The Loft @ Southbay City is located at Batu Maung, Penang, a property project developed by Mah Sing Group. The Loft comprises two 30-storey towers with a total of 156 residential suites. The built-up size for the residential suites ranging from 1,399 sq.ft. to 1,671 sq.ft.
Property Project : The Loft @ Southbay City
Location : Batu Maung, Penang
Property Type : Condominium
Tenure : Freehold
No. of Blocks : 2
No. of Storey : 30
Total Units : 156
Built-up Area : 1,399 sq.ft. - 1,671 sq.ft.
Developer : Vienna View Development Sdn Bhd (Mah Sing Group)
22 comments
How much per sqft??
Hold on tight to your chair. It's selling at MYR1200/sq ft...........
Crazy.... I almost fall off from my chair
You better buy Southbay Residence last transacted price RM1.2 million 6 months ago intermediate unit. Only needs reno, pay maintenance and move in. Build up 3300 sqft.
Mahsing had made a big mistake by choosing Batu Maung for their classy projects. That area just can't fit the concept of theirs, some more want to sell at RM1200/ft? How to find "Ang Mo" in Batu Maung? Normally what we can see are topless Bangla/Indo male workers walking around OR motorcyclist without helmet everywhere.....
Southbay Residence is now RM1.4m transcated figures. Sokohaw - Southbay Plaza already going for RM1,000paf non sea view!
Was in the loan screening last weekend. 'Sold' 45% of the first block. THe seaview was fantastic! Hope to get 1 unit. Fingers crossed for loan approval.
i definitely agree the seaview is fantastic. Take a drive up there and you'll notice that it has different view compare to Bt Feringhi......
Michael, SB Residence market price is still ~1300M(except corner), plenty in Mudah.com.
SB Plaza is not a completed project, developer can raise their price as they normally does. Let me know if there are people willing to pay 1000/sqft for that area for own stay. Why don't they buy SB Residence(<450/sqft)??? Seaview? come on...u want to pay double price for that? Even The Light Point is selling cheaper than it!
Just double confirm with my banker and few other banker friends SB residence intermediate unit bank valuation is RM1.15M to RM1.20M for original unit today market price.
Michael you might be referring to corner or additional land unit or renovated unit transacted at RM1.4M.
Anyhow for RM1000 per/sqft I agree with Sokohaw you might aswell buy cheaper condo at IJM The Light or Ivory Penang World City or completed super condo along Tanjung Bungah.
In fact I totally got no idea what Mah Sing Marketing strategy is. What makes them think that condos shd sell higher price than landed property(I mean in RM/sqft)? Even the Southbay Legenda is selling <700/sqft, with private lift/pool & plenty of features some more.
I still remember I bought a unit of SB Residence corner unit in 2009(1.1M) & sold it end 2010 at 1.46M. During that time intermediate unit was ~1.05 to 1.1M, if based on the info frm Rafael, the appreciation rate is low. So, I think The loft is definitely bad for investment. Unless u can sell it at RM1400/sqft!!!
Hi sokohaw,
It's not that Mah Sing made a mistake for choosing batu maung, but more that they don't really have a choice. There's really limited land available for big scale integrated development in prime areas like pulau tikus, tanjung tokong and tanjung bunga (which pretty much explains the high land cost in those areas).
Actually what I'm trying to say is why Mah Sing doesn't think of building "standard" projects in Batu Maung, why compete with IJM & E&O? That area just can't fit their concept and the market is not there as well. Factory workers--can't afford, Foreigners--not their territory, Rich family--not strategic area, Investors--too pricey etc.
A good example is SB Residence, when they launched the project, only ~RM755k per unit. This price is definitely "standard" during that time, no surprise it was "sapu habis" in short period.
hi sokohaw,
I tend to agree with you. In fact, i personally prefer "standard" condos against "luxury" condos for practical reasons, regardless for own stay or rental investment. People in Penang can't maintain things at "luxury" level, because most workers at the management office don't know what luxury means. Furthermore, condo owners always complain about high maintenance fees; you pay peanuts, you get monkeys. Even E&O properties are starting to show it's age, we'll see how they do the maintenance....:)
Good article to read.
http://www.starproperty.my/index.php/articles/investment/the-price-is-right-or-is-it/?utm_source=TSOL&utm_medium=links&utm_campaign=the-price-is-right-or-is-it
You won't regret if you don't purchase it because you need to spend your time with this developer for fixing the defects
Before u buy any mah sing house. I recommend you ask any existing owner of residence@southbay. This is a very bad developer. Most houses come with free gift, which is leaking here, leaking there
Serious buyer may now enjoy free professional fee for obtaining a best seaview unit at the best price and package in town for The Loft. Interested buyer may contact me at 016-4750441.
Hi,
I have some units for sale and rent. Pls call or watsapp Anthony from Popular Realty. 0124333370 or 0124338798. U can also email to intradayman@gmail.com. TQ
Will try my best to negotiate for u. TQ and have a nice day.
We are property negotiator in Penang Island,
If You intend to BUY / SELL / RENT your properties.
Kindly contact me or email @
Danick 014- 388 3815
penangcozy@gmail.com
to arrange viewing. Thank You
Hi,
I have some units for sale and rent. Pls call or watsapp Anthony from Popular Realty. 0124333370 or 0124338798. U can also email to intradayman@gmail.com. TQ
Will try my best to negotiate for u. TQ and have a nice day.
Owners who are willing to let go or rent can contact me too. TQ
Uniq ID Concept
Custom made Kitchen,Wardrobe Specialist & other interior cabinet.
Free Quotation & Consultant.
Pls donot hesitate to have enquiry:
email : uniqidc@gmail.com
phone : 011 - 10800414