Penang island is so short of land until the dead have to give way.
The newly launched residential development Shineville villas (3-storey terrace) and Shineville park (condominium) by OHM Group sit above graveyard situated along Lebuhraya Thean Teik. There has been a lot of high-rise residential development around this huge graveyard such as All Season Park, Melody Home, BL Garden etc but I guess this is the first one which sit exactly above the graveyard?
Shineville Villas
Shineville Park
The Star did report back in 2010 that 60 graves will be exhumed to give way for this development. Thus a lot of people may not wish to buy this property because of this factor. However, if the price is cheap, then it may be another story.
Let's check the price, Shineville villas 3-storey terrace with land of 1367 sq ft starts from RM890,000. I'm not very sure what is the current market price of other 3ST at bandar baru Air Itam but I guess should be around RM1 mil or more. About the condominium, the price starts from RM366,000 for 1300 sq ft (RM281psf). The opposite All Season Park condo should be around RM300-350psf. Please correct me if I'm wrong.
Any condo with good facility below RM300 psf in Penang island is considered very cheap in my opinion, and the Shineville is located close to the city center and just next to Chung Ling High School! However, this area's traffic is congested and surrounded by graveyards.
Location of Shineville. Graveyard is not mentioned as usual.
Because of the exhumation news, a lot of people may imagine that the to-be-developed land is full of graves. However, this may not be true if we check the development site map and google map. The development is 4 hectares or 10 acres (5 football fields), and it only contains 60 graves.
Shineville site map
Shineville: the condo will have a great graveyard view
From the google map we can see that the Shineville is actually developed on a non-graveyard land, may be the 60 graves that need to be exhumed are located at the periphery of its border.
So, for the indicative price above, is it worth to buy/invest here?
Farlim/Air Itam area, for i opinion is traffic jam is the main problem, so is not good area to stay.
ReplyDeleteDepends on if the buyer pantang or not. The price is cheaper than most of the new launch, so it's worth the thought. If someone can get over the phycological barrier, it's a fair buy. However, traffic is another consideration.
ReplyDeleteIt has now proven to be a good buy, 3 years after. All, or most, property in Penang bought within this period already hiked, and hiked at a rate unimaginably by most of us, whatever the constrains of traffic, location, size, etc.
ReplyDeleteNow in the SVP property forum, this mentality still prevails. Guess some are just not meant for gains. We need to accept this reality of life,