Tropicana 218 Macalister
Tropicana 218 Macalister, strategically located on 2.09 acres of freehold land along Macalister Road, Penang. Overall design and layout embraces contemporary lifestyle living, in a town setting. The development comprises 208 hotel rooms (Courtyard by Marriott) together with 211 units of commercial suites and 88 units of serviced apartments. Penang’s world renowned hawker stalls and Komtar building is within walking distance.
Special Features:
- Strategically located right at the centre of Georgetown business district
- International brand hotel houses one of Georgetown’s historical building
- View of Penang Bridge and sea
- 24-hour security
- Dedicated facilities and amenities for hotel or commercial suites and serviced apartments
- Infinity pool and Jacuzzi
Register your interest here
Property Project : Tropicana 218 Macalister
Location : Macalister Road, Georgetown, Penang
Property Type : Hotel, commercial suites and serviced apartment
Land Tenure : Freehold
Total Units: 208 (hotel rooms), 211 (commercial suites), 88 (serviced apartments)
Built-up Area : 374 sq.ft. – 1,304 sq.ft.
Developer : Tropicana Corporation Bhd.
Location : Macalister Road, Georgetown, Penang
Property Type : Hotel, commercial suites and serviced apartment
Land Tenure : Freehold
Total Units: 208 (hotel rooms), 211 (commercial suites), 88 (serviced apartments)
Built-up Area : 374 sq.ft. – 1,304 sq.ft.
Developer : Tropicana Corporation Bhd.
Location Map:
TOWER M
TOWER T
I am the first one ….. Take a sit …. (*o*)P
Got any layout Plan? Package?
WOOOT!!! Sure RM1,000 psf or more ^_^
yes !!… pls build more multi Million property
pg ppl are rich
Smallest 374sqft, RM500k? What do you think if really is RM500k? Rental can break even installment?
Registered in the Tropicana website. See if they’ll invite me for the launch..
Tropicana starts to bring studio concept from KL areas to Penang.
The price must be high…due to georgetown location ~~
how u know will 500k?
Tropicana=Dijaya?
Wah lan eh, completion is 4 years from signing S&P. Correct or not their website????
Studio is everywhere in the Penang,they are not the first.
@AL
Yes Tropicana is Dijaya or D&I Enterprise.. I think this concept is more to SOHO
Where is the “exact” site of this project? The nearest vacant land to Komtar would be opposite of Ghee Hiang outlet. Could this be the site or further up where this vacant land have been board-up for long-long time?
Ah Huat Pai Ka Fe…………..Huat Ah!!!!!
Is all about the return yield. If the Guarantee return is 7% after the managements fees then is good for invest.
Just notice the construction site. It’s doesn’t look like “walking distance” to komtar
This not heritage area? Why can built a high building here.
Not heritage area but on site there is one existing heritage building. I think developer need to repair and maintain the heritage building.
May I know when is this project launching?
Another Time Square project.. good luck.. uncle Tan, here is not KL lah..
The housing price will be dropped one day, stay tuned buddy…
Right time to launch luxurious project?
Factory biz are shrinking over the last 1 yrs+.
Since last month, in Penang, I heard quite a number of news,
“A” company laid off – ~20 people affected
“V” company closed – ~40 people affected
“S” company closed – to move to China
“D” company laid off
More to come.
A
if the project can come with ready move in style and have a management team help to rent to tourist then is ok, i saw newspaper said the occupy rate for hotel in recent years is getting near to 100% in peak season, even normal days, i can see more and more tourist here.
But if for own stay… hmm…
@lim
Luxurious project is not target for normal factory worker.
Service apartment is mean for investment only and getting the yield every months. The managment only grant maybe 10 to 12 days free stay a year for the owner.
As how we normally receive news where such development guarantees 7% p.a return in the first two years upon O.C and sometimes this is renewable.
Also the units should come furnished and buyer/investor need to top-up for the furnishing.
But always be careful of all the terms and conditions.
Normally upon knowing all the details, the first two years 7% p.a return actually resulted in less then 1% p.a return only after paying all the installment, management fee, maintainance fee in advance and etc. Only after 5yrs you’ll see consistent 7% return (if contract can be renew).
If you could sell it off after 5yrs:
1) at the same price of purchase – then partial of the 7% return will be materialized in the sales.
2) If price appreciates 10% or 20%, then it is even better.
This is my personal analysis over the new condo (Elemen) at Genting Highland which offers such package.
