Quayside Condominium


Quayside Condominium @ Seri Tanjung Pinang is a waterfront resort condominium project located in Tanjung Tokong, Penang. The project comprising 7 blocks - 5 high-rise and 2 low-rise condominium. The condominium unit comes with built-up area ranging from 1,137 sq.ft. to 2,481 sq.ft. There are few types of designed layout with choices of 1, 2 and 3-bedrooms.

Facilities at Quayside Condominium include swimming pool, landscape garden, waterpark facilities, clubhouse, basketball court, volleyball court and outdoor spa.

Property Project : Quayside Condominium
Location : Seri Tanjung Pinang, Tanjung Tokong, Penang (Property for sale & rent in Tanjung Tokong)
Property Type : Condominium (Condominium for sale & rent)
Tenure : Freehold
No. of Blocks : 7
Built-up Area : from 1,137 sq.ft.
Developer : E&O Property Development Berhad





96 comments:

December 29, 2009 3:24 PM julien said...

800k for 1,100 sq feet???huh

 
December 29, 2009 5:37 PM jeremy tan said...

a slight mistake i notice: typeA1 is suppose to be 1317sf.
type A2 is 1137sf

it is going for RM700/sf on average . Yes the most expensive psf condo in Penang.
It is going for the same price as St Mary residences in KL when it was first launched. Now St Mary residences is going for RM1000/sf.

So, i wouldn't be surprise if this project is selling for RM750 for their subsequent blocks.

It has a 4.5 acre water park. To imagine how big it is. Take Fettes residences for example, the entire project is build on a land size of 3.3 acres. So the water park for this project is bigger than the build up area of Fettes residences.

It has a 7.1 acre greenery park.

A clubhouse of 14,000 sf

Next to the Marina and shopping malls

Gurney drive look a like Promenade

Comes with everything including kitchen and electrical appliances. Everything except for furniture and lighting.

Nevertheless, it is quite daring and over confident for E&O for setting such a high premium for a project which is build on reclaim land.

They will be launching in January in countries like Singapore, China, Indonesia,Phuket, Hong Kong, Korea etc

I visited their sales office recently and their uptake is about 35% already for the first block which they will be launching soon.

They offer a 10:90 scheme, where you put a down payment of 10% and you don't have to pay anything until the project is completed.

 
December 29, 2009 7:34 PM theBrezza said...

BTW, tentatively RM0.35 psf maintenance fee. Compare to RM0.50 they used to ask for, this is consider a bargain.

One car park for those unit below 2000 sf types. >RM30k per extra car park.

Very professional & ethical sale team.

 
December 29, 2009 10:52 PM Andrew said...

Did they say they have some new technology that does not require them to wait for reclaim land to settle and stabilise?

 
December 30, 2009 8:08 AM jeremy tan said...

i believe it is the same sand replacement method they used for all their reclamations so far. However, according to them the piling is ready and construction can begin at any moment. They are just waiting for the E&O people to give the green light.

Maintenance is at RM0.35 psf. I am not too sure whether it is sustainable or not. They might increase it in the future. Base on experiences, it will cost more than RM0.35 psf to maintain a 4.5 acre water park and a 7.1 acre garden.

Nevertheless, it is a unique and an exclusive project reserve for the rich.

I believe facilities wise it is the most comprehensive in Penang.

If you are interested in buying a unit, it would be wise to buy an extra car park.

Very professional & ethical sales team indeed.

 
January 6, 2010 12:10 PM lim said...

Hi Jeremy

indeed a different class of accomodation for this development.

as for the prices... do you think it will drop as from psf price is the highest compare to gurney drive area.

thanks

 
January 6, 2010 3:59 PM PEngineering said...

the price is crazy and it will drop if demand is less....they thought penang people get their $$ from the sky ah....moreover, that area is the Tsunami zone.....so the price will crash if there is another tsunami hitting the area....nobody can predict the future. just my opinion

 
January 6, 2010 5:02 PM Jeff said...

