|Condo/Apartment||Location||Total unit||Total Floor||From (sf)|
|Kelisa Heights||Seberang Jaya||140||11||1200|
|Kelisa Residence||Seberang Jaya||142||10||1097|
|Carissa Park||Bagan Lallang||144||10||1210|
|Centro View||Bagan Lallang||10||1070|
|Tanjung Heights||Raja Uda||148||13||1313|
|Cassia Resort||Raja Uda||273||13/17||1130|
|Capri Park||Kg Jawa||148||15||1334|
|Dahlia Park||Kg Benggali||134||18||1395|
|Telaga Emas||Kg Benggali||144||11||1330|
|Vista Bay||Kg Benggali||15||1256|
|Affina Bay||Kg Paya||12|
|Park View||Harbour Place||20|
|Sea View||Harbour Place||354||19/23||670|
|Ocean View||Harbour Place||386||27||938|
|Wellesley Residences||Harbour Place||401||27/30||650|
Sunday, 11 September 2011
Can Condominiums Flourish in Butteworth?
Recently there are quite a lot of so-called "luxury condominiums" being built in Butterworth area. Is there really a demand for them?
Previously there are already lots of residential apartment in Butterworth area which are only slightly better than low cost apartment. Among the first few "higher quality" ones include Cassia Resort Condo and Affina Bay near Raja Uda. Then a few years back came PJD's Harbour Place, which kick starts the "luxury condo" boom in this area. Currently, Tambun Indah Group take over and has already launched 5 condo projects in this area within 2 years time.
Mainland Penang people prefer to stay in landed property because it is relatively cheap compared to penang island. Ten years back if you buy an apartment here, people may question you and tell you that apartment has no land and thus no value.
However, new double storey terrace here cost well above RM400,000 now. Young working people find it harder and harder to buy a landed property, and they don't want to stay in lower-cost apartment without facilities and proper security. Is this the reason why there are so many condos being launched here recently?
Pinang & Palma Laguna
Similar condos in Penang island will easily cost more than RM350psf at the moment. For example, D'piazza, The Spring, Summer Place are between RM350-450psf, and The Brezza, Bayswater, Platino, Putra Place are about RM450-550psf. New condos at Southbay, Setia Pearl Island and Seri Tanjung Pinang cost even more than that. Even the old high density E-park & N-park are put on sales at average RM350psf.
What should be the proper condo price in Butterworth area? Some say it should be roughly 50% of island's price. A few years back, "better" apartments in Butterworth are sold at RM130-150psf. Now the average price has come to RM200psf, which is about 50% of island's equivalent.
Penang island and mainland is better connected now. Bayan Lepas FIZ is kind of saturated. Most new factories will be built at Penang Science Park and the new Batu Kawan Industrial area at mainland in the future.
More people who work in island start to look for landed property in the mainland. Some of them may prefer condos at Butterworth area as the price and rental is a lot cheaper than the island. Will the condo demand in the island spill over to Butterworth in the future?
There are also some people who work in Kulim High Tech park prefer to stay in Butterworth rather than Kulim. Both places are connected by the Butterworth-Kulim Expressway (20 min drive) and the toll rate is RM3.20 per trip. Besides, travelling between Butterworth and Batu Kawan is also easy (15-20 min drive) via the North-South Highway which cost RM1.10 per trip.
Here is a list of "more luxury" or "better" condos in Butterworth, some of them are still under construction.