Too many projects launching at same times, developer is rushing to sell the project before budget 2014 announcement. May be the DIBS will be remove or property tax will be increase. Wait and see.
RM 4000 millions worth of properties on display but only managed to sell RM 115 millions during the 1st 3 days at The Star Stylish Living Property Fair 2013 , that’s just a mere 0.028% ! Wow , the property market is super duper slow now !
@yeahright
is 2.875%
Obviously, penang people not that rich to that extend…
yup .
Anyone knows when will launch?
what is the starting price?
I’d bet it will be around RM800/sqft….:)….By the time you get to see the booking chart, half of the units would have already been booked by their “associates” at super early discount (probably ~RM650/sqft). But don’t fret, you still enjoy a 10% rebate for being a normal early bird before official launch (so there’s still upside). By the official launching, 80% of the units would have been booked, with those purchasers already sitting happily on paper profit of 10-30% of purchase price, and needless to say the margin for the developer is far more than that….:)…And then…….what comes after that…….well…..who cares?…:D
do u all know when will launch this project?
This project haven`t launch yet, only open for registration, the price is above 1k per sq ft, Block B larger sq ft will launch above 700k. The A block will be smaller size,studio type wil be launch next year.
ya, nowadays all new projects are for foreigners, investors and speculators only.
Most Penang folks who really in need for a house to stay are still belong to low and medium income groups which totally can’t afford for any new launching projects, they will have to queue up at Komtar 3rd floor to get the form from perumahan to submit for the government’s so called low-cost to low-medium cost apartments which is taking ages to get one.
Overall property market for 1st quarter remain flattish, only newly launch property doing well and secondary market price drop included penang secondary residential property, due market in cautious mode.
Why only newly launch property doing well and secondary market price drop ?
What is there to be cautious about secondary market but not the newly launch ?
Joker…Penang subsale residential property price drop? It is up actually. The property market might crash that was in 2015 according from economist. But for sure not in this 2 years. Penang property price still in uptrend. But subsale for sure will be slow after.
Property sales dropped 18% comparing 1st half this year vs 1st half last year.
Check Kwong Wah news dated 15-Aug.
Penang secondary property old building residential property not many ppl want to buy, the old building we always know that not maintain properly, hv leakage problem and maintance fees not pay by owner, penang ppl afford to buy expensive property but no money to pay mthly maintenance, same thing hapoen to my apartment, the owner name is display on notice board. Afford to buy new project bcos of many offered by developer, DISB, early bird package. If i hv 10% deposit for sure i will invest on new project eventhough the smaller sq ft.
@J,
Property sales drop 18%, is that number of transactions or total value in RM?
@new,
Would you share which apartment you’re staying?
By qty over 6 month period.
7,000+ units dropped to 5,000+ units.
Believe most of the sales from new launch.
Sub sales market is slow.
drop 18%?
100 ppls holding 300houses, between this quarter they sell to whos needed for own stay.means after the quarter 100ppls have no more houses for sell.thats why ppls “assume” it drops not much transcation??
today i ate 100 apples doesn’t means tomorrow i ll still have 100 apples to bites.this is not what we call drop.its just nothing left in the bucket.
Anyone purchased this unit, received sms tower one sold out 100% , today open for booking Tower two. I heared lauching price rm1200 above per sq ft smaller size service apartment about 680sq ft, so the price is 800k plus plus
@coco
Launch already??
People are buying lifestyle and not just a roof over their heads
Yes, open for booking if u interest bring cheque or cash 10k, overpricing., this developert want to cari makan ini penang island.@Felicia
Launch lor, lower level all sold
Lower level all SOLD !!!!!
Higher levels going extremely fast
Which block they launch??
How many units??
The block nearer to Loh Guan Lye hospital or the other side they launch??
Price per sq ft?!
Heard launch ONLY 1 block and almost SOLD OUT!!!
Don’t know which block??
Which block with hotel rooms must be another block
Aiyoyo, got money also cannot get choice unit, lower levels Neo Suites all gone!! Wonder who bought?? Probably staff and associated
Received email on preview starting tomorrow at both Penang & PJ
Went to Sales Office at Tropicana Mall this morning, was shock that front liner said 218 Macalister launching next month!!
Tower 2 soft launch, almost all sold…
What is the situation now, soft launch or only open to elite group??