From what i see, this project is targeting mainly on the foreigners. There are no short of rich guys in penang, however with this price range, there are easily better choices elsewhere, eg. landed or super-condo along gurney drive. Their newly-launched St Marry project was proven a success in KL, seeling hot despite during gloomy market situation, this has perhaps boost their motivation to repeat the same success in Penang. I have been to the soft-launch and also took a stroll at the area, very attractive indeed in view of the environement and future development, however the price really made me think more than twice. Honestly i do feel a bit "sour" but by all meant I do not wish to think abt another Tsunami again...

 
January 6, 2010 6:10 PM Hsiens said...

E&O already proven the quality of built in Penang years back with Semi-D, Terres, Banglow and etc. No doubt on the quality but more doubt on our wallet. :D And for tsunami... what is the possibility we will see it in our life the next one? Check it out on google :D

 
January 7, 2010 11:23 AM jeremy tan said...

All of you are correct. It is expensive, tsunami area and there are plenty of other options.

At the end of the day, the uptake of such units will be more than 80% because of the 10:90 loan packages that they provide.

SPSetia 5:95 loan package. Even better.

So uptake for such projects with this kind of loan packages would be good.

And they are mainly targeting foreigners. Their property roadshow starts on the 16th of january to 6 different foreign countries including China.

Apparently tsunami will not hit the same spot twice in a life time. I am not too sure how true that is.

Location wise, it is prime property.

Price wise, it is very expensive.

 
January 7, 2010 1:58 PM condomana said...

Yes, it is expensive. And I (in fact most penagites) said the same thing when they first launched their terrace houses.

However, due to their international & local marketing effort, they have convinced enough buyers to take up all the units for the landed properties (investors, speculators & owner-occupiers).

And one intersting "side effect" was that property price in penang (especially within same locality) also went up once people are convinced of the new price benchmark.

So here comes quayside, once again, expensive & tsunami risk. if history repeats itself (which i think it would), you would see people getting convinced of the pricing, and start to buy in sooner or later.

For me, i would buy anything that's priced below RM450psf in the surrounding area, as once the new price benchmark is set, things will be going at at least RM550psf. (and RM550psf these days do not sound expensive anymore).

 
January 7, 2010 3:31 PM sam said...

I have been saying this many moons back, Tg Tokong is going to be the next big thing in Penang Island. Grap a piece of it if you can or you can just watch.

 
January 8, 2010 1:01 PM lim said...

sam, i think so also, as land in penang is very limited.

sooner or later the price will go up.

buy if you still can afford.


my 2cents comment onli

 
January 8, 2010 1:38 PM Jeff said...

Yeah..its kinda "get one now before its gone" or "wait-and-see" mindset now. At this point of time i stick to the later, i am waiting for the upcoming ivory project in tanjung tokong or Bayan mutiara projects..

 
January 12, 2010 11:51 AM lim said...

if most of the units is owned by foreigner than the occupancy rate should be low despite it has high desity at this development.

so not to worry abt the over crowded at here i think.

perhaps shld more concern abt the high psf price
&
location

 
January 22, 2010 10:11 AM Smart said...

Actually, I got the info from E&O that Quayside is about 20% sold in the 1st Block. And out of the 20% sold, 80% are foreigners buying for short-term investment. Having said that, I guess Quayside will be a success in a very long-term period because its has the holding power to hold and sell as it goes along.

 
February 9, 2010 11:49 AM jeremy tan said...

I was there for the launching last Sunday. It seems that most of the units facing the Sea has already been taken up. Officially, 35%-40% of the units in the 1st Block are sold.

They might be launching the 2nd block very soon in April when they tour China for a month.

 
February 15, 2010 10:33 PM Citysleeker said...

Tuesday, February 9, 2010

E&O secures 50% sale from initial launch in Penang project

GEORGE TOWN: EASTERN & ORIENTAL BHD (E&O) has sold 50% of the units it put up for sale from the first block of the RM1.8 billion Quayside seafront luxury condominiums that was officially launched last Sunday.

The company had a soft launch of the first block, which comprises 298 units priced between RM765,000 for a one-bedroom unit to RM4.3 million for a penthouse unit, a month ago. Some 30% of the units were secured by interested buyers before last Sunday's official launch.

E&O had only expected to reach the 50% sales mark two months from the official launch of the first block. The RM1.8 billion development consists of seven blocks of condominiums, five of which are high-rise with 26 storeys and 298 units per block while two are low-rise with seven-storey blocks of 51 units each.

"We are well within our target and we expect interest and sales momentum to be stronger over the next two weeks, straddling the Chinese New Year holidays," said E&O executive director Eric Chan.

The project, which spans 21 acres (8.4ha) of prime seafront land is located within the Seri Tanjung Pinang development and positioned as an elite waterfront community like Australia's Sovereign Islands and Sentosa Cove in Singapore.

They offer a 270-degree view of the Andaman Sea, Gurney Drive and Batu Ferringhi beaches, with 60% of the units facing the sea and the rest hill and gardens.

The gated community featuring resort-style living offers buyers seven different design types and sizes, including the penthouse unit with a built-up area of 7,159 sq ft which comes with a private swimming pool.

The first block will be completed by 2013, while the entire Quayside project is expected to be completed within seven to 10 years.

By The EDGE Malaysia

 
February 19, 2010 2:11 PM Ozi said...

HSBC is offering fantastic rate for this project,
call me for more info...thanks...

Ozi Ong----> 012-402 0277

 
February 23, 2010 5:09 PM CL said...

omg!!! looks like we, the existing owners of the landed property have to endure the dusty environment for so many more years to come! alas....Quayside is definitely not the cup of tea for the local ppl and take up rate is slow. Hopefully the place would not turn into mini China as they are so aggressive in marketing the product to this 'Tai Luk' ppl.

 
February 23, 2010 10:18 PM jeremy tan said...

take up rate for the first block is already more than 75% at this moment . It was launched early this month in february. It is not even the end of february yet. So, how is the uptake rate slow? : )

Buyers are mainly those same buyers who bought the terrace and semi-D houses 5 years ago. They are opening block E (2nd block) to the people from China in April. These people have the holding power, they don't need the money.

It is certainly the cup of tea for locals if they can afford. For those who can't afford it, how can they taste that cup of tea? l0lz.

Just my 2 cents : )

 
February 23, 2010 10:27 PM KK said...

jeremy, quayside was previewed in sep 2009 and launched in feb 2010. take up rate is only 50/60%. do check your fact before posting.

 
February 24, 2010 9:20 AM jeremy tan said...

i checked with the E&O office this morning, my bad, the uptake rate now is 60-65%. A few singaporeans came in during the CNY break to buy in bulks.

1+1 studio units are all taken up. So they went for the studio units.

For a project that cost RM720/psf to have an uptake rate of 60% and above is still quite fast.

 
February 27, 2010 12:23 AM canvasTALK said...

Heard that the launching price of the second block (Block E) will be about 25% higher than the first block.

 
March 2, 2010 1:13 AM sarah said...

Just went to their showroom yesterday. All smaller units facing the sea is fully sold. There are still some studio (1137 sf) and 1+1 (1300 sf) units facing Gurney Drive/Plaza and Tg Tokong hills but it's going very fast. The take up rate shld be about 70 to 80% now. Very impress with the whole Quayside project, their workmanship and the facilities offered. It's a private resort area.

 
March 11, 2010 3:25 PM Citysleeker said...

Latest update - Prices for the initial block have been revised upwards by reducing (in some cases removing) the discounts offered. Paving the way for the launch of the 2nd block at higher prices.

 
March 11, 2010 5:14 PM lee said...

Good news for all the smart investors who have purchased earlier. Penang will be the next Hongkong and Singapore where the property price is unreachable for the working class. What will happen in the next 5 years?

 
March 11, 2010 5:21 PM Citysleeker said...

The prime areas will be restricted to those with money. Average working class will just have to move further away.... maybe to Balik Pulau... or Butterworth where prices are still within their reach.

 
March 15, 2010 12:47 PM s_Boy said...

found this website

http://www.quaysideresort.com/enquiries.html

 
March 24, 2010 12:31 AM jack said...

I heard that there will be another increase of 20% for the second block launch!

 
March 24, 2010 12:36 AM jeremy tan said...

yes thats right jack. The sales was better than expected. They are launching their second block soon in April.

 
April 1, 2010 12:15 AM jack said...

Anybody knows how much is the increase psf for the second block launched?

 
April 1, 2010 10:07 AM Penang said...

20% is average. Some sea facing unit as high as 25%.

 
April 1, 2010 12:05 PM jack said...

I am new in the properties market. Can anybody share your view about the great increase?

 
April 1, 2010 6:04 PM Pam said...

Ozi wrote good rates from HSBC for Quayside? Watch out. That bank uses very tricky methods. We got offered 90% loan, couldn't believe how good the terms were, double and triple... checked. Only after 2 months (and after they think you have no more way out) they come out shocking surprises... 60% only, "sorry sir, take it or leave it, you don't qualify for more... you must have misunderstood something".... Mafia - like!!!And remember, if it is too good to be true, it is in fact not true!

 
April 1, 2010 11:41 PM Citysleeker said...

The 2nd block has touched RM 950psf !!!!

 
April 2, 2010 9:01 PM condomana said...

hahaha, good luck E&O, i think you are a little bit over confident. for those who are really prepared to pay RM950 psf, i think it'll be years before you see any "real" upside.

 
April 2, 2010 9:12 PM condomana said...

lee, penang will not be the next hong kong or singapore as we do not have high paying legal & investment banking jobs here. what we have here are factory jobs (even MNCs are complaining wages not competitive now) and tau sar pia jobs.
however, i know foreigners like to retire here, and precisely for the fact that it's bloody cheap to stay here. so when it's not so cheap, retire here for wat? you think this is florida ah?

 
April 2, 2010 9:22 PM condomana said...

hsiens, what quality you are talking about? havent you noticed the paint has started to peel off on the semi-ds? you go inside, timber flooring also starting to come off. but anyway, that's not the main issue lah. quality is only an excuse to justify for your purchasing decision. no one knows the future. all i know is, the motto for property purchasing is "location, location, location". i seldom hear "quality, quality, quality".

 
April 11, 2010 10:15 PM Mr.Business said...
This comment has been removed by a blog administrator.
April 12, 2010 6:15 PM condomana said...

Hi Mr. Business,

your comment was deleted before i got the chance to see it. was it related to what i said, or it's just something else?

feel free to comment again if it's related, coz i'd really like to hear feedbacks regarding this super-expensive-for-nothing quayside condo. cheers!

 
June 14, 2010 3:45 PM Fer said...

how many percent sold?

 
June 14, 2010 3:53 PM Fer said...

i mean the phase how many percent sold?

 
June 16, 2010 8:28 PM jeremy tan said...

1st block is at least 75%-80% sold. 2nd block launched in May is about 15% sold.

 
June 25, 2010 2:28 PM Henry said...

Mostly foreign buyer in this project.

 
July 12, 2010 1:53 AM BeeBooKing said...

I am looking for this project as well.
Currently what price for this project now?

 
September 5, 2010 11:18 AM Citysleeker said...

The 2nd block is >40% sold now and highest price achieved so far is ~RM 1,100psf!!!!!

 
September 6, 2010 3:51 PM liz said...

This area is nothing just a piece of reclaim land and hit by tsunami before. Selling RM1,100sq.ft is extremely high and not like a KLCC CBD area. Developer is sucking customer pocket.Squatters also around that area.sob sob sob!

 
September 17, 2010 3:28 PM gong said...

wow...the most expensive condo in Penang island. Huat ar!

 
September 19, 2010 11:41 PM condomana said...

Dear liz,

Whether reclaim or not, tsunami or not, it doesn't matter, coz even a non-reclaim & non-tsunami prime area in Penang also won't fetch RM 1100/sqft.

E&O is definitely sucking customer's pocket. Try to get one of the sales people to do a pitch, and ask him/her why is it so expensive. The answer you'd get is :-

(1) The standard is completely above the rest, try to probe further, you cannot get any good explainations
(2) You can just pay 10% deposit, and no further payment until completion (an encouragement to speculate)

Is E&O able to sell? The answer is yes, as they do road shows in S'pore & Hong Kong, this kind of money is kacang to them.

 
September 29, 2010 5:50 PM Shawn said...

Quayside Condominium is one of the most expensive piece of property in Penang.

For those would be first time property owners, such property development would not make their quest to own properties in Penang island any easier. Nevertheless, it is a relief to Penangites to have the Penang bridge providing easy access between island and mainland. It is common that people to commute between cities and its outskirts daily for work. Some may not consider Penang island as a metropolitan area. The fact that the vibrant electonic and semiconductor industry in Penang island is a magnet to non-residence professionals seeking employment here, the price of landed property is bound to appreciate over time. Land is scarce too after 53 or so years of economic growth and demographic change.

Is there already a property bubble in Penang? I don't have an answer. But I am sure that the mother of all financial crisis in this world did not have significant impact on the price of landed property in Penang island between year 2007 and 2009.

To those real estate owners and investors in Penang, don't cross to the dark side :P.

 
October 11, 2010 7:57 PM grace said...

Price: RM 1 200 000 Bedrooms 2
Type: Apartments Size: 1305 sq.ft.
Title type: Freehold Tenure: -
Estate agency no: 31130
Facilities: -

PARTLY FURNISHED, E&O NEW CONDO,KITCHEN CABINET, 2 ROOM

SELLING PRICE AT RM1,200,000
PRICE IS NEGOTIABLE

INTERESTED BUYER KINDLY CONTACT
KELVIN 016.4577766
JASON 0124688566

 
November 4, 2010 6:02 PM karling said...

1800SF, MOVE IN CONDITION!

S: 1.8MIL

KARLING 0124926919

 
November 4, 2010 10:58 PM jeremy tan said...

Hi Karling,
As far as i know, there are only 4 types of sizes.

There is no 1800 sft units.

 
December 19, 2010 6:09 PM bin said...

Jeremy, r u one of the buyer?

 
December 24, 2010 3:51 AM love said...

>>>>>>>>FOR SALE<<<<<<<<

1800SF
Renovated interior with modern ID

call for viewing 0124332229

 
December 28, 2010 1:10 PM Pauline said...

FOR RENT

FULLY RENO, FULLY FURNISH
3 ROOMS.

5.5K

Interested pls call PAULINE 019-4486277 (agent)

 
February 22, 2011 3:55 PM Lim_soong said...

How's the respond ? Anyone go to showunits ?

Heard that got new offer.

Please share ....worth to buy or not

 
February 22, 2011 4:44 PM Penang Property Showroom said...

If you can get the sea facing units its worth a buy.....

 
March 15, 2011 11:28 AM Oops,I did IT again? said...

Oh, we bought 1 unit there .
But , isit really tsunami area ?

 
April 14, 2011 12:25 AM LIM said...

Dear I Did It Again,
I have recently purchased a one bedroom unit at Quayside. With regards to the issue of Tsunami as far as I know was a reflective wave travelled down to Penang from Phuket.

The Tsunami that hit Aceh in year 2008 went up straight to Phuket and just like pouring a basket of water against the wall the water will flow back in reverse direction but with a lesser force so we could see that Phuket was much more devastated than Penang at that time.

Also according to the history Tsunami that hit Aceh in year 2008 occurred once in a thousand year. But with the current changing in world climate anything can happen and it is hard to predict. It is upto individual to take certain precaution as much as possible. So, after buying a property of your choice we must be always stay opstimistic and pray for natural disaster not to happen in any part of the world.

 
May 5, 2011 11:49 AM s_Boy said...

When is the Tesco Open ?
Will be happening place.

 
May 16, 2011 6:25 PM LIM said...

Hi, s_Boy, if not mistaken, the new Tesco will be opened around middle of June this year. The sign board of Tesco already put up, they are finalising the retail tenants. Just wait and hope... for new happening place...

 
May 21, 2011 11:01 PM condomana said...

Oh man, Tesco a happening place? You guys are really deprived!! Is Penang that pathetic? Or is it just you guys?

 
August 23, 2011 12:52 AM ameko said...

They going to launch another 3 blocks this yr end.

 
September 8, 2011 4:47 PM nathan said...

Yes, they are launching it gradually

 
October 10, 2011 5:38 PM Kenta Goh said...
This comment has been removed by the author.
October 10, 2011 5:42 PM Kenta Goh said...

Do you all think quayside worth for invest?

Price is 878,000 1 bed room 1,137 sq.

Do you all think people will buy expensive luxury condo?

 
October 10, 2011 8:46 PM max said...

Wednesday, September 7, 2011 - 23:08

Beijing House Prices Fell 12.4% Last Week: Official Press
BEIJING (MNI) - Average house prices in Beijing fell 12.4% last
week over the week before, the overseas edition of the People's Daily
reported Thursday, citing government data.

The newspaper cited data from the Beijing Municipal Commission of
Housing and Urban-Rural Development saying that average price of
residential housing fell to CNY20,776 per square meter last week, from
CNY23,730 per square meter the week before.

 
October 10, 2011 8:50 PM max said...

Tuesday, September 13, 2011
Singapore Residential Property Prices to fall 8-10% in 2012

But an expert today gave a different opinion and answer. "Singapore residential property prices are expected to fall 8 to 10 per cent in 2012" said UOB Kay Hian. Huge supply of properties coming in the next 2-3 years, bad economic environment waiting for the world and Singapore combined with the government property cooling measures seems to be stronger than the zero interest rate environment promised by FED (Singapore interest rates usually follow US rates)[

 
October 10, 2011 8:56 PM max said...

HK Property Prices Set to Fall 30% - CNBC
video.cnbc.com/gallery/?video=30000461871
9 Sep 2011
Andrew Lawrence, Director, Property Research, Asia Equities at Barclays Capital

 
October 11, 2011 4:24 PM Kenta Goh said...

Max.
So you mean Malaysia property price also will fall?

 
October 12, 2011 12:18 PM Tan H.H. said...

@Kenta - people are buying 800sf+ Straits Quay Service Residence at the price of RM850k above, so do u think investing at Quayside Condo is also not a bad deal?

 
October 12, 2011 3:22 PM Elson said...

penang property price will not fall like our Petrol or inflation, only UP never down, lol

 
October 12, 2011 5:47 PM condomana said...

Elson,

That statement is not true, and it is a very dangerous assumption..:)

 
October 13, 2011 3:56 PM Raymond Yap said...

Checked out the sales office today. Non sea-view studio in Blk E & D is minimum RM1 mil onwards. All sea-view studios in these 2 blocks are sold out.

They will launch Blk F in November, estimated selling price for sea-view studio is RM1200/sqf...


I am puzzled... no comment.

 
October 13, 2011 6:21 PM alan said...

These big developers will never drop the price becos they have millions/billions of dollars to hold for very long time.

Speculators still buy from developers directly becos they think that they still have 2-3 years to cushion the downturn(if any).

But, those small speculators...may not have so much of $.

So, we may potentially see price drop in subsale market.

Last year, most of the people have a common language - price sure will go up.

Now, most of the people - let's wait and see. If this consensus does not change for 6 mths...what will happen to the subsale market?

 
October 14, 2011 7:19 AM tan said...

The home loan application/approval dropped for consecutive 2 months (Aug and Sep) in M'sia.
You can check it out this new in newspaper and internet just a click.

Bank may offer better deal in near future.

 
October 14, 2011 7:57 AM TIMAS said...

Property price in Penang will not drop at the moment, either is a big jump or sustain only.

 
October 14, 2011 9:10 AM Elson said...

personally, i also hope price will drop, but it seem very hard... it might slow down the price increase "crazyly" only...

 
October 14, 2011 9:29 AM Penang Fan said...

Hey, Finally found you hiding here. TIMAS you little liar and chicken, you still owe me 100K Rm meant for the old folks home, remember!

 
October 14, 2011 12:51 PM condomana said...

Elson,

Too bad Penang people prefer to have their money stuck in low yielding properties, then put the cash into better use.

Those you had participated in the equity market with their cash in the last few weeks would have made a killing, getting far superior returns than buying "not-so-cheap" properties in this sleepy small town with sluggish rental returns....:)

 
October 14, 2011 1:34 PM Raymond Yap said...

Average selling price of sea-view unit in Straits Quay is RM900/sqf... (down from last year peak of RM1.1K/sqf).

I think RM1.2K/sqf. for the new launch is a suicide... unless there's another property boom within next 2 years.

 
October 15, 2011 12:15 AM jeremy tan said...

By the Sea by SDB at Batu Ferringhi is going for RM1000-1200/sft. Launching in KL mid November and in Penang by January next year.

Price between RM1.2 million-RM1.8 million.

If you ask me to choose between Quayside and By the Sea. I would certainly buy Quayside, given its location and facilities that comes along with it.

 
October 24, 2011 7:54 AM lim said...

Property sales slip on economy worries, polls talk
KUALA LUMPUR, Oct 24 — Property sales have fallen off their 2010 peak while investors and home buyers move to the sidelines as worries of a global economic slowdown, government cooling measures and uncertainty due to the upcoming general election start to bite.
The slowdown is most severe in the luxury high-end segment which has seen prices drop by as much as 25 per cent due to oversupply and unattractive rental yields, prompting more developers to start paying attention to the more affordable mid-market segment which is expected to be less affected by a softening of demand.
OSK Research said in a report last week that Sunway, one of the nation’s biggest developers, expects the property market to soften over the next six months while Paramount Property Development managing director Datuk Ricque Liew told The Malaysian Insider that there has been a “marked change” in terms of sales from last year to this year especially in the high-end segment.
Property analysts contacted by The Malaysian Insider meanwhile expect sales to slow from a high of 21 per cent growth last year to between zero and five per cent growth next year or even contract if the economy takes a turn for the worse.
Patrick Chay, founder of PropertyTalk & Lifestyle Malaysia, a social media platform for property investors with 448 members, said the mood among members has turned conservative with gloomy economic news and the looming general election, which must be held by the first half of 2013, weighing on decisions on whether to buy.
Paramount’s Liew said developments in the high-end segment in areas like KLCC and Mont Kiara were the most affected by rulings such as the 70 per cent cap on loan-to-value mortgages for third properties and the inability to attract tenants for rental yield as some properties sit empty for as long as 15 months or more.

 
October 24, 2011 11:53 AM Raymond Yap said...

Too many vacant units in Straits Quay, and rental has come down significantly...

Now they are adding more studio units in Quay Side.

For own use or as 2nd home is fine, if you have the cash. For rental return and further capital appreciation... I doubt.

 
November 14, 2011 9:28 PM Happy Buyer said...

Tower 1F just launched, with the entry price for the sea facing unit at M$1200 psf and comes with a 10% early bird discount and more discount for bulk purchase

The sale opened today and many units were sold.

 
November 14, 2011 10:07 PM sad said...

Hi Happy Buyer,

Don't do that. You made this property look cheap. E&O and there hardcore fans won't do that. They have class. Are you from E&O sales and marketing?

Just wondering who can I talk to , i am interested in bulk purchase.

 
November 15, 2011 8:45 AM AC said...

Hi Sad, just pay a visit and they will serve you tea, etc with high respect and detailed explanations if you are the genuine bulk purchase buyer. So, you need
not to wonder more, action now by walking in their sales office and you will be
spoon-fed with correct details rather than getting it from this column.

 
November 15, 2011 9:31 AM sad said...

Wow! fantastically, awesome projects. Shout out to all investors and speculators. They openly declare RM1200psf meant for bulk buyers. Very ethical and established developer.

Please do the right thing....marketing dept. Although, not many people might be able to buy in bulk. But people still have brain to think. Opening up to bulk buyer will lead to speculation. the consequences or effect might not happen now but future. you are also being label as a speculators projects like some developers in Penang (XJM...hehehehe), you will also cause some unhappy potential single unit purchaser.

Foreigners (I guess this is your target group) will shy away unless they are only renting this place.

Now i am wondering and have doubt on their brandname. To be frank i am not a bulk purchaser but already a registered customer who is interested in this project. But i did not even received any call from them.

Please show some differentiation not only in your product but also in the way you market it.

Doubt, doubt, doubt, and it surprise me if they actually do that.

Well. good luck to the rest. i will uncheck it from my hunting list.

Cheers

 
November 15, 2011 6:38 PM lim said...

4-Nov-2011
AMD announced yesterday intentions to lay-off 10 per cent of its global workforce, along with the termination of existing contractual agreements, in an effort to make $200 million of operational savings in 2012.

3-Nov-2011
SAN FRANCISCO—NOR flash memory vendor Spansion Inc. will cut 750 jobs, or about 20 percent of its workforce, in connection with cost-cutting measures announced last week, the company said in a regulatory filing.

 
November 17, 2011 1:05 PM Citysleeker said...

SDB has launched a new condo at Batu Ferringhi (next to Hard Rock) for RM 1,300psf!!!

Welcome to the new pricing....

 
November 17, 2011 4:47 PM condomana said...

SDB is very smart, buy a piece of cheap land far far away from city with a dirty river running right through it (i believe SDB paid only RM 120/sqft for the land), and polish the land up by "cleaning" the dirty river water before it flows into the project, and then sell the units at RM 1300/sqft...:)

Can SDB sell the units? I believe it is possible because (1) there's only about 130 units
(2) SDB's rich relatives would have bought 20% of it by now (3) sell another 20% to dumb ass foreigners who buy with eyes closed.

With such margins, SDB would have broken even by selling 40% of the units..:)

Just hope and pray that someone is going to maintain the "machine" that is suppose to clean up the rat urine contaminated river water, trust me, Malaysians are not that good at MAINTENANCE"..:))

 
November 30, 2011 10:03 AM condomana said...

http://www.bloomberg.com/news/2011-11-29/shanghaied-home-buyers-turn-protesters-as-shattered-dreams-vex-government.html

Shanghaied Home Buyers Take to Street

........ he joined more than 100 homeowners rallying in front of the development’s sales office. His transformation from newlywed to street protester came after China Vanke Co. (000002) slashed prices for future buyers at the Qinglinjing complex, erasing about 20 percent of the value of his three-bedroom unit overnight......... “Developers’ profits are outrageous. The price they set when the housing market kept going up was far more than the real value.”

Deng’s anger underscores the dilemma facing China’s government as it tries to cool the property market. If policies such as increased down payment requirements don’t go far enough, it risks a housing bubble; if it pushes too hard, it may provoke the ire of a new generation of middle class “fang nu,” or housing slaves, in a reference to the lifetime’s work needed to pay off debts.

 
January 13, 2012 8:40 PM RC said...

Compared to golden triangle and other prime areas(eg. Solaris Dutamas)in KL, i think Straits Quay and Quayside price is reasonable.

 
January 19, 2012 12:53 PM Lim_soong said...

yes RC
agreed compare the seaview & location

Anyone have the latest price & package ?

 

Comments that contain property ads, marketing messages or links with advertising purposes will be deleted. Kindly visit Apartment Penang Classified for properties for sale and rent.