Elit Heights

Elit Heights @ Bayan City is a new project located in Bayan Baru, Penang. Strategically located with easy access to Bayan Lepas Industrial Area, Penang Bridge and Penang International Airport.

Elit Heights @ Bayan City consists of 3 apartment blocks with a total of 600 resort-style designer suites. Each unit come with built-up area ranging from 1,300 to 1,900 sq.ft.

Project Name : Elit Heights @ Bayan City
Location : Bayan Baru, Penang
Property Type : Apartment
Tenure : Freehold
No. of Blocks : 3
No. of Storeys : 22
Built-up Area : 1,300 - 1,900 sq.ft.
Total Units : 600
Developer : SEAL Properties Sdn Bhd

637 comments«Oldest ‹Older 201 – 400 of 637 Newer› Newest»

September 20, 2010 at 9:12 AMjeffrey: Elit 2 is 325 psf, Elit Avenue... sorry ... i dun know...
September 20, 2010 at 9:30 PMPen: Thanks Jeffrey, $325 ehm.. How about the the offer or early bird special? Any additional discount?
September 21, 2010 at 8:59 AMjeffrey: Seem like they are going to launch by this weekend at PISA...
September 24, 2010 at 2:11 PMjeffrey: ok... i just come back from pisa... according to sales person... jusco already signed and confirm move in... Elit 2 launch at RM315 psf on 9, 10 otocber 2 day only, first 50 will get one extra car park free...
September 25, 2010 at 1:31 AMPen: Aiya, I will be in overseas on 9 of Oct!! Why so Chun??? Can SIB change the launch date?
September 26, 2010 at 2:19 PMRafael: Just visited PIP and look at the model looks fascinating. Elite 1, 2 and 3 will have total 600 units with Jusco shopping complex and a hotel. I like it but what I don't like is that the Jusco shopping complex does not have a multipurpose car park. The car park is an open air area. Correct me if I'm wrong which shopping complex in Penang island does not have a multipurpose car park? Anyone has info on this?
Thanks.
September 27, 2010 at 10:48 AMUnknown: hmm....so Jusco will move out from QB mall or open a new outlet at there? that will be interesting...

If Jusco is open at the shop lot below the Elit1/2/3, so the open carpark will extend to the empty area next to the Bayan Baru mosque? Or another possibility is Jusco+hotel is at the area next to the mosque...
September 27, 2010 at 1:10 PMjeffrey: jusco is not below Elit1/2/3, it is near to giant side...near to mosque side is open car park..
September 27, 2010 at 2:01 PMUnknown: How can we know for sure Jusco is really setting up a shopping complex there? How to verify?

What about the Jusco in QB mall?
September 27, 2010 at 2:20 PMUnknown: Is this project worth for an investment?
September 27, 2010 at 11:24 PMRafael: My view from the model plan is that the Jusco shopping complex is similar to Jusco Bandar Perda without any multipurpose car park. Just add a hotel beside Jusco and there will be a road separated between Jusco shopping complex and Elite 1/2/3. Below Elite 1/2/3 is the shop houses.

For the open car will extend to the empty area next to the Bayan Baru mosque? ask yourself how many car can park at that empty area? 50 to 100 at most? do you think weekends/PH or sales carnival will be additional 50 to 100 cars visiting Jusco?

Unless they do something about the jungle besides Hotel Seri Malaysia and develop to a multi purpose car park or you have to park your car at the abandoned office building behind Mayang Mall. If so crossing the road without jejantas will be a safety issue since that road is use as a shortcut to Relau/Sungai Ara when the main road is jam. I am afraid this project will be the next Times Square at Georgetown.

If give me an option I prefer Southbay Plaza because it is surrounded with High end houses/bungalow, near to 2nd link Penang Bridge, sea view and is not reclaim land. The concept will be just like Elite Heights but different location.
September 28, 2010 at 11:56 AMjeffrey: Hi Rafael,
FYI, there is car park under Elit1/2/3, the abandoned office have a new project attached.
south bay... expensive... near to 2nd link dun know good or bad ... lot of uncertain ... sometime traffic will kill a project ... and developer always change plan ...
September 28, 2010 at 6:31 PMShawn: I believe one should evaluate any upcoming "high rise residential" project in Penang island based on its per sq.ft. build up area pricing, its locality and the overall project concept.

It is important for Bayan City to be designed to include an anchor tenant for their commercial space. It doesn't really matters who is or who will be the anchor tenant. Let's take a look at Penang Times Square. The "existing" commercial space was not designed to accommodate any anchor tenant. That decision produced a negative impact to its commercial space. The entire project is yet to be completed. I am sure Penang Times Square will eventually have an anchor tenant within their commercial zone.

I can't predict whether Bayan City will be a great success as far as property price appreciation is concern. I can only tell that its project concept is worth studying. QB Mall has such a great positive impact on its surrounding commercial and residential properties. I hope Bayan City to be a successful project like QB minus the seaview :P.
September 28, 2010 at 8:33 PMRafael: Hi Jeffrey,

Yes you are right. Everyone knows there is car park under Elit1/2/3 which is for Elite1/2/3 resident.

My question is where is the car park allocation for Jusco shopping complex besides the car park which is an open air area around Jusco?

Does anyone has any info on this?
Is SEAL planning to improve this car park issue?
September 28, 2010 at 10:30 PMPen: Great news to have Jusco to move it as anchor, but we need to confirm on this whether is for sure. Was told the new mall's outlets are not for sales, so the management will have the absolute power to rent to the right businesses, and allowed to have full control over the mall's quality, just like Gurney plaza & QBM. Looking forward to move it to Elit.
September 28, 2010 at 10:33 PMRafael: Just a heads up. Ivory future development similar to this project location at the heart of Tanjung Tokong City, at Jalan Tanjung Tokong, one of the most important primary accesses of the island. "City Mall Tanjung Tokong"

This is for sure to be the main attraction for tourist and foreigners.

Might want to consider this as well.
September 29, 2010 at 9:05 AMjeffrey: There are carpark underneath Elit1/2/3 for outsider, residents have own carpark at upper level, which is not open for outsider, this is better arrangement than time square. Whoever interested just visit sales office to have a look.
Elit1 S&P will be ready end of October.
September 29, 2010 at 5:19 PMPen: TK City Mall Condo launched earlier this year, I Was told it was sold in 3 weeks.... Correct me if I was told wrongly.
October 1, 2010 at 12:51 AMTYW: Hi, Anybody can help me to differentiate the pro and cons of Elite 2 and All Season Park? Considering of choosing either one condo. Thanks in advance.
October 1, 2010 at 7:52 PMAnonymous: May I know how's the payment offered for this property? When to start to pay for the installment after paying the down payment?
October 3, 2010 at 4:19 PMPen: Anyone attended the launch of Elit Avenue? Can share some info about the response?
October 3, 2010 at 7:00 PMUnknown: People start queueing on 6pm on 2nd Oct. L-shape shop office all taken up. Good strategy.
October 3, 2010 at 8:42 PMUnknown: Pen , No need to attend the launch la. All good units has already been pre-booked before even they launch. You think nowadays, all developers are so good meh. Good times, all nice units they reserved for their associates. Bad times, they will go everywhere to do road show to beg us for support.
Erics, how many L shape units do you think has sold to the public.
Really no comment!!
October 3, 2010 at 11:01 PMUnknown: The originally plan on the L-shape is allowed buyer to purchase on the unit based which means buyer can buy only level1, level2 or level3 separately. Due to overwhelming response, they change their strategy plan quite last minute on 2 days before launch. Their new plan is based on priority instead of early bird. This mean buyer who buys level1-level4 will have priority over buyer who buys level1-level3. Buyer who buys level1-level3 then will have priority over buyer who buy level1-level2. Besides this, buyer not allow to buy only on level1. For example, if buyer#1 queue at number#1 and he wants to buy level1-level2 vs buyer#2 queue at number#2 and he wants to buy level1-level3 vs buyer#3 queue at number#3 and he wants to buy level1-level4, priority will be given to buyer#3 although buyer#1 and buyer#2 are early bird. According to the stuff, their new strategy on the L-shape shotlot is to avoid those good units (level1) sold out and remain those level 2/3/4.
OL, almost all the units on the L-shape sold attached with level1-level3 link. Anyhow, i'm not sure whether these units are taken by their associates. I believe next week the response will be good as first 50 early bird will grab extra one back to back free car park which is worth RM15K. Let's see
October 4, 2010 at 6:56 PMPen: Sell out again? Anyone knows the selling price? I wonder what Elit has to attract so many buyers? This Sat will be another measurement point for Elit's success again.
October 6, 2010 at 11:19 AMUnknown: do you think it will be sold out? The price is rm325 psf with rm10 discount on 9/10 oct. is the location good?
October 7, 2010 at 1:23 AMPen: Location is near perfect, but price has gone up a little. To me it's justifiable.
October 7, 2010 at 11:23 AMMaverick: Absolutely agree with 'Property talk', sounds veteran in property purchase... :)
October 7, 2010 at 11:48 AMProperty talk: Elit 1 buyers, have you signed the S&P? If yes, how is the S&P? Is it clean and clear? Is the stated build up according to the brochure? Appreciate your feedback as I am quite interested in Elit 2. Based on the feedback from the marketing people, Elit 2 S&P will be ready to be signed in 1 month after the launch on 9th and 10th Oct. Not sure whether how true this is going to be.