Why buy this Condo instead of PTS (Time square)? Seen both are rather similar concept…Seen PTS have rather more potential compare to this project. Some say PTS condo is much more better for own stay compare to 218 Macalister..Any comment?
Location, timing & branding
@Owner
PTS pricing??
The Wave@PTS currently left unit pricing 1M…Early lauch 1260sqf at RM630k..minimum. Investment potential is high..
bought one yesterday at 1.1m high floor
another fool is born ….. ha ha ha lol
@KS
Can you share your opinion with point and supporting data? Instead of writing non sense comment..Or else everyone here will feel you is the foolish instead..
@KS
Don’t come here give the shit and just left without clean..Such a foolxxh ppl..
@simon
What size? Work out to RM ???? / SF?
How many car park?
What is the maintenance charge in RM0.?? /SF
What is the sinking fund in RM0.0? /SF
Please share the advantages of this versus 218 Macalister.
Thanks
@simon
218 Macalister – 1299 SF units are selling at above RM1.5 million before incentives
Smaller units are all above RM800k as those below RM800k were all SOLD in 1 day!!
993sft – around 1.2m before incentives. Small unit still available. Car park not fix yet, maintainance 35-40centpsf. Personally I think this project is overpriced and maybe I am a fool. But I believe this area will fetch good rental rate, since KDU and The One is nearby. I also like because not many other condo around. Should get sea view, since the only high rise blocking is PSCI building and Mayfair.
@simon
993sqf for 1.2M is really overpriced..Currently even PTS phase1 &2 was only 1100sqf or 950sqf for around 650k to 700k.
Beware of our worst enemy… GREED. It can hypnotize you, and even kill you in worst case. So, know our enemy, and we are quite save.
1299 sf for 1.5m??? Wow..how good to become developer nowadays. The price is definitely overprice in Pg market! But i know all the units will still SOLD out eventually. This is only a mentality game.
Good luck i would say to buyer.
@YS
Hi YS, yes, I am aware of that. Even closest comparison , Noble villa just beside this project is selling like 720k, 1000sft, renting for 2.2k~2.8k, very old building. Current price is totally crazy and overpriced, I still can’t digest it…haha….But I got this feeling, that Tropicana, is the developer that could bring changes and upgrade to a certain location. Sometime, we just have to buy into potential.
@simon
The reason for your purchased is Tropicana and the location. Potential is there.
I’d say the price is still acceptable. Surely many think otherwise.
PTS was a failure in the eyes to many investors and you all know the reason. Ivory was condemned for their incapability to make it like a success and etc..
With 218 launched at such “overpriced” as many felt, suddenly PTS is a good buy and worth money for investment. You see such a mentality? One day a new condo or mix development might be built nearby (if there is still vacant possible land). Unlikely prices will be cheaper but when will this happen, no one knows. That one day will be the day when PTS is old news and 218 is a good buy and worth the investment.
So do not worry about digesting. So long you are able to manage the financial needs, you are fine. Time will show you the results. Good luck.
(Personally I did not purchased, because I prefer landed or seaview condo)
Nonetheless it’s a totally different comparison which cannot be compared at all.
Just my own opinion..PTS, has a good location..sometime…maybe fengshui problem? haha…can’t explain it, just dont feel good about this place..
I bought By The Sea back in December 2011, 1274sft for RM1.45 mill. Sea view and Beachfront. Semi-furnished.
At that time everyone told me that was stupid. I told them i know its expensive but i look at the rental returns for beachfront properties around that proximity of this project. I believe i can easily rent it out for RM7000 a month upon completion.
That is how i justify investing in a potential project.
There is always something you see that others don’t.
Now, Tropicana is launching this project for the same per square feet price of RM1200/sft.
I now feel that makes my buy at by the sea worth it.
@simon
Small unit still available, the 683 SF
218 Macalister only has 3 sizes for this tower 2 launch namely 683, 997 & 1299SF,
But lower floors from 13 till 21 floors ALL SOLD, left 22 floor and above up till 32 floor, was told all East view all sold, left few unit of West view. Looking at the overall Penang Island, it appear West direction is much better in term of view, can see Tanjung Tokong, etc.
Agreed with many the at RM1200 PSF look pricy, with combination of 208 hotel rooms, 211 Neo suite which is a SOHO and 88 residences, such combination might proof critics wrong. A new concept of business cum leisure??!!
Why this condo?
