analysis. Just telling me FR is like wine, it is up to buyer who willing to pay for it.

To me, it feels like only suckers willing to pay at that RM600+ psf price.

Oh, and the fact that I have to drive by this pseudo-super-condo everyday, bugs me.... ha..ha..

There you have it.

March 16, 2011 at 1:01 PMPeter

Let's do more analysis, instead of name calling, like our Bill here.

The first 4~5 floor of FR will be either looking at the backside of the commercial unit currently under construction, and their noisy AC compressor, or the low-cost flats.

Then the next units upto 19~20floor, it will be having a view looking into the Desa Tanjung Apartment.

So, effectively only the last 15 floor have any decent view.

With the noisy from vehicles speeding away from the traffic lights, and rather poor view 20th floor down.

It does not take a genius to guess that most of them will be cocoon up in their units with all windows closed and AC turned on whole day.

As a investor, I just cannot figure out how can I rent out FR at decent rental return, given these conditions (I already did an extensive calculation in posts few weeks back).

If you target locals, you cannot command to high rental, otherwise, they can just buy their own property in Penang.

If you target expatriate, you have to provide good views and surrounding environment.
Not view of other buildings at a noisy junction.

For own stay ? There are the better placed Tanjung Park, with penthouse going for cheaper than FR if you like to stay around Fettes Park for its convenience.

March 16, 2011 at 2:06 PMbryan


Yes it's true, I don't understand Hokkien, but the only thing I missed is this "I luv FR" campaign that you talk about. I've read this thread through and I don't see it. Is it a bad thing that people are happy with their purchases?

The powers of the market are setting the prices for condo's in the area and not the words that are written in these web blogs. You're trying to stop a train with your hands. It's best to get out of the way. We've heard from several people here that are buying for their own stay and probably wouldn't sell at even 700 or 800 psf.. Is there a property bubble in Penang? Maybe, maybe not. I dont think so.Thats a whole different discussion.

I think you'll admit that you've never set foot inside this project, since you drive by FR every day, why don't you stop in and have a look. Then you will probably understand why these condo's sell for more that some of the others in the neighborhood. You're so anti-FR that even the solid gold toilets probably won't sway you.

March 16, 2011 at 3:55 PMMoshi

hi all... i am looking for house and had been shopping around... ya loh... prices of properties hiked quite a lot these few years... the house that i am staying also hike a lot... but feel nothing lohh... cannot sell also ma...

Fettes Residence not that bad laa... my house price hike even more laa...or u look at E&O loh...you can say those people ki siao la... but their house really pretty ma... price hike because it worth it ma... i also want the price to stay the same like 5 years back loh... and rental can go up every year loh... i also hope people no money buy house and rent my house lohh... but no good ma... price hike means market moving then it is a good thing also la... think in a good way la... other places got better rental yield one ma... spend more time explore la... y waste time here complain things that you cant change leh?...

frankly lohh...i dont see buyers of this blog try to goreng or give me the feel of blindly luve FR lohh... i can only see Peter flame here and there lohh... like no war no fun lohh... we have enough war oledi laa.... we all adult ahh... if you dont like then just walk away loh...

freedom aahh... really important one.... we all allow you to like the view or tanjung park... u see... no one say u stupid when u say the view or tanjung park is better... because they all respect u ma.... if want to complain ah... i dont think they will lose to you loh... u like then u like loh... people dont like dont say people stupid and laugh at people la...

just like japanese like to eat salmon ... let them eat la... y want to hard sell and force them eat cheaper kambung fish worr... also like the monk lohh... he likes to eat vege ma... y force him eat meat chek? dont you feel cruel doing so? is ok one... people dont like wat u like... or people want to pay more for better stuffs... frankly lohh... tanjung park is not my choice loh...i dont know la... this is my personal requirement lohh... i am Gurney 11 lover :)

anyway ah.... i am very sincere one lohh... i am not saying u peter no good... but... would like to see... dont hurt other people lohhh...i can see all people in this blog really taking care of your feelings one lo... but you treat them no good loh... this is why i pose here lohh...

like condomana... he express his own view in professional manner loh... he respect others who has different views too loh...

ok la... lastly... lets wish japan recover soon... loh...

March 16, 2011 at 6:31 PMPeter

Well, again, not getting any counter analysis.

Just sentiments, I like, you like, some people ki siao, etc, etc..

You can always build a very nice cocoon for yourself, don't even have to see out the windows from FR, just shut the windows and shut out the noise and the view.

As I said before in previous post, if you fall in love with your property, then it does not matter. Everybody else can say it is ugly, but it would be the most beautiful thing to you.

But that does not changes the fact I already pointed out again and again, and I don't see any rebuttal to any of the points raised.

I raise these points from a property investor point of view. I do not do speculation as it will just inflate the property price artificially, which is not good for everyone. Definitely not good for my children.

Short time gain, but will have long-term effect, just look at all the property melt-down, as had happened before in Japan and very recently US.

Well, someone once told me, first rule of property investment is not to fall in love with the property. Bcoz if you do so, you already lose money from the start.

Anyway, I rest my case. I will still come in here occasionally to remind would be investor to think twice.

March 16, 2011 at 7:48 PMMoshi

very good very good.... peter has improved his manners... so.... this will be a fair discussion now... discuss on the topic but not attack other people... very good progress... thank you peter...

and... if u can again... open your arms... allow more air of freesom into yourself... kindly relook into all the posts... actually many people already had "counter analysis"... try to read thru again.... with emotionless...unbias....sometimes ahh... when we talk too much ahh... ears is not so good..... but is ok one... everyone in the earth will make this mistake...

try to relook the posts la... maybe they are wrong... but they do had been trying hard to discuss on this topic with facts... so... spend some time understand other people also lo.... no harm to understand more ma...

i am not saying you no good la... but i just want to point out that you might be accidentally hide some true facts to support your own speech loh...

and then hor... i dont know who tell u the first rule of property la... fall in love with property means will lose money... maybe i am a bit lucky lohh.. last time i fall in love with bayswater... and then E&O semi D but i didnt lose money loh... and also luckily last time i trust my feelings not to buy the view loh... else dont know have to stuck there how long loh...

and then hor... Mr. Lee from HK think opposite with the someone who told you his first rule theory loh... if the place you also dowan to stay liao then u expect others to stay there happily meh? maybe maybe... ultimately or in some circumtances you are right loh... but in here i stand as your opposition because this does not seems to be true to me loh...

go n ask around loh... who dont like E&O house? last time ah... expensive i also pain pain buy loh... coz i like ma... and ... who dont like jesselton semi D and bungalo ahh... is ok one... u like them u wont lose money... my point of view la... and i am nobody... so... next time share this theory to others pls dont quote my name la...

March 16, 2011 at 8:17 PMbryan

I've heard that rule with regard to stocks, but not properties.

I agree that it's not a good first rule to follow when it comes to real estate. I and people around me have done very well in the past selling properties that we fell in "love" with initially. If you love it, then the chances are, someone else will too. It makes it just that much easier to sell.

I don't think Donald Trump sees a building and says "I love that building, so I'm definitely not going to buy it, I'll loose money."

March 16, 2011 at 8:48 PMPeter


It was all the while very civil exchange of opinion.

That until one William came along and starts name calling, bcoz he failed to rebut any of my points.


Good luck to you, hope you find similar buyer that will fall in love with the property.

I'm more conservative investor and I go by the maths.

As you guys unable to respond to long analysis.

I'll just put out one simple question, how much rental do you think this property will command ?

That is of course, presuming you are just investor, not intending to stay there yourself.

March 16, 2011 at 9:02 PMPeter


Bayswater and E&O, I would'nt say there is much negative things going for them. Great location and environment.

Yes, there was some concern that it was reclaimed land and right after 2004 tsunami, but seriously people have short memory.

Therefore, the rise in the price is reasonable and congrats to you that you got in early.

I can't say the same for FR, I don't want to have to repeat again all the negative points here, but you will always have the low-cost flats and commercial building sandwiching you, and I doubt you can get rid of the illegal teh tarik stall right at your grand entrace.

March 16, 2011 at 9:25 PMMoshi

ya lo... it will be a more busy place in future when everything completed there... but i still like my house there loh... last time i also afraid of tsunami loh... even i know how to swim... but... the house really nice... cant tahan... then buy 1... but really surprise the price go up like this lo.... last time i also dont know tesco and so many things will be here... lucky loh...

i have an interesting idea...and i think many people would be interested also... can you point out what is the good of fettes residence? i believe there will be some la...i think u dont mind to share right? waiting to see that...

March 17, 2011 at 12:12 PMPeter


The way I see it, you can invest in 2 ways
(There may be other ways, please do share).

One way is that you are cash rich, and you just buy the unit, hoping that the price will go up and then you dispose of it and cash out.

Another way is that you want to invest as little cash as possible, even better if you can go for zero-down. But while waiting for the unit price to appreciate, you want others to pay for the installment on the unit, by way of rental. This way, you continue to maintain Zero or minimal cash flow into this investment.

I would believe the 2nd approach is the smarter one. Even if you are cash rich, why should you tie up your cash in one property ? It would be better to seek out even more investment.

So, based on the 2nd approach, I'm scratching my head as to how to get a good Rental Yield and a reasonable cash flow (preferably a positive one) from this investment.

Given all the prevailing negative condition on its surroundings, and whether it is able to attract tenant, I'm doubtful.

I'm waiting for some convincing factor, like if FR can attract ex-patriate tenant the way like Alila Horizons can.

I would believe FR not attractive to locals and even expatriate, as even just aiming for 6% Rental Yield, you need to rent out at least RM7.2k for a RM1.2mil unit. At that rate, for locals, might as well buy their own unit, or
you can rent a 3,700sqft supercondo at Infinity Beachfront Condo for around RM7.5k onwards.

March 17, 2011 at 1:36 PMbryan


Realistically the condo's at Infinity are renting for between 10 and 12k per month. I've seen some of the agents ad's on the Infinity site, but if you try to call and ask about the 7,500 per month unit, either they don't know what you're talking about, or they're taken, or they'll ask to call you back (and don't), or they're in original condition. It's usually a "bait 'n switch". I would never pay to renovate someone elses condo. They're just trying to generate business. The reason I know, is because I was looking for a rental about 7 months ago to use until my other condo was completed..

One other note about Infinity.. It was my first choice for a condo in Penang, first class all the way. There were only 2 units available from Hunza. I looked at a unit in the tower closer to the road on the 7th floor. If you want to talk about road noise, the second you crack a window, the sound volume goes up 30 db. unbearable.. For whatever reason, it's not like that at Fettes.. BTW that unit was selling for 1.8 mil at the time, It's probably 2.2 now.

March 17, 2011 at 9:47 PMMoshi

Peter ah... firstly ah... about bayswater... very surprise that you dont have complain at all lohh...last time ah... even until today... people still complaining ahh.... infront of bayswater is the largest road in penang ler... a lot of bas kilang... tenaga beside laa... radio tower beside la... tong sampah infront la... mat rempit laa... E&O also a lot of people complain ma... reclaim land sink la... building crack la... tsunami laa... but really wor... my wall got a bit crack...

but what i see is... they also got a lot of good things loh... everything got good and bad one ma...

and investment hor... tell u... i also surprise... many people be it expat or penang people buy houses and keep one... i ask some of them before... err... a factory owner in seberang prai... then he says... not that much to hold a unit la... 1 mil house ahh... hold 3 years or 5 years also about 200k only...new launch one even easy la... no need installment somemore... weird hor... but this is asian style laa... unlike rish dad poor dad theory... but true also la... a lot of properties which is not suitable to rent out one...in penang appreciate pretty fast with area development one lohh...

have u heard that there is a penthouse in 1 of the super condo just sell off and the owner earn 2mil? the ori price was 4-5mil... sold 6mil plus... errmm... u ask me ma.... then i tell u some example loh...

to me ahh... if this property does not has good rental yield does not means it is no good loh... no need to scratch your head one laa... earning money got many lubang one... can earn money way is a good way... no matter wat way is that... but must be legal la...