If all the paperwork is good on this project, I think it is worthwhile to stay or to invest as RM325 per sq/ft is now becoming cheap in Penang.
October 8, 2010 at 1:30 AMPen: I wasn't contacted by the developer to sign S&P yet. I was afraid I may be missed out by them. Any of the Elit 1 puschaser was contacted to sign the S&P by now?
October 8, 2010 at 2:19 AMCN YEONG: Developer has contacted me about 1 week ago. They told me S&P is going to sign on end of Oct.
I have loan offer from Affin bank for BLR - 1.9 which is not really good.
October 8, 2010 at 6:51 AMalan: About time to sign SNP. Nail biting time...and scratch my head very hard after looking at the poor subsale response and the glut due to The Spring, I-Regency, Summer Place, Breeza, Vista Gambier...etc.

Any comment?
October 9, 2010 at 1:12 AMYeoh: Anyone queue up for Phase II?
October 9, 2010 at 1:29 AMsokohaw: Alan,
It's easy to purchase a condo during launching as not much money need to be paid. You can do it, so do others. Normally, all buyers will start thinking how much the value will be increased in 2-3 years time. Then, after OC, majority of them will start testing the market response and if lucky, sell it off and gain easy money from there. If no buyer, rent it out to pay the loan instalment etc. It had become a common thinking in almost all "Penang Kia" now a days. I'd say more than 50% of the buyers are speculators in most of the project, not many are real buyers. That's why those new projects will be sold out within days but NOT for those completed projects. So, if you ask about the subsale response, the answer already given by those properties you mentioned above........you just need to have strong holding power if you wish to play the game!
October 9, 2010 at 9:59 PMYeoh: How is the response? Sold out again?
October 9, 2010 at 10:48 PMPen: Any update on Elit 2 sales? Good?
October 10, 2010 at 11:37 AMjeffrey: Hi Alan,

Such a good location, why not buy it for own stay... save the best for ourself... and our family as well!
October 10, 2010 at 11:11 PMLeeEng: i'm one of the elit2 purchaser, on 9th sat, i queue within first 100 customer list so sad can not get within first 50...
On my turn to chose the unit, all the units facing south almost sold out just left 2 or 3 units and the penthouse.
not sure fully sold on 10th sunday? any update?
October 12, 2010 at 10:05 AMpenang: How to save when Indah Water per month is RM36! That is 600% more expensive, not forgetting the 30% electricity rate and etc....... from a reliable source and also you can check with the authority
October 12, 2010 at 10:25 AMProperty talk: penang, try harder next time by being a little early during launching time. You can still wait for Elit 3. Clarification from your statement. Utility is 20% extra and not 30% but you can change to residential title though there will be a lot of tedious paperwork. Even Indah Water at 600% extra (I need to check whether how true is your statement) is not significant comparing to the early bird package.
October 12, 2010 at 1:46 PMjeffrey: Hi Penang,
If u drive performance car, then dun complain about petrol consumption lo...
But if u drive normal car then high petrol consumption is really not worth it...
So I believe Elit will perform well in near future lo !
October 12, 2010 at 6:35 PMpenang: Property Talk and Jeffrey - normal rate for residential range is 0.24 for 1st 200 watt and increase gradually to 0.41. For commercial its start with 0.40 so simple math is 40% for first 200 watt. Indah Water confirmed as it is RM36 per month for office/commercial and only RM6.00 for apartment. Just wonder having to pay RM432 p.a compared to RM72 if purchased an apartment e.g. The Spring, Summer Place or Reflection. Information is fr a very senior MPPP officer .Bungalow is RM12.00. If not mistaken, plan approval is either office or commercial. Pls ask to see the approval.... if any or perhaps the submission copy then
October 12, 2010 at 10:25 PMUnknown: What's the big deal. Doesn't cost a bomb. If you can't afford look else where. Don't be a sore loser
October 12, 2010 at 10:33 PMUnknown: So calculative and kiam siap...I suppose free would be the best option
October 13, 2010 at 12:04 AMpenang: the developer should make it known to all buyers rather then to give them a surprise later. Well, i guess this is something new posted so far and the effect is of course one does not feel good on hearing this. The topic is 'SAVE' and how to save when the maintenance cost is high. Some RM70 saving per month = a lot for a wage earner unless we are talking abt 3/4 mil to 1 mil purchases! I will be posting further comment for the interest of the public. They deserved to know what is in store for them. Hope those defending are not fr the developer and accept that it is a fact. An ethical developer will make it clear to the buyers of the consequences of buying this so called 'Designer Suite' Just wonder when the Housing Ministry coming to check the legality of this new version.... time-bomb guys....
October 13, 2010 at 12:10 AMpenang: a smart buyer will ask Q like why so few banks are financing the product and moreover it is developed by a listed co. You guys know the answer..... the risk is there and grade A banks are not taking risk!
October 13, 2010 at 9:51 AMjeffrey: Hi Penang,
Ur so called "new post", is not new oledi, people oledi discuss this at very beginning prior to the launch of Elit1 ... so this is really not a new topic ...

About the bank issue ... also not a new topic ... please do some homework ...

Or can u pick other point to show us why elit is not good ar? I would like to have some negative input, for better judgement! thanks!
October 13, 2010 at 10:15 AMLeeEng: how can we confirm the jusco shopping maill will open in bayan city??
October 13, 2010 at 10:21 AMUnknown: everyone, please don't reprimand those who bring in information to share with others. I for one appreciate all the information being shared here whether it's positive or negative. The decision to invest or not is still yours to make, and if you find yourself easily being sway by every single comment, then you are not fit to be an investor.
October 13, 2010 at 11:12 AMUnknown: agreed with suer...
October 13, 2010 at 2:19 PMUnknown: SEAL already put Jusco logo on the mall and also it is confirm by our local press recently.
October 13, 2010 at 2:23 PMUnknown: BTW, the floor plans displayed on this blog I guess is for Elite-1. I have the Elite-2 floor plans and it seems different where the toilet door facing bed room entrance has been improved for Type-A as example in Elite-2.
October 14, 2010 at 12:51 PMLim2011: is it worth to invest? why so expensive compared to d piazza and some condo in penang? my sister bought this last week....within the first 50 queue....free one car park
October 14, 2010 at 7:41 PMHappy: For those who buy discounted price of 315psf, the bank is not going to finance 90% based on 325psf. This is what I heard from UOB officer.
October 14, 2010 at 9:01 PMp: those who buy to sell will have a hard time...

d piazza also plenty for sale yet very less can sell

price might drop

so many cheaper condo's nearby too like in sg ara

this price is ridiculous...somemore commercial tittle
October 14, 2010 at 11:07 PMPen: How ridiculous it can be when it is compare to Southbay Plaza at $450psf? Bare in mind, it has all the locality advantages over all the condo you mentioned. Jusco is the big factor too.
October 15, 2010 at 9:42 AMjeffrey: Hi Paul,
May i know which "cheaper" condo u mentioned in sg ara area? Reflection? Regency Height?
October 15, 2010 at 12:05 PMUnknown: DPiazza is not cheap either except the block with units facing the abandoned project (which I heard will be restored soon), selling at closed to 300/sf with medium quality of finishing.
October 15, 2010 at 3:46 PMUnknown: have u seen the workmanship of the D'piazza? its low cost apartment standard ok. owners are too greedy to sell at 300 psf. how much was its launch price? Elit shdnt even be compared to it...
October 15, 2010 at 11:07 PMpenang: jeffrey - kindly take note that there are just too many uncertainty when buying this 'designer suite'. Today the authority is silent on whether office can be used as dwelling place. They may change the law tomorrow, next year or many years down the road. Then who will be responsible? Developer has 'tata' with their profit leaving the owner and the bank. Office in Penang is obviously glut and no value.... why would one take risk whereas it is like a time bomb. Why want to invest in property that has this uncertainty.Moreover, office will need authority inspection every year and approval. What if one dept does not approve? U can ask developer whether they can guarantee this.... Perhaps u can check with IJM and S.P. Setia why they are not building such product since can save alot from providing low cost quota - these developer are no fool and they know the risk and also take care of their reputation as they are here to stay and will be for a long long time..
October 15, 2010 at 11:09 PMpenang: To be safe and save, Golden Triangle is a better bet. The budget 2011 also provide incentive for 1st time house buyer i.e. they can save on stamp duty on transfer.
October 18, 2010 at 11:06 AMUnknown: Hi defense, do you own any DPiazza unit before? I owned one and sold it for closed to 300/sf. The quality was not as bad as you think from an experience owner and the location is superb. I sold it coz I want to move into a double-storey semi-D. Please don simply comment if you are just hear from someone but not seen it, feel it and experienced it yourself and don't treat the 700 units owner of Dpiazza as a fool.
October 18, 2010 at 1:54 PMUnknown: BB, obviously I've seen it. Even the agent who showed me a couple of units says the quality is bad. It just an opinion. I guess the truth hurts...
October 18, 2010 at 2:55 PMProperty talk: It all depends on how you define good and bad. For me, D Piazza quality is below average. At 300 per sq/ft, not worth to buy. Elit, nobody knows until VP but I have faith in them as this is the first project in Penang and this company is cash rich. Building design, colour tone and floor layout looks promising as well. Should be safe to buy. Those who missed the opportunity, wait for Elit 3.
October 18, 2010 at 8:45 PMPen: Was Elit 2 fully sold? Why wait for Elit 3, I guess Elit 2 is still available now.
October 18, 2010 at 8:53 PMPen: DP was not at PAR of Elit Height, and DP is not so expensive and priced at $300psf. My friend bought it at $265psf only last month.
October 19, 2010 at 10:20 AMjeffrey: Penang - Elit's package is similar to Service Apartment, so i have no worry on that. What i worry is the SnP content... because this is not covered by HBA...
October 19, 2010 at 1:48 PMUnknown: I do agree with jeffery, since the developer using the commercial title to avoid compliance to Schedule-H which is governed by HDA. Buyers must be careful and check out your SnP carefully or engage a lawyer to go through throughly before signing. Some top developer in Malaysia still follow Schedule-H although the project's land title is under commercial title.
October 19, 2010 at 4:48 PMLeeEng: BB, what is Schedule-H and what is HDA? what is the disadvantage of schedule-H?
October 19, 2010 at 8:42 PMpenang: jeffrey - pls ask to see submission copy and also when planning permission is approved, ask for the approval letter. It is pejabat - cos service apartment is Apartment Berservice and required developer licence. Dont be so ignorance and being fooled by the developer if they are telling you this. Time will prove i.e. when the planning permission is approved! You can try ask the lawyer to give u a written confirmation to confirm that it is service apartment and see what he says? Good luck to you...... cos fact is a fact ...
October 20, 2010 at 2:15 AMUnknown: Hi Jack, at first I must make it clear, I am NOT a lawyer by profession and I can only briefly explain in layman term. Schedule-H is basically part of the regulations with major revamp in 2002 from Housing Development Act [HDA] 1966 (sorry to say, 1966 was way too old for many of us are not born yet) to protect the interest of Purchaser which mainly apply to residential land title. Particularly clauses such as parcel (or land for landed) free from encumbrances upon handing over of vacant possession, if purchaser failed to finance the property after down payment, interest on late payments and etc etc. To the benefit of all readers here, please get details at URL: http://www.hba.org.my/articles/lawyers/2002/amendments_sched_H.htm.
October 20, 2010 at 9:28 AMLeeEng: Thanks BB, i think Elid 1 is going or started to sign the SnP? How is the SnP content? Fair to purchaser?
October 20, 2010 at 11:25 AMboLanliap: Im a penangite but have moved to KL for the past 8 years. My family is still from Penang. Recently i decided to moved back to Penang and sell off my KL landed property.

Since im in the market for a property in the island, i start paying attention to the property scenario in the island.

this is what i observe:

1. The properties price now is definitely a bubble stage, the price will not sustain the continue upward trend. Unless you buy for own stay or have strong holding power, fliping a property after obtaining OC need caution.

2. Although Bank Negara do not announce officially a tightening grip loaning procedure, privately the bank in implementing it. eg notice your loan offered rate now is only BLR-1.9 instead of BLR-2.15 or BLR-2.2? There will be no stingent measure announce in the budget so not to create panicky situation which will collapse the economy. This does not mean that Bank Negara will not implement tightening measures in the near future. the first measure BNM will implement is to raise BLR.

3. Property with commercial lot in Penang, IMHO will failed miserably. In General, Large commercial space is not ideal due to the small population of Penang island. You cannot compare to KL at all as the lifestyle and spending power is so much differet from Penang. Although Jusco is moving in to Bayan City, but it is definitely moving out of QBM, becos QBM just do not have the crowd to sustain Jusco, weekdays or weekends. It may be good news to Elit and Bayan city buyers but what happen to QBM buyers previously?? they bought there also becos of the hype jusco is there..this scenario may happen to you too. Good news is Jusco are very likely to own the new building so the risk of moving out is unlikely.

4. Penang lang like to buy on marketing hype, eg..all projects by Penas, Gambier Height, de piazza and now elite.. just with a brochure with an artist impression, developer manage to convince thousands of penangite parting their hard earned money. Please bear in mind, without the final approved plan and the SNP, everything in the brochure will remain as an artist impression. Buy wisely.
October 20, 2010 at 11:50 AMboLanliap: My personal opinion on Elit as i also curios with this project. I decided not to buy becos of the below reason:

1. Commercial Title - Utilities rate are much higher, it may not seems much now but for long term...ouch! developer says can convert..bla..bla..i ask the SA, are you going to do it for me and bear any cost inccur? She keep quiet..hahahah

2. So high density and with commercial, unless well maintain, cleanliness will be a concerned...malaysia maintenance job of any project are shitty..again SEAL do not have a track record here or in KL(dun tell me selayang mall..cos that one is really nothing to shout about)...again the SA diam diam... :P

3. I ask what is the different between Di Piazza and Elit? Elit is selling <400k now and how much you plan to sell in 3 years time(assume the project is completed then?)RM 550-700k? Di Piazza has 700 unit, Elit has 600 unit once completed..that is 1300 unit!! and if you go De piazza and 8pm, you will notice not much ppl staying there also means all speculation(happens to I-regency, Palladium too), so it means Elit prices will be determine by De piazza in the future. please remember di piazza was sold at be around RM250k or below last time and Elit now >400k. Di piazza now are having a tough time selling and the price is slowly dropping now due to glut. unless Di piazza manage to appreciate in time, Elit sub sale price will be affected Di piazza since both project is in close proximity and shared similar concept. Again the SA cannot answer me but keep telling BS that penang no land lar..price will definitely go up lar...bla..bla.. haha

4. SA told me di piazza building quality below average bla..bla.. and i ask her what abt SEAL? She told me top notch quality and again showing me the brochure(hahahaha), i ask her got actual project for reference? haha...guess what, diam diam again..

ppl who buy di piazza and elit...gud luck..
October 20, 2010 at 1:59 PMPenangGia: Agree with boLanliap. Government has started doing something to prevent the bubble from getting worst. The property tax should become more and more stringent! There is a unquantified risk for those who invest on a project like ElitX that requires a very long turnaround time. However, it should be fine for those who really want to stay in ElitX for many years. :)
October 20, 2010 at 2:19 PMRBS: Hi boLanliap, you sounds like a pro and I wonder how many properties you have owned in KL and Penang? Could you please me with a unit in DPiazza 1300sf below RM365K, in block-B above 10th floor with pool view to prove that DPiazza is dropping (or rising in price otherwise)? Occupancy rate is relatively low now in DPiazza because many units are under renovation. Also, majority of the unit owners in DPiazza are professionals such as engineers and managers from the Penang FIZ and many of them are high income (I meant income, not just salary) earners. BTW, what are the 3 main factors that affect the property pricing, could you share it out to please majority of the readers here?
October 20, 2010 at 3:53 PMjeffrey: I believe for the long run, property with good & strategy location will win out. Bayan City will become an important city at southern part of penang in very near future... freehold... jusco... new international exhibition center... spacious... just an added advantage ...
but i dun mean it is perfect ... it do have many weak points ... nothing is perfect ... but it is less significant ... for a true investor ...
October 20, 2010 at 4:56 PMAnonymous: i booked one unit (quite good unit, high floor and face south) during elite 2 launching day but i canceled it two days later and get back my RM 10K deposit. I planned to buy it for investment but after i talked to a few property agents and chat with a few property investors from Penang on this projects...my feeling tell me this might not be a good investment based on the selling price , title and the restrictions come with it. Funny though, even the mortgage officer from the Elite panel bank also told me this project has risks..
October 20, 2010 at 5:17 PMLeeEng: hi,alphaque123. Which type you booked? Type C? Can refund full 10k? i was told that only can refund 9.5k??
October 20, 2010 at 5:46 PMProperty talk: I am clarifying 'boLanliap' statement here as the name itself carries the personality.

1. Not too aware of Penang market as he/she has been in KL for the last 8 years.

2. Bubble stage – Are people aware that young (25 to 30 years old) executives, professionals and Engineers in Penang income is easily RM50k to RM100k a year.

3. I just got my loan approve (not for this property) at BLR-2.3% with 90% loan.

4. Commercial title will become a norm 5 years from now in Penang as Penang do not have a lot of residential land anymore.

5. Elit plan is approved and SNP is ready for signing else I would not buy.

6. Malaysia maintenance job of any project are shitting. How sure? I would agree with most of the low and medium cost.

7. D’Piazza launching price is not RM250k but only RM199k.

8. 1300 units are not enough to cater even for only 1 big MNC company employees.

The Sales person may not be so professional in property investment.
October 20, 2010 at 10:51 PMboLanliap: Property talk,
No need to be nasty on me. Im just stating my opinion. If you want to take it, good. If you dun want to, fine. Is your money. Oh why you so defensive on this matter? Oh i forgot you already bot this property. You so not confident on this projecg meh? I tot you are the penang property investment guru mah!

50k to 100k is high income?? Whao now i know a so call exec or engineer in fiz penang really getting paid peanuts! Your so called high income earner only can buy becos of their EPF and the banks are willing to loan. Oops..With a commercial title...nope no luck using EPF withdraw

Im in kl doesnt mean im not in penang. And what makes you think elits commercial area is high end? Becos the brochure say so or becos you pay premium price for it?

Well for the record im just an odd job worker bolanliaping in penang, of course cannot afford any properties in elite penang. With you guys logic, in 3 years time, all terrace row will become millinoaire row...
October 20, 2010 at 10:56 PMpenang: Good to hear that the plan is approved. This will enable buyer to refer to the authority to clarify the definition of the product i.e whether it is an office, SOHO, Service Apartment or Apartment. Time to act...so that all have peace of mind...
October 20, 2010 at 11:54 PMAnonymous: yes, the unit i canceled is type C. BTW, to those who bought type A (i believe it is intermediate unit), 1 of the bedroom window is facing the airway area (means you see your neighbor window) which you can't see any outside view, something is wrong with the design.

If we read the OSC for this project at http://www.epbt.gov.my/osc/Proj1_Info.cfm?Name=158448&S=S, it mentioned : "3 blok suite perniagaan 23 tingkat (650 unit)"...It is already showing the developer is filing the so called "designer suite" as "Business Suite" to government !

Luckily i did all this homework ASAP once i paid the deposit and talked to a few property agents and investors and managed to cancel it on time..The more info i obtained about this project, the more risks i could sense from this project.
October 21, 2010 at 12:59 AMUnknown: Hi Gia, where is your logic that the government has doing 'something' to prevent the property bubble? Our government just doing exactly the opposite of what you are talking about to further enhance the property market through Budget-2011 and Second Stimulus Package last year which still valid. Some of the measures/incentive of Budget-2011 (if you didn't read newspaper or don't understand it, let me help you to put in layman term in brief) as below:
1. The “Rumah Pertamaku” scheme is good news for the housing sector where qualified purchaser can get 100% loan with 10% being guaranteed by Cagamas (government).
2. 50% stamp duty exemption for houses below RM350,000.
3. Greater KL projects like Kuala Lumpur International Financial District (KLIFD), and plans underway for the Malaysian Rubber Board land in Sungai Buloh.
4. 100-floor Warisan Merdeka at Kuala Lumpur at RM5b.
5. Maximum RM30,000 income tax relief on interest incurred on housing loan for 3-year (each year RM10k max) under Second Stimulus Package Mar 2009; for SPA signed between 2009 and 2011.

The 5-measure above simply doesn't tally with the so called 'bubble'. The stage currently we are in the property cycle definitely yet to be in the bubble and not even close.
October 21, 2010 at 10:17 AMjeffrey: Until now no one can said clearly what is the risk... all is based on assumptions... so called "facts" also based on assumptions... no concrete proof... just think i in simple way... how much u guys need to invest a unit? and how much jusco need to invest?

so simple logical thinking...

penang ~ u said golden is a better bet... i think u will have more risks, just imaging that the complex flood with all the surrounding foreign workers...
October 21, 2010 at 1:27 PMRBS: Haiya alphaque13, you spend hours queuing up to get the Type-C and just cancel it like that huh? What a waste of time and you have ruined my opportunity to buy the type-C, I plan to buy for my own stay! If you let go it and register under my name, I am willing to pay you a few ks for your hard work on queuing. What a waste of opportunity to make quick $.
October 21, 2010 at 2:23 PMp: jusco cant do well ther since sunshine is the pioneer

good luck for those who invested there

haha
October 21, 2010 at 2:48 PMPenangGia: Hi BB,

Let's put aside your Measure #3 and #4, as they are for different purpose.

Don't you think the Measure #1, #2, and #5 are the government incentive to control the property price and prevent the bubble from getting worst? Those incentives are only applicable to the real residents, but not for those who attempts to "goreng" the property. In fact, I don't think ElitX buyer are eligible for any of those incentive, even though they are real residents!

On the other hand, just to prevent "goreng" kaki from manipulating the incentive, government has directed all the bank to remove the zero-cost loan package (i.e. the borrower need to pay several thousand of stamp duty) and re-introduced the property gain tax, where it could go as high as 30% for those who sell their property within 5 years. This has somehow increase the profit threshold. Just like what other people is saying, "goreng" kaki need to have a very strong holding power, in order to meet the threshold and start making profit from sub-sale. The profit threshold is expected to getting higher in the future. Who will know what will looks like after holding the property for too long? That’s why there is an unqualified risk associate with this.
October 21, 2010 at 3:01 PMUnknown: The development plan for the whole Bayan City project has been fully approved by 16 departments as at Sep-02,2010 (http://www.epbt.gov.my/osc/Borang_info.cfm?ID=72370&NoForm=Form2).
I am staying in Bayan Baru area for the past 13-year, below is my 2 cents of plus points for the Bayan City project:

1. Strategic location which is the most important factor for property investment. See the capital appreciation rate for DPiazza and Sunway Tunas DST as example.
2. Freehold (Not so many projects in Penang are freehold nowadays)
3. Good accessibility
4. FIZ nearby, can get ex-pats and yuppies (e.g St Jude, Suntec City, Mayang Mall) to rent. Convenience for owner who work in FIZ.
5. Great mix of amenities for convenience living (Giant, Jusco, Sunshine, DPiazza Mall, Queensbay Mall, PISA, Banks, Schools, Hospital, Wet market, Penang biggest food court, Police boot, TNB and Telekom offices, mosque for our Muslim friend are all within walking distance)
6. Penang biggest food court

Beside location, the developer and contractor also the plus point to consider
1. Cash rich and private listed company at KLSE Main Board (SEAL), this company
2. The contractor who is going to build the project also is very reputable and has many good track records/projects completed in Northern Malaysia regions.

I believe the plus points above is good enough to offset the minus points. So it is a good investment worth considering.
October 21, 2010 at 3:33 PMProperty talk: Bolanliap,
I am not being nasty to you. I am also voicing my opinions which do not coincide with your opinion. Yes, I have done a risk calculation and invested in this property. FYI again, loan for this property is 90% at BLR-2.2% with a lock in period of 3 years from first drawn down without interest till VP.

RM50k to RM100k annualize income is peanuts, then tell me the average income in Malaysia. Higher than RM50k or lower?

Elit is not high end and is not at premium price as well. Just slightly above average. If you talk about high end and premium, talk about Quayside and The Light Water Front.

I do not think that terrace house will do better than high end condos.
October 21, 2010 at 10:16 PMUnknown: Whether the price per sq ft is cheap or not, the project comes under HDA or not, can be delay or not, whether the company cash rich, the SPA in favour of who......etc, all this not so much important here. Now the question here is, whether Seal can deliver as promises or not. What is the point when u can have the best price psf, good location, project under HDA but at the end of the day , you get poor quality & workmanship like D'pizza condo.

Buyers/Investors now expect high exclusivity rather than cheap n big....imagine committed half a million laibility to a developer which are very fresh in property market. The right timing and the support of Jaya Jusco has help them achieved tremendously on their sales. Now, Seal project team & consultants shall play an important role to ensure to deliver at their best...hopefully, no wastage n cost cutting practice over here.

Honestly, i dont have good impression on Seal management based on the following :-
1) i have heard complaints that they are quite arrogant during their selling of Elit 2 & Elit Avenue. Maybe they haven't experience the hard selling approach like most pioneer developer has experienced during the recession period. Let wait n see how far they can go.
2) Too much profit orientated as they have very high efficiency rate leaving too little space for common area. Meaning very high ratio of saleable area against common area. Just Imagine the size of land that built 3 blocks comprises of 700++ units with each unit comes with 1500sf avaerge.

Im not against the developer here, i wish they havent start to count their profit before fulfilling buyers needs n exepectation.

Honestly, i dont have good impression on their
October 22, 2010 at 1:43 AMUnknown: Hi Gia, from your comments, my advice is please do more homework before investing in property; I think some of your logic is just against the fact and trend and it is too risky for investing. Property investment is not risky but not being in control will bring you extreme risks! Measure #1,2 and 5 above will encourage more people to buy or invest in property be it below RM350k or RM220k while getting a tax relief up to RM10k per year for 3 years which is up to RM2700 of tax saving if your tax is 27%. From the REHDA statistic from the past, these measures has significant impact to boost sales be it new or sub-sale and this further encourage buyer to upgrade to higher-end condo or commercial property because selling a property normally will generate capital gain. As for RPGT, for Malaysian, it is still fixed at 5% for property disposed within the first 5-year and this is still valid. Another sharing, for a smart investor, all costs (be it professional fees, stamp duty or RPGT), will be transferred to the next buyer as all this cost are part and parcel of the ROI calculation. You will find 'money is in the market' one day; particularly in property investment after you learnt the 'right' thing.
October 22, 2010 at 8:54 AMLeeEng: alphaque13, may i know which floor that you canceled for type c?
October 22, 2010 at 10:18 AMPenangGia: Hi BB,

I understand the property market in Penang has been bullish for years, which it is mainly thanks to the global support (i.e. zero cost loan, no property gain tax, lower interest rate). For those who invest in the last 5 years, they should have made at least 50% profit for each property. However, who could guarantee the trend will continue for another five years? As the result of these “goreng” activities, the properties here has been over-bought. Most of the new property (such as I-Regency, SP Setia, The Spring) are under-utilized, but yet more projects are coming up. The global environment here is totally different compared to 5 years ago. The initial cost to get the loan is higher, interest rate is getting higher, property gain tax is back and may get higher in the future. Anybody could guarantee that they could still transfer this cost to the next buyer? How much room the bullish can sustain before it encounter a bearish reversal?

Imagine what has happened in Hong Kong (similar with Penang Island), the property price could drop ~60% from its peak and it took ~10 years to recover. As results of holding a property longer, investors need to bear additional cost, such as maintenance fee, housing loan interest, and especially the strata title transfer which cost thousands of RM. I am not against on the investment activities, but the risk is pretty high and unquantified. A strong holding power is needed if we want to play this game.
October 22, 2010 at 10:54 AMProperty talk: PEngineering,
I agree with you to certain extend that it is not all about what you have listed above but importantly whether Seal can deliver at the end of the day with good quality is more important. If Seal can deliver at the end of the day and there is no drastic downside to the economy scenario, at 315 per sq/ft with a free car park and strategic location (of course not the best location in Penang), buyers will be laughing easily 20% to 30% from the purchase price to the bank.

Yes, the risk is high since this is the first project and if this company believes in long term gain rather than a short term gain, then this is the project that they really need to perform. Every company starts from zero, same goes to E&O, IJM, MahSing and SP Setia (I am listing the ones that are popular among Penangite). They did not start as a big giant company. Look at IJM today in Penang, with the success of Bayswater, the succession continues even for a leasehold property selling >RM400 per sq/ft. 5 years ago, is leasehold property popular among penangite? 5 years into the future, will commercial become a norm in Penang? As I mention before, residential land are limited now and development has gone beyond the airport into teluk kumbar and balik pulau.

Seal sales person are not arrogant if you compare to IJM and Mahsing sales person. Isn’t IJM and Mahsing doing really well? Anyway, IJM has improved a lot especially for the light water front project in terms of customer service but there are still some bad apples in the ground floor office.

7 acres to build 600 over units are just on the average of not over populated or under populated.

I totally agree with BB pointing out about the strategic location.

Gia,
Not 50% from initial investment but 900% after 6 years, 650% (very strategic location) after 3.5 years (very strategic location) and 350% (not very strategic location) after 3 years. That is what I have gained so far. If you want to find out more, I will explain to you.

If any of you have a better project to recommend at 315 per sq/ft, 2 car parks and mid size (Range from 1400 sq/ft to 1700 sq/ft), let me know.
October 22, 2010 at 4:00 PMUnknown: Property Talk,

You call this project average density , how do you measure high density projects, 7 acres + the commercial ??....look at the footprint of the structures that built the 3 blocks + the total saleable area. Im not here to argue with you who is right or wrong. From their development planning and the amount of profit they generate, im here to say that they should provide higher standard of quality to all buyers. To be fair to Seal, 315psf can justified as good value only upon completion since they dont have any track record to benchmark their capability.

As regard to their Seal professionalism, it come from different perspective, im not only emphasising on their customer service alone.Honestly, how many question n doubt you have on this project?

Property Talk, Have you read through all the comments from this blog before having your opinion here ? There are uncertainties and changes on this project from the very start. These are some of the few i would like list here :-

1) Have anyone get a drafted SPA to view
2) How long before we can get to view the spec
3) Compare their old brochure & new brochure and see the storey plan and how they make changes
4) What are the detail plan we can get upon purchasing this project.
5) How often we get an answer from their personnel saying " we havent finalise , we shall get back to you soon "
6) ....etc

My definition of "arrogant" here is that they dont care about whether you are happy or not, is either you follow, you wait or you withdraw.

Will you benchmark Seal with IJM, SP Setia, Mahsing, E & O or with Ideal, Ivory, PDC & CA Goh. Think about it.

Yes, i agree with you that every giant company start from scratch and we shall be fair to them. My concern here is more on the buyers point of view as we dont have a strong bueyrs association to help us voice out our view & complaints.
October 22, 2010 at 11:20 PMPen: From the Edge, it says..

"The Bayan Baru mall will expand AEON’s mall portfolio to 24. In addition to Queensbay mall, this will be AEON’s second mall in Bayan Lepas and third in Penang. Bayan Baru is a satellite township located in Bayan Lepas."
October 22, 2010 at 11:32 PMPen: More:
AEON Co to lease new mall

The Edge Financial Daily reported that Seal subsidiary Seal Lifestyle Development Sdn Bhd has agreed to lease out its shopping centre building together with car parks in Bayan City, Bayan Baru in Penang, to AEON Co (M) Bhd. Seal Lifestyle will rebuild the property according to the design and specifications of AEON, for a total development cost of RM146 million.

The Bayan Baru mall will expand AEON’s mall portfolio to 24. In addition to Queensbay mall, this will be AEON’s second mall in Bayan Lepas and third in Penang. Bayan Baru is a satellite township located in Bayan Lepas.

The township is one of the most rapidly developed townships in Penang due to its proximity to the Bayan Lepas Free Industrial Zone, a source of employment in Penang.

The shift in population south, out of George Town (18km from Bayan Baru) and towards Bayan Baru and its immediate neighbourhoods, has benefitted the township.

While we note that its mall in Bandar Perda, Bukit Mertajam, has not been performing up to management’s expectations, which could be due to the smaller population size and its location in mainland Penang, AEON in Queensbay mall — situated in Bayan Lepas — has been performing well.

Although there are already two major shopping complexes in Bayan Baru — Sunshine Square (452,000 sq ft) and Bukit Jambul Shopping Complex (999,604 sq ft) — we believe AEON mall will stand out given that it is a well-known name in Malaysia and will be the most modern and newest mall in the township.

We believe there would be minimal cannibalisation risk given the high population density of 1,538.8/km2 in Penang vis-a-vis 651.1/km2 in Selangor, where the group has 14 malls in total.
October 23, 2010 at 10:30 PMUnknown: Elit Heights can easily fetch 400psf upon completion.
October 23, 2010 at 11:27 PMsokohaw: Wah! R U sure it can hit RM400/sqft? If Elit can sell at RM600k, how about Sunway Tunas House.....>RM800k??? I also hope it can, but I don't think so.........
October 24, 2010 at 12:15 AMPen: sokohaw: Why are you so surprise with sunway tunas terrace hitting 800k price? They are being priced at 700-720k now!
October 24, 2010 at 12:44 AMsokohaw: Pen,
>RM700k Sunway Tunas houses are either center corner or 1800sqft L/A type, not the typical 1200sqft L/A type which are priced at ~RM650k with minor renovation at this moment. I'm happy to hear that you guys are so confident it can hit RM800k in 2 years time as I have 1 typical unit over there........anyway, let's see what will happen.
October 24, 2010 at 12:57 AMPen: From the ads.

All corner units with ~6' or more land at the side are >$775k, intermidiate units ranged from $680-$720k with minor reno. Bare units are asking $660k. $800k is within reach in 3 year, Elit will take 3 years to build, not 2.

http://www.mudah.my/li?ca=3_s&th=1&q=sunway+tunas&cg=2040&w=1&st=a&ros=&roe=&ss=&se=&title=
October 24, 2010 at 7:42 AMalan: I have different view.

The current market situation is supply>demand (for condo 300K-500K).

From now to 3 years later, the outlook is not in favour to investors.

a. The investors already start renting to foreigners (e.g. Drug factory in The Spring) that will cause the selling price to halt. This will indirectly create demand for matured/well maintained condo (with proper residents).

b. The cost is equal/higher than the market selling price. (The cost inflates every year due to accumalated interest, maint fee...etc).

By then, the investors will panick and start selling at lower price (when bank lock in period is over).
October 24, 2010 at 8:07 PMjeffrey: Hi Alan,
I have different point of view, i predict that next year properties price will go higher. why? ok...this year most company doing well... so next year... employee will get lots of bonuses ... so ... properties price less likely going down ...
October 24, 2010 at 8:43 PMPen: Penang investors never panic, history in 1997 tells. But, I do agree that property price on Penang will suffer slight dip n stagnant for quite a while,
October 24, 2010 at 9:55 PMProperty talk: PEngineering,
Lets see what happen in the next 3 years. I am confidence that it will hit RM420 per sq/ft due to free car park, type C and high floor vs. RM315 per sq/ft launching day. I always invest in the grey developer. Check out CP Landmark project. Aren't they doing well? Aren't they new in Penang? The return is even greater than those giant developer in Penang.
October 24, 2010 at 10:06 PMUnknown: Joker,people buy house because of getting a lot of bonuses.......LED tv may be lah.
October 25, 2010 at 7:33 AMalan: Penang island current population is 860,000 and the growth rate of 3.5%.

It translates to 30,000 people. However, based on the higher education intake rate of 5%, it means that only 1,500 people will be working as professional.

We need a professional couple to own a property valued at 300-500K. So, the annual demand is 750 units (if all of the couples wants to buy).

With the current oversupply situation, the current excess for sales (could be >1,500 units in total) in The Spring, I Regency, Vista Gambier, DPiazza, Summer Place, All Season, Boulevard, Surin, Breeza, Birch Plaza, Birch Regency...etc.

Yet to get into market are Golden Triangle (672 units), Elite (600 units), Oasis and The Peak.
October 25, 2010 at 9:42 AMUnknown: wow, so smart
October 25, 2010 at 10:42 AMp: somemore located in front of hospital
feng shui teller also dont want step in to see feng shui

but good also later they can rent out to banglas n indon
October 25, 2010 at 3:55 PMUnknown: alan's point looks logical but he forgot one important fact, Penang is an island and not a country. If you look around your friends or colleagues, you will learnt that more than half (my MNC has over 70%) are not locals and from city like Klang Valley, Ipoh, Alor Star, Sabah, Sarawak, and some even from India, China, Vietnam, Philipine, US, Korean, Japan and etc. Half of the Penang population are not locals and some of them (quite many) ended up settled down in Penang as many of my colleagues did that. So, the 860k is just an baseless old number to gauge the potential buyers. If this number is valid, the developers (many of them are reputable and even top-10 in Malaysia) will not even launch their project in Penang island, (to reiterate, a state not a country).
October 25, 2010 at 8:24 PMalan: Hi,

I think I did not mention a few key points.

1. The Penang state population growth rate of 3.5% is the actual data referred to M'sian nationality. In other words, it has taken into the consideration of people migrated from other places (Ms'ain from other states in M'sia or foreigners who converted into M'sian citizenship).

2. The M'sia population growth rate is only 1.7% which is way below 3.5%.

3. Foreigners are eligible to purchase property >500K. So, the 300-500K category is not affected by foreigners.

4. The current supply, my guess, it is 2 years ahead of genuine demand.

Any comment?
October 25, 2010 at 10:05 PMProperty talk: Wow, we have a fung shui master and statistician here. With the two combination, you will never buy a property as fung shui master is always this not good that not good even if you purchase a property on top of a hill overseeing the sea and the statistician will be too calculative.

Build beside a hospital is great for those retired people and people who need medical attention. Build on top of a hospital may be even better as the room rate for a 1500 sq/ft may hit RM700 to RM1000 per night.

How many percent of people are staying in RM200k to RM350k properties? How many percent are planning for upgrading? How accurate is 3.5%? What is the sample size taken? What about those that are not accounted for? Is it RM500k or RM1M for MM2H (The conditions are listed as below for new applicant)? Can accumulate purchase up to RM1M based on the condition below? Can foreigner purchase Elit?

• The purchased residential property may be a fully completed unit or one under construction. For any property purchased, applicants aged below 50 and those aged 50 and above must produce copies of payments made to developers, amounting to a minimum of RM300,000 or RM150,000 respectively, in place of the required Fixed Deposit under this programme. This amount does not include legal fees, transfer fees, commissions and any other related payments

• The property must cost a minimum of RM1 million OR

• Several properties totalling RM1 million and above can be accumulated for this exemption
October 27, 2010 at 6:12 AMalan: I agree that there is no data for those potential buyers who plan to upgrade from below 300K to 300-500K.

But, we cannot ignore the fact that low occupancy rate means,

a. investors > genuine buyers.
b. the price is out of reach for many people.
c. the genuine buyer pool is drying up.

Investors do not care about the quality of the property. They are businessman. What they care is their return on investment. They will open up to rent out to foreigners.

Imagine how bad you feel if you spend 300K-500K and,

a. you stay next to a unit with >10 foreigners.
b. you are in a lift surrounded by >10 foreigners.
c. you will be worried if you have a teenager daughter taking the lift alone.
d. you may have problem to sell off your units in future.
e. you are in a swimming pool which is full of foreigners.

I personally had faced this problem before.

I would bet more on established and well maintained condo.
October 27, 2010 at 6:28 AMalan: To add on another real example.

The next door of my auntie's house was rented out to 15 Nepalese last month.

The Nepalese even bath in the car porch in front of the house everyday.

Now, my auntie cannot open her window. She also cannot to go outstation for long.
October 27, 2010 at 1:11 PMProperty talk: Low occupancy rate. Doesn't mean that if a condominium building with less than 50% of unit being lit up at night means low occupancy rate. Some people may be travelling, some people may be going out for shopping, some people may be going out for dining, some people may be going out for business, some people are working, some people may be visiting friends, some people may be going out for entertainment, some keep the unit as holiday home, etc etc.

There is still no concrete data stating the below.

Investors > buyers
The price is out of reach for many people
The genuine buyer pool is drying up

RM500k property renting out to foreigners? Which condominium in Penang with a market price of greater than RM500k renting out to foreigners (Indonesian, Nepalese, Bangladeshi, etc etc ?

House is a common issue as house doesn’t fetch a good rent and the buildup is big which is economical.
October 27, 2010 at 1:57 PMUnknown: Agree with Property talk, if you gives peanut you will get monkey. RM500K condo with 6% gross rental yield with require rental of RM2500, how many company can afford to rent to foreigners as mentioned by alan above? As investor does not care about quality, then can a low quality condo give good ROI? Investor is not stupid, otherwise there won't call investor using OPM and power of leverage to make money. The short term 'investor' or to be more appropriate to call 'flipper' do play a part to help in property capital appreciation; but I feel this category of investors do reserve the premium because they help the subsequent buyers or long term investor to carry the risks along the construction period. Also, some talk about the hospital as a big minus point event the so called 'feng shui' master don't want to step into your house. A far-vision investor will see this as an extra-ordinaty plus point because in Penang, there are many wealthy foreigners from the close vicinity like Indonesia, Singapore, or event China will come to have their treatment in our hospitals. The parents will eventually be the potential high quality tenants since the hospital is just within the walking distance. With commercial title, nobody can stop you from renting daily, weekly or event hourly. There is no dead end for investor, hence Bayan City justify a good potential.
October 27, 2010 at 6:19 PMalan: In a condo block, it consists of various type with price ranging from 300K to 500K (depending on the height ans size).

What it takes is only a few investors purchased at lower price (let's say 300K) to rent out to foreigner. The whole condo environment will be affected.

To add on, the purchase price was much lower for some condo launched 3 years ago, 200K-300K (e.g. I Regency, The Spring, Summer Place, DPiazza...etc). Based on mudah.com, there are investors asking for rental of 1,200-1,500/mth.
October 28, 2010 at 10:35 AMProperty talk: BB is right on the hospital. I see it as a plus point rather than a minus point.

Since when Elit 1 starting price is RM300k.

I Regency, The Spring, Summer Place, DPiazza are no comparison to Elit as the variation of sizes are huge. You can have as low as 925 sq/ft to 1500 sq/ft and some of the unit prices as of today are still below RM300k. Investors are not so unintelligent to rent out a current market price property of RM500k at RM1200 per month.
November 2, 2010 at 8:09 PMPen: No call from SEAL to sign Elit 1 SPA yet, anyone has signed?
November 3, 2010 at 11:24 PMRBS: Hi, please read and check the SPA carefully before signing as this project is under commercial title and the SPA not compliance with HDA and Schedule-H.
November 7, 2010 at 3:28 PMJNee: HI

Is Elit this project get a good respond on that day launching day? So far how many units left?

Interest to buy one

JN
November 8, 2010 at 2:09 PMRBS: Hi JNee, I called SEAL Penang and confirmed that all units facing South (Nice Sea View and Garden) has been sold out. Only Type-A and Type-D units at lower floor below 15th facing North (facing Hotel Sri Malaysia and DPiazza which is 18 floors height + empty land in front of DPiazza) are still available.

I have a friend who may want to let go his type-A unit facing south at high-floor above 20 because the recent LTV-70% lead him to short of cash. Please kindly email him at hbdsoon@streamyx.com to find out the details.
November 8, 2010 at 4:31 PMLeeEng: I have a unit in Elid 2 want to release.
Which is type A, 1465sft with 2 car parks in 20th floor, facing south with nice view.
i am in top 100 list, so i can get rebate for extra car park and special offer price for the unit.
The reason i release is because
the recent LTV-70% lead me short of cash. Please kindly email me at jackeng1983@yahoo.com to find out the details.
November 9, 2010 at 9:17 AMPen: Wow. So many speculators!
November 9, 2010 at 11:45 AMUnknown: Hi Pen, be it investor or speculator, their risk is now increased by at least 3x after the LTV of 70%. This indeed a good move by the government to protect genuine 1st and 2nd home buyers. The biggest concern now will be secondary (sub-sale) market because the second purchaser may have to folk out RM500k (or 50% including all other charges + reasonable renovation) in cash for a one million Ringgit house given the 30% down payment, 6-7% for SPA and Loan professional charges + renovation (RM130K to RM150K).
November 9, 2010 at 3:21 PMSummer: But this will let the rich people more rich and poor people still poor.
November 9, 2010 at 6:46 PMUnknown: Hi SP, rich people always get richer, this is the rule of the universe and they don't become rich by not doing anything. The rich people either born rich, married rich or worked extra hard (of course with lots of sacrifice that we don't see), smart and differently and became rich. The LTV-70% will not stop the rich people (investor or speculator) for becoming rich but at least slow down the rate as the investment risk is now 3 times higher. On the other hand, this give chance to 1st and 2nd time home buyers get rich faster. This is good lah like waiting for those not so rich to go richer faster first then only run on the same fast track.
November 9, 2010 at 7:04 PMRBS: Hi, all those who send email to my friend email (hbdsoon@streamyx.com) about the type-A, high-floor (>20) facing South unit on Elite-2, my friend called SEAL Properties Penang office and confirmed that SEAL did not allow any transfer of registration as this is NOT FAIR to those in the waiting list who is willing (and has to) to pay the price before discount. The origiinal selling price for Elite-2 was 325psf at launch and Elite-3 is going to be at least 360psf. This means the owner who already booked with RM10k down payment can not transfer their unit but has to CANCEL it (sacrifice the RM500) and let those in the waiting list to buy at original price. I understood from the developer that the response for Elite-2 is very good and only those lower-floor type-A,D units below 15th floor facing North are still available. So, please call the developer to check if there still any good view, high floor units available or place your name in the waiting list in case some one cancel their booking. I still think this still a wise move otherwise waiting for Elite-3 with higher psf price means you pay more for waiting (for rich people, they are paid for waiting). I missed out Elite-1 as I was outstation and I learnt that Elite-1 was selling below 300 psf, where can you find this kind of condo in Penang Island with good location, excellent amenities and accessibility (a city in the middle of 2 bridges and so close to FIZ).
November 10, 2010 at 10:38 AMpenang: The recent BN ruling is very good. So speculators who have yet to obtain their EF. High time now to consider dropping the units as hv to fork out 30% down now. Allow those genuine homeowner a chance to own their dream home. Homeowner will not have to fork out extra like paying undercounter to get the unit (IJM case). Risk is that if developer not financially sound will face difficulties in completing the project as it affect their cashflow! So owners, do your homework carefully before buying and take up rate will definitely slow down for properties with price range between 300 - 500k as speculators of this type of properties are usually middle income group and to come up with 30% is just too much.
November 12, 2010 at 5:21 PMRBS: Hi, anyone has signed the SPA of Elite-1? Please update, thanks.
November 13, 2010 at 12:50 PMJoseph F: Has anyone compute the monthly cost of owning a unit in Elite? Is it worth the extra spending month on maintainance fee (RM300) + extra electrical + water bill. It can run as high as RM500 per month in addition to the loan installment. Please share your view as I am deciding whether I should keep my unit
November 16, 2010 at 1:16 AMUnknown: Hi Aspera, the maintenance fee for any condo/apartment and Gated & Guarded community is computed based on per square foot basis. Normally condo/apartment will require higher maintenance fee due to lifts and more security guards and is higher than G&G community. I am paying RM130 for a 800sf condo which worked out to 16.25 sen/sf per month. Elite-1,2 as far as I know, only charging 0.15sen/sf and it is still very reasonable. Extra electricity and water bill is not so significant compared to the conveniences on the amenities at Bayan City and its vicinity that you will get. The only place that you don't have to pay monthly maintenance fee is landed property not within G&G community but the property price is much higher compared to service residence and condo.
November 16, 2010 at 11:44 AMProperty talk: Aspera, for my point of view, Elit is worth to buy for own stay or investment. Lets do a quick comparison as below.

Maintenance: 15 cents is considered on the lower side. I do not mind paying a little higher maintenance provided that I get the maintenance and services by management. Easily, higher end condos are now in between 22 cents to as high as 40 cents.

Extra utility bills: 20%, monthly spending: RM200. Extra: RM40

Indah water: RM36 a month (not sure about this but I find the information provided by ‘penang’). Hopefully someone can clarify.

In total, you pay extra RM40 + RM36 = RM76 a month and RM912 a year.

But if Elit is not under commercial title, I would assume that the price is easily 15% higher which on average the impact will be RM450, 000 x 15% = RM67, 500.

If you were to stay there for 10 years, RM912 x 10 = RM9, 120 (extra bills) vs. RM67, 500 (if under residential title). Take note that there is possibility that you can convert from commercial to residential title.

With some projected calculation above, hope you can make your own judgment.
November 16, 2010 at 3:08 PMCN YEONG: Seal office has called me to sign S&P on this coming Sat.
November 16, 2010 at 7:00 PMUnknown: Hi CN, please kindly update us whether the S&P follow Schedule-H (please refer to the link above posted by me) governed by HDA to protect the purchaser. Some good developer in Malaysia still follow Schedule-H though the land title is commercial.
November 17, 2010 at 4:10 PMUnknown: Hi, is anyone know who is the contractor for this project?
November 23, 2010 at 12:25 AMCN YEONG: This property is not cover under Schedule H/HDA.
November 23, 2010 at 1:58 PMRBS: Hi Janice, please check with SEAL. It seem like the developer don't allow you to transfer name but you have to cancel your unit. The developer will first sell your unit to those in the waiting list. I already called up the developer and confirmed this.
November 24, 2010 at 4:13 AMPen: Honestly, I like this project but I totally dislike this developer.

-we were asked to pay $12k & a monthly installment of 10K till next year as the "10%" down payment but the SPA doesn't get stamped will March 2011, this is like cheating our interest in advance. Delaying the SPZ so that they will have total of ~4 years to complete the project,
-Even after signing the SPA, we are not allowed to bring back the building spec (generic description in SPA draft), no detail on the facilities,
-I was told no need to initial on every page on SPA during the signing, but I smelt fish, therefore I insisted to initial all,
-No detail on how they allocate carpark, operate in a total black box, resist to provide car park drawing to customer
-They asked you to take loan amount up to 110% of purchase price, but still ask you to overpay for them, and "rebate" to at later stage. Smell fish?

Enough for now, try not to give too much of negative comment, as I still think this project is strategic, but I won't buy anymore property from SEAL anymore.
November 24, 2010 at 8:49 AMAnonymous: so Pen, did u sign the snp? so many weird requirements from them.
November 24, 2010 at 2:31 PMPen: Well, I was asking myself should I sign at that point of time. Honestly, I question the lawyer firm personnel infront of the developer, the lawyer rep was not even had one reason to reply my questions instead just keep turning her head n eyes to the developer. I suddenly realized the this lawyer firm is a puppet! They hv no answer to my question yet not able to direct the developer to do anything. I started pity the buyers, us all.

The answer is I hv no choice but to sign n pay, the only thing I can do was to initial on every page to disallow them to change any clause. May be the more knowledgeable ppl here and advice me what to do.
November 24, 2010 at 2:40 PMUnknown: Same issues happened to me.
November 24, 2010 at 5:15 PMUnknown: Joyce,

What is your unit no?? am interested ..Pls let me know
November 25, 2010 at 12:22 PMcutie: Hey, i have signed my SPA on last saturday, that's glad that 10% down payment by installment till next year. For medium and low income level is good they can manage their cash flow better than giving full sum. some more chinese new year near to corner an other expenses to take care of. Yes, as Pen said SPA stamped March 2011, developer said will stamp all together in block for better control, to me is not much differences because only 3 months and they said will commence work in december, let see how...
November 25, 2010 at 4:52 PMPen: Cutie, The installment scheme is a joke, by the law, you don't have to pay them a cent till March, instead you are paying them in advance, but they never provide the goods (SPA stamp). Didn't you see the tricks?
November 25, 2010 at 5:52 PMcutie: Yes, thanks for info, but is good for me as medium range income level can pay by installment, otherwise have to pay more than 40k add loan legal another thousand is too heavy. I do initial every page of the agreements as well. I think is safe.
November 25, 2010 at 6:24 PMUnknown: BTW, if the end financier can accept the un-stamped copy of S&P to keep your Offer valid for 3-month till the S&P is perfected or if the financier has no concern to release your loan to the developer, then you have no much to worry; because the bank has more to worry than you.

I understood from the market that SEAL is trying to incorporate Schedule-H into the SPA to get more support from end financier (banks). If this is true, then this also explained why there might be potential amendment to your SPA which is for your good selves.
November 25, 2010 at 9:31 PMtan: Normally, how long does it take to stamp the SNP (after the SNP has been agreed and signed by both parties)?

Any advise?
November 26, 2010 at 12:18 AMPen: Normally, SPA got stamped within 1 to 2 months (max), this developer will take 4 months (if you count from booking fee date, its 9 months).

Cutie, you are thanking the developer to help you to save the money :), but I prefer my money in my bank account till the SPA stamping date.

The bankers? I finally realized why PBB, HLB, MBB, EON & etc all dropped out, for 1 reason, they don't trust this developer. We had got no choice, but to choose from Affin or Ambank, that's all.

If they plan to follow schedule H, why do they have to try? They are in control to do that now. It is totally illegal to change any of the rules after SPA signing without re-signing.

My apology, got carried away. Love the property, hate the developer.
November 26, 2010 at 12:47 AMAnonymous: does anyone know why the developer insist us to overpay (110%) and rebate us later?
i have never heard of this nonsense before.
November 26, 2010 at 1:18 PMUnknown: Pen, i supported your valuable comments. I dont like tis developer as well. How could they legally capitalise on their strength during this property period and made full advantage of your purchase(s). With their terms and conditions apply, i beleive they have set a terrible precedent in the property indusries. From bad to worst. Like what PE engineering is saying. I'm just thinking whether they are reliable to carry on with their project. In the long run, I dont believe a company can be successfull without practicing a honest business principle and good business ethics. Good Luck Seal.
November 26, 2010 at 2:30 PMUnknown: I went to sign the agreement last Sat too and i have read through the agreement, they are following the schedule H which are protecting the buyer. Even the refund of rebate, they have stated cleary in the Supp.

Pen, do you know UOB is one of the panel bank too?? i belive if UOB also is the panel, i see no reason why you say the bankers dont trust the developer??
November 26, 2010 at 5:06 PMGingo: i totally agree with Cutie & BB, if the bank accept the un-stamped documents, why shld we worry..

since the developer is saying the construction will start in Dec.. just wait and see!!..
November 29, 2010 at 5:37 PMLeeEng: heard that under commercial title project only able to loan up to 80% only for sub sale... Meaning on future if we want to sell the elite height unit, the sub sale buyer only can loan max 80% only?? correct me if im wrong.
November 29, 2010 at 10:58 PMPen: Well, I have here to give my 2 cents & of course also to express myself a little. Whether Seal can perform per expectation or not, we will see. Don't get me wrong, I signed too. But.... facts are the facts...
December 1, 2010 at 11:24 AMUnknown: The design of the type A has some problems after I review through again the plan.

The toilet for master bedroom doesn't allow ventilation to outside, means you have to filter your own masterpiece. Other toilet is the same, ventilate it into your kitchen. They just try to squeeze as much units as possible into limited area.

The design is like an apartment with bigger long space which is not luxurious to me. 11 units/flr = a lot of rich neighbors.

Is the price going to fetch 400/sft with above points once completed? Is Penang population that high that required something like HK or SG?

I think better add in 1-200k for landed.
December 1, 2010 at 2:17 PMFish Tan: Hi Kent,
I did not buy this apt, nor intend to buy, cos it's a piece of crap for me.. however, regarding your toilet ventilation enquiries, if you look properly there is actually a very small "chimney like structure" behind the shower area, that place is used to exhaust all your wonderful gasses out of your apt. It is being implemented in Kelisa heights too iinm.

The disadvantage is you must run an exhaust fan all the time, else, someone else's toilet odor might go into your apartment if your apartment happens to face downwind or have negative pressure for any reason.

That being said, I dislike my toilet to be so dark without an external window, but that's just me. Thousands other people are queuing up to snap this property so they must be right.
December 1, 2010 at 3:32 PMUnknown: Hi Jack, FYI, there is a distinct difference between commercial property and commercial land title. Commercial property is meant for business activity like hotel or service apartment and normally bank will loan up to 80% LTV. Commercial land title can have residential unit for your own stay and this 'purpose' can justify for 90% LTV since buyer bur this property for roof over his head. To financier, the more important thing is your purpose of using this property and your financial capacity to repay.
December 3, 2010 at 6:28 PMpenang: Incoming ready unit supply from Zan Pavillon at 600k for 2,000 sq.ft. The View at 629k for 2000 sq.ft and Uban Residence at 598k for 1946 sq.ft. Ready unit price is only at around RM300 psf. Not sure how much further Elit Bayan will fetch?
December 3, 2010 at 6:32 PMpenang: similar with Golden Triangle,almost 9 months in the market and no sign of work on site = 5 years to complete maybe....
December 6, 2010 at 12:06 PMUnknown: When will be the 3rd Phase to launch?
December 15, 2010 at 10:29 AMhobbit: mun hoo, their website say elit 3 launching soon, no date mentioned?!!
December 16, 2010 at 11:23 PMKS_rev: Elit-3 for rm350/sqft mayb? wow!!