You can buy Damai Villa, Logan Road, 3,300 sqft, Full reno/furnish at RM1.45 million. It has been in sub sale market 1 yr ago.
Noble Villa with selling at RM720K also has been stuck on sub sale market since 2 yr ago.
Max, some buyers just dont have the initial payment for the subsale property. They only able to grab the new launch property with ZEC package, free this free that so they can minimize the amount to fork out for the first payment. And new always better than old one. But i agree with u, 218 is offering the ridiculous price and buyer just accept saja.
When GREED comes to play… logic not applicable. That’s how it BURSTS.
hope jw marriot really here
@iki
JW Marriott here, price will be easily above RM1200 psf
@Chocolate
Agreed, purchasers only need to pay neglible amount to get a unit. The rest DIBS, 4 years later only take delivery. Why not??
@Rich Man
To Singaporean, Hong Ki & Mainland Chineses, cheap!!! To us, is like KLCC pricing!!
To me is damp cheap too…
Foreigners are not stupid, they follow the wind as well. When it bursts, they run and you stay.
@simon
Different people, different view. Hopefully Tropicana 128 macalister will be come landmark of Georgetown later on. And hope PTS will improve the situation during the completion of phase3,4 and 5(Hotel). Hope both project will give another new image of Georgetown. New View, New Sign ,New landmark and Reputation of Georgetown.
@HUAT
In short to say, PTS condo success or failure…and value of condo is depend on the performance of PTS shoplot and shopping center downstair. If shopping mall success..meaning PTS condo also success..If Downstair shopping center skrew up mean condo value also ….so so..so..
In short to say, PTS condo success or failure…and value of condo is depend on the performance of PTS shoplot and shopping center downstair. If shopping mall success..meaning PTS condo also success..If Downstair shopping center skrew up mean condo value also ….so so..so..
@Mark Jefferson,
You are right. This project should “MAKE YOU FEEL LIKE” ByTheSea is reasonably priced. However, since ByTheSea is not completed yet, and you have yet to rent it out for RM7000, you still have to wait for another few years to verify your feeling…..:)
@Rich Man
No buyer, how to run?!
Yes, they dumb them. Remember KLCC price drop in year 2008?
@Rich Man
Eventhough price drop but it recover very fast especially the smaller sizes. But then depends on what types of buyers
1) Own use – up or down immaterial
2) Investor for rental returns – don’t really bother should returns able to cover maintenance fees plus repayment
3) Speculator – This is the scarry group, should greater than 50% consists of this group, then worrisome
Anyone went to check the sales chart recently?
@iki
No sales chart display. When you want to make booking, sales staff will show you their chart with many units crossed “X”
wow…all sapu habis..
@iki
Don’t know who sapu all the 71 units Neo Suite, the 88 units of Residence which are above Neo Suite price higher are almost all gone. Well, there is still opportunity to buy Neo Suite in Tower 1, 218 Macalister only make units at Tower 2 available before official launch I guess
Brochure is ready
Tower 2, 71 units Neo Suite completely SOLD, 88 units Residence left not many units, all 683 units taken, 993, 997 & 12xx units still available but not many
don’t worry. There will be loan rejected units as well.
Scott residence by Red Rock Hotel next to this is only going for RM550/sft onwards.
Why pay double when you can get it for a half the price next door, right?
@Fab
Is a different market, Scott units are 2035 SF, only 62 units, maintenance will be high in the long run in view of low density.
In a way the Scott Residence at 220 Macalister is good for 218 Macalister as it block the view to Log Guan Lye Specialist Hospital.
We can see the different between PTS & 218 tropicana macalister in next 4 years time..!!! Shine the Georgetown City!!
Many ongoing development & future development will definitely change the skyline
@Pen-Condo
Can you share me…which project is more suitable for buyer who are looking for own stay in stead of invest? PTS(phase 1,2,3) & Tropicanca macalister? What is the advantage & disadvantage for both project? I was looking to buy a unit either new launch project or subsale also..at Georgetown area…Thanks!
@Dansen
PTS is situated in an excellent location with the right mix development BUT unfortunately the retail lots are SOLD as per information gathered, where control of tenant is not within developer’s jurisdiction, retail lot owners can do what they like with no uniformity. This is what happened to Times Square in Kuala Lumpur.
@Pen-Condo
I understand that phase 1 &2 is not own by developer..Anyhow ivory will take up phase 3 shop lot..and the holding power will be under ivory. I feel that should be better..How about tropicana 218 macalister? Look little bit expensive compare to PTS also..
How can you compare 218 and PTS? The land size is different. 128 should be compared with FIMA at Burma Road, LOL.
People just don know what they are buying… This is nuts.
@Rich Man
Thats why we are earning rich man money…Foolish ppl..People develop and you give us the money..Welcome to tropicana 218 macalister Joker group..Another foolish guy dump the money to this project..
Wow, Penang eventually will be FULL of FOOLS according to RICH MAN & JOKER, many condominiums in Penang now are priced above RM1000 PSF!! Still people are buying into them,
@Pen-Condo
The project currently in the city area..new launch project al above RM1000psf..For me i rather buy in subsale with choosing better location and buy..More choice and variety..RM1000psf is really over..value…
@hello
Understand SP Setia V-Residence Block B is selling from RM1300!!!
Penang Island has become a place for the rich??!!
@hello
Any comment? Or your mgs already deleted?
@Pen-Condo
That one is for really rich ppl..in penang to buy..What do you think? Our penang condo price will wick up how many percent after 2014 budget been anounce? 15% or 20%?
@Pen-Condo
All the foolish rich ppl money been earn by smart..developer..Penang property will wick up high and high after budget 2014..end of the year we can see the sign of increase already. I hear PTS @ Birch plaza phase 1 going to RM750k minimum by this december..Good luck to all the buyer..And the problematic gurney park condo going up to 780k minimum..Crazy..rich ppl..
@hello
I wonder where these purchasers come from?? Buying these properties like piece of cake!!!
All is about fake investor..Internal sale person already took up and relesea to you if you are interested. So they will call it as sold out the unit already..SP V residence is for absolute rich ppl to buy.. And developer will earn absolute rich and stupid rich ppl money..buta buta earn. Tropicana 218 also is the same issue..all sapu the lower floor habis..RM1000psf..Really is over and over…Even PTS@ The Wave also is just about RM700psf..For own stay i will rather going to subsale market find the reasonable price unit and buy insteadof just let the crazy developer go and call up the price and the buyer just throw their money into developer pocket..
@hello
Any recommendation? Of between RM 500 PSF condominium with well managed facilities, security.
Miami Green…RM500psf to RM600psf at tanjung bunga
@Pen-Condo
@hello
Different location. Batu Ferringhi traffic is carzy
@hello
In fact Miami Green is not a bad condo at RM500-600 PSF, maintenance too at RM0.18 is very reasonable.
By the way, when newly launch, what was the selling price, RM 300 PSF>>
@hello
I agree with you hello. I went for the i-property expo last weekend.
The charts are all full but all of a sudden the sales person told me that there are 2 units that the original buyer decided not to proceed with and the sales person is holding their deposits.
So she told me if i am interested i have to give her a reply by the next day.
Sounds fishy to me.
Certainly overpriced. Good location though.
Miami Green condo is a good condo for own stay..Nice seaview as well..
@Felicia
@Jun
No doubt is excellent, but the distant to CBD can be annoying
@Fab
If want to say good location…Penang time square is the best location..Anyhow ivory need to improve their management to tie in more attractive company branded in to phase 3 to improve time square condition.. Shopping center is the major issue..for PTS. As for condo..still in reasonable price and good for own stay actually..
@hello
there are many existing condos in Penang that are going for good prices.
It is just that many people just prefer to buy new launches. Since developer is giving 7% rebate on their 10% deposits and 3% discount as well.
So if they can get their loans approved, all they have to come up with would be the 3% of the total amount. DIBS until completion. SPA and legal fees paid for.
Should avoid such projects because the sub sales will see a lot of speculators throwing it for a quick profit
@Pen-Condo
Yes. It shouldn’t be that difficult to find something that costs ~RM500/sf with good “PROVEN” mgmt and facilities..:)..Whereas 218 is still an unknown. Something might be worth noting is the quality of facility management & security actually lie in the hands of the management corporation which consists of unit owners. The quality of MC is not directly related to the selling price of property. More often then not, a mixed development like 218 would face issues of conflict of interests between parcel owners whose main usage of the units are residential vs commercial.
@Fab
Meaning all SOLD even before official launch!!! Which 2 available? The Neo Suite or the Residence. Is the similar situation as Penang World City TBR, as people will just booked but later realised wrong decision, fortunately developer allow full refund.