and 1 more thing ahh... not sure how many europeans and japanese you guys know la... they usually dont like big big space one... takkan they work or have short term business here bring the whole kampung here ma... and hor... 7-8k... to us is big la... to them kacang sahaja... an international school english teacher is provided a budget of 4k / month for their rental by their school.... how about others higher post? or those who wants to start up business?

my friend from France ah... even weird ... he want to rent a house at least 8k above one... coz he need to work and leave his family at home... somehow... maybe... at certain stage... 8k rental can guarantee better neighbourhood... doesnt mean low rental got no better neighbourhood la... but this kind of perception is everywhere one ma... right bo? like give u choose lobster or kacang u sure want lobster la...

Dont worry la... penang cant find good rental yield ma go kl lohh... kl a lot la... different market la... island ma... hong kong and tokyo rental also cannot cover installment one loh... but every year their house price also go up one la... more busy the place more price hike... human ma... always like crowded one...

and i am sure those who buy FR to stay is very looking forward and happy one loh... tell them some good things also la while complaining here n there... they earn money so hard and want to move in happily n yet we do this to them because of low rental yield... not so good loh...

and then hor... i looked thru this area ah... if i want to buy i also buy FR loh... i like to window shopping houses one...i went FR there to see n u must respect palmex loh... good finishing and workmanship lohh... compare to almost similar price platino ahh... better loh... but i think platino got its good also la... i like its gym room... but eventually... E&O still the best la... promo my house a bit... paiseh paiseh...

March 23, 2011 at 7:50 PMPeter

Well, just found a ground-floor commercial property 2,900sqft at Tg Bungah selling about the price of FR units here.

There is always better investment out there, just need to do some leg-work. No point was time at Fettes Residence teh-tarik joint.

March 23, 2011 at 11:22 PMtedd

Mr. Peter .impossible . The owner have not decided to sell yet . If so , send me the offer with performance of 15 % , i am ready to buy 3 units . I dont mind paying your commission. I really hope that you are real and not just talk in order to hurt the feeling of people here

March 24, 2011 at 2:58 AMwayneerh

when is the expected OC date?

April 1, 2011 at 6:39 PMPeter


You do your own homeworklah.

If want tips from me, then you can check out the teh tarik joint besides FR grand entrance, will be worth a lot money after FR get the OC, and you can buy cheap-cheap now, I'm sure the pakcik/makcik there will be every grateful for the windfall you bestow them.

April 1, 2011 at 8:55 PMMoshi

Tedd and all Tanjung Tokong residence, pls forgive Peter for his rudeness... he might be in bad mood now because of crisis in Japan..... cheer up Peter and let us pray for Japan.....

April 5, 2011 at 9:29 PMPeter


Check out the link above, statistic from govt.
It shows rather low transaction of residential properties above RM1mil for 2nd half of 2010 in Penang.

Interesting that most that sell around the price of FR, is at least 3,000 ~ 4,000 sqft.

Smallest one is like BayStar Condo, around 2,486sqft, transacted at RM1.05mil

Si liao, those who bought FR, teh tiau, otherwise, tan ku ku.

April 6, 2011 at 12:07 AMcondomana


You are a naughty boy.

April 6, 2011 at 6:21 AMmax


It is amazing. Look like it is a BIG challenge to the investors (of FR, Baystar, One Ritz & Platino) to sell their properties.

Anywhere to get the statistic for property transaction below 1M?

April 6, 2011 at 10:54 AMMoshi

good website... can see some of my transactions there... but how come some of my transaction is missing?

April 7, 2011 at 8:44 AMtedd

oh no , these statistic and price listed there is not reliable . those people who purchase high price property will do undervalue in order to avoid paying more stamp duty and property gain tax. Even GDP figure is also not accurate .

April 7, 2011 at 9:18 AMkk

Looks like Peter refers to the wrong data and uses it as a bible, no wonder he always gives naive comments, ka ka ka! So he's stilllll waiting for the price to drop to the bible price, tan ku ku ya, bro.

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