Can't wait to see how they gonna create miracle (like QB mall & Gurney) in this Bayan City with Jusco as anchor tenant. Hopefully won't be another dying Timesquare....
December 22, 2010 at 5:36 PMUnknown: Another project nearby called Arena, further to hospital, mosque and police station. Also commercial title and freehold. Size 1250 to 1450 sf, 320 units only. Price includes 2 parking bays. Their website: www.gvcapital.my, but don't call the tel stated there because the office is actually under renovation, can call 04-6431133 for further details.
December 22, 2010 at 6:53 PMsad: The above sounds like "if you don't like Mcdonald, you go to KFC...hahahahahaha
December 23, 2010 at 11:41 AMPen: Hi dream, where exactly it is? And how much is the price?
December 23, 2010 at 1:07 PMKS_rev: Hi Pen,

I check out their website. It looks like situated on the land next to Sunway Tunas landed house. Accross the road from D'Piazza Mall & PISA. One of their gallery photo shows that.

Price unknown yet....probably RM300/sqft?
December 24, 2010 at 2:39 PMPen: Hi KS_Rev, thanks for the info. Not that much of info on the web as of now too.
December 26, 2010 at 6:30 PMtan: Not sure whether we need so many commercial plots/lots in Bayan Baru.

Gaint and Sunshine surviving.
Suntech, Mayang Mall and DPiazza are half dead. Coming up are Bayan City, Golden Triangle and The One.

Commercial + Residential project is a higher risk investment. If the commercial area is not doing well, the residential value will be affected.

Yet, there will be always conflicts between the commercial & residential when coming to common facilities maintanance cost if the onwership is not well spelled out.
December 30, 2010 at 11:56 PMpenang: Arena - another Ideal Clan project. Friends just paid deposit at Ideal Office at Krystal Point. Elit Bayan, Golden Triangle & Arena = Ideal. Same concept and supplying thousands of same products in Bayan Lepas area. Go check One Residence, they have anor 500 units launching in 2011. Tlt supply pending construction is 2000 units? Wow good luck to investors!
January 3, 2011 at 9:07 AMLeeEng: Penang, are you sure Arena is under ideal project??
January 4, 2011 at 3:15 PMsokohaw: Just confirmed with Ideal marketing people, The Arena is not under Ideal but Auto City "Tauke". Any relationship with Ideal...I don't know. Anyway, the 1st phase already sold out, purchased by the "Tauke" friends, staffs & relatives(same as IJM). Again, true or not true...unknown. Sometimes I really hope our government can implement "build & sell" concept to control all these. Just imagine how easy for the developers to gain money now a days, no need advertisement, brochures, show house etc.....but "sold out" already??? Elit also same, I only see few dirty containers in that area so far, no progress but can continue selling Elit 3.....who is going to protect the buyers right???
January 5, 2011 at 4:59 PMKS_rev: wow......Arena already sold out?? another IJM type of sales tactic....
January 6, 2011 at 9:10 AMUnknown: Folks, i heard Elit 3 now open for Registration!!.. they have totally new concept and design for the floor plans too.. can't wait to see ler..!!
January 6, 2011 at 2:35 PMUnknown: Any different between Elit 123, aside from price? In term of material used, lobby or anything?
January 6, 2011 at 2:38 PMUnknown: 1 more common question. So developer will be paying snp, interest during construction. The loan agreement fees should be paid by owner rite? Any 1 have different experience?
January 6, 2011 at 5:14 PMUnknown: Yeah, my friend just informed they are having road show in QBM tomorrow till sunday. They said by that time the layout will be out.

May be will drop by during lunch time..
January 12, 2011 at 2:02 PMUnknown: Any comment for Elit 3 which is >360psf? So this means super good deal for Elit 1&2?
January 12, 2011 at 5:42 PMpenang: sohokaw - your are right. Elit Bayan, Golden Triangle both no progress although product in the market for almost a year. Just keep selling and collect money. Those waiting to occupy house should be lucky if they get it in 4-5 years time. BTW, their version of 'Sold Out' is ppl paid booking fee which is also refundable. If they unable to sell Elit 3, let see whether they can start work - again cashflow issue here.....
January 12, 2011 at 5:46 PMpenang: Jack - Arena is another Ideal project but wear poker face. Do you think Ideal will market product for competitor? Go to Ideal office and tell the sales person that you want to buy Arena. Also can check with bankers pls to confirm.
January 13, 2011 at 5:14 PMsokohaw: If you buy RM360/ft now, how much you want to sell? RM400/ft? How to sell a condo with this price in Bayan Baru? Please don't get cheated by their trick-lah, keep increasing their price each time new phase launched...so good respond meh? Still got plenty of RM300/ft units at DPiazza, The View, The Uban waiting to sell. Even their I-Regency also difficult to sell at RM350/ft now, do you think people can buy RM400/ft in 3 years time? In Bayan Baru, majority are "makan gaji" group in factory......I don think they want to spend Rm600k to buy a condo.......
January 14, 2011 at 10:39 AMUnknown: Penang. Thanks for the input. Fully book for Arena, 2 years in the way, then only dump out the units for sales with margin.

I believe Bayan Baru will be very crowded with average income group, as per haw. Those want to purchase landed but not qualify, and not willing to drop to apartment group.

If can, die die go n get one landed now. But i think the landed price is also bullished nowadays. Just condo price is super bullished. So if u have the capability, go for the one less bullished. Anyhow, we are the fish on the deck, u will slowly die of inflation or being peeled off ur skin.
January 14, 2011 at 6:17 PMRBS: Before even open for sale already fully booked and this project 'Arena' is just beside PISA and opposite DPiazza mall. Who is the developer?

Looks like Bayan Baru area is next prime area after Gurney drive. Good location with 3 shopping complexes.

Inflation will make normal people poorer but investor or speculator getting richer. Statistic shows Penang property only go one direction -- up even at the supreme crisis of USA. Let see 2-year from now, you won't be surprise condo at good location selling a RM1M due to inflation.

Landed property is NOT suitable for young couple or expatriate who do not want to spend their weekend cleaning and maintaining their property while paying big premium to developer and interest to the bank while rental yield is not even enough to pay up installment or sometime not even the interest charged by bank. So, RM300k to RM500k condo is just affordable for professionals working within the FIZ and this explain why so may condo or designer suite is coming up at Bayan Baru area.
January 14, 2011 at 11:29 PMpenang: landed property may not be suitable for young couple... etc but surely suitable as an investment for retirement fund. Just be fruger and buy one now. Stay for many years and later can cash out as retirement fund. Already proven that landed properties are always on the upside. Good comparison is Sunrise Tower at Gurney - purchase price back in 80's is 400k (because it is the 1st Condo in Penang Island) vs a bungalow also at 400k at Brown Road. Today, Sunway Tower below 600k and the Brown Road bungalow? Land price itself is close to 3OO psf! So Condo or landed, you decide guys...
January 14, 2011 at 11:33 PMpenang: BTW, more condo supply coming into the market. Meridien around S.P. Setia area and also One Residence, some further 500+ units.....
January 15, 2011 at 8:11 AMAs God Wills - the Childless couple: Hello Everyone,

I know this is not Vista Gambier blog, but I am a very interested buyer of Vista Gambier. I was recently told that an expressway will be built in front of Vista Gambier. I am not sure whether this is true or not, that is why I am writing in this blog hoping someone can shed some light. Is this expressway, the PORR project? Any info will be most appreciated. This info is important for my decision about Vista Gambier - afterall, I can only afford one home and I want to be happy about buying it. Thanks. P.
January 15, 2011 at 3:49 PMUnknown: dropped by their office today, they said the Elit 3 will be launching soon and they might have early bird package.

any one can comment??!
January 15, 2011 at 7:56 PMsteve: Meridien going to launch tomorrow at the price of 350/sqf, about 20 floor of condo going to build at the land opposite of SP setia show village entrance.
My opinion , that piece of small land not worth that money , wht do you all think????
January 15, 2011 at 10:18 PMYeoh: Tomorrow norning pay a visit to their launching and see the crowd & response :-)
January 16, 2011 at 11:00 PMYeoh: Poor response on Meridein Residence project.
January 16, 2011 at 11:27 PMsteve: They use the same tactic whereby about 40% SOLD OUT before open to public! But the response is poor i reached there about 12pm only about 10 unit sold.
They use reflection as the benchmarking, mentioned tht 360/sqf is cheap compare to reflection which is above already above 400/psf.
My opinion, Setia is reputable developer with huge land size attached with commercial lot, how to VS.
January 17, 2011 at 4:33 PMPen: Anyone has the sales report of the new condo? Meridien! Thanks.
January 17, 2011 at 4:37 PMPen: And who is the developer or Meridien? Where is the sales office. Thx.
January 17, 2011 at 11:32 PMYeoh: Developer : Reka Indah Development
Sales Gallery : Block C1-1, 2 & 3, Bay Avenue
January 19, 2011 at 1:55 PMpenang: Meridien is residential title. Cannot compared with Commercial Suite which has many uncertainty!!! Soon authority clamping down on this Alien Product.
January 19, 2011 at 10:32 PMUnknown: Never heard about this developer before. Location also relatively poor compared to Bayan City where the sPICE also nearby.
January 19, 2011 at 10:57 PMsad: No advertisement, no announcement, never heard of them and even the webmaster don't aware of such project hehehe. what do they expect? good response?

It will be overly supply in that area. In fact, with the current population in penang. It doesn't make any sense. Are they thinking that even a newborn will buy a property? Look at summer place, over 100 units is up for sub sale.
January 20, 2011 at 1:42 AMpenang: well said SAD. In fact the over supply of condo is already very clear but ppl are still blindly buying thinking that they will profit 100k in future. Eventually Elit Bayan will have more than 800 units, the density has increased because developer reduce built up size and increase units (fr very reliable source). See how this developer keep changing the plan...and how great this K.L developer is... well there is no LRT in Penang unlike K.L!

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