Was told Neo Suite is commercial while the Residence is residential. 218 is adopting a different concept. I saw the plan of bigger size unit, with 2 entrances
@Fab
In a project where speculator can flip and make profit is consider not bad, translate to market acceptance
@condomana
Agreed, still plenty of condo at between RM500 to 600 PSF can be found. But then the entry level is different, whereas for new launches, purchasers enter almost at the same RM/SF. As such, ability to hold is crucial should market reverse.
For 218. There will be 208 units of hotel rooms, manage by Develiper’s own company will be added advantage for the rest
@Pen-Condo
Not only could there be vast difference in interest between the various sub MCs (hotel, suites, service apts etc), there could even be vast difference within each sub mc. Maintenance and sustainability issues arise when various MCs can’t work with each other.
@condomana
Maintenance fee and sinking fund is based on share unit, as such there should be no issue.
208 hotel 41%
211 Neo Suite 41.6%
88 Residence 17.4%
——
507 Total 100%
Not a single party having majority of 2/3 which is needed for AGM quorum, each party needed another to make it work. Fortunately there are professional that can be engages to help with the elected committee virtually running the show.
Proper & well manage condo will definitely command good market value.
====
@Pen-Condo
By the way, there are a few litigation cases in penang between MCs and developers over asset entitlements for this type of mix development after the developer sold the block of hotel rooms to a third party. It is usually very costly for MCs to get involved in such litigation, but not doing so would expose the MC to legal actions later from parcel owners when something goes wrong. The housing ministry has fine-tuned the strata title act over the years to close loop-holes and minimize friction, but we are still far from perfect.
In short, you should be aware of all these before you commit yourself to such mix development (besides the high price), don’t get involved in the heat of the moment, unless your only purpose is for the short term. Then again, even for one night stands, you have to make sure you’re protected…;)
Anyone here represent Developer?? Please enlighten us.
@Pen-Condo,
Haha, very “good” question. Very soon, you would have someone explaining here how this 218 is structured in such a way that there will be minimum risk for any legal entanglements…;)
@Felicia
My take is, you have not personally actively involved in any MC/JMC. When disputes arise, things get far more complicated then 2/3 quorum, especially when you’re up against a corporate entity that owns 41% of total shared units…:) Litigation bills typically cost about RM20k a month, and it could drag on for years.
@condomana
I presumed the Tropicana’s staff do own several units there, they too are concerned of the well running of the condo by management corporation.
Take a small shopping mall in Lip Sin as an example, the tussle between the developer and committee took years to settle. (involving police, MPPP and politician)
Most of the staff s bought at much cheaper prices and reselling it for a 30 percent premium now just by transferring deposits. Sad but true!
@lol
Any Tropicana staff here, please said something!!!!
I heard the same as well.
This kind of practices are actually quite common nowadays.
For example, BSG property practices this as well. Own members gets it for RM500.sft. The soft launch they will be selling for RM630-650/sft
@Dandy
One of the method to reward staff, similar to many corporate giving ESOS at below market value.
The thing is, non-staff but friends will get such prices as well. As for the staff, they flip it over to future potential buyers at a premium to make a quick buck.
It is a case now a days.
@Dandy
What a joke!!! Lousy project…
@Dandy
Developer using units to offset payment with contractors – more common
@lee
Sounded like Mr Cold Water, please support statement with facts & justifications.
Please also list what & where are
1) Excellet projects; 5 stars, 4 stars
2) Average projects; 3 stars
2) Lousy projects; 2 stars, 1 star, no star
Wow RM1100 psf…
Setia V Residences Tower B at Gurney Drive which was just open for booking yesterday…
RM1100-RM1300psf…Which is a better location…
@Pen-Condo
Interesting that you brought up ESOS. You are right, ESOS is widely being used by listed corporations to motivate employees. Information for ESOS allocation has to be made public, as well as share ownership of directors and related parties. If the same principal goes for properties, that means the developers would have to be upfront with walk-in customers about related party “bookings”. Related parties could be staff, contractors, contracted lawyers and bankers etc….:)
@123 Property
Bigger sizes an as such bigger outlay
@123 Property
Which is better, 218 Macalister or SP V-Residence??
218 Macalister starts from 683 SF
V-Residence starts from 26xxSF
@condomana
Not all developers do that but some did, I attended SP Setia ballot, they announced just before the ballot that the chart shown on board are units being booked by staff.
On the other hand, should you be a developer, what would you do when you have your staff welfare to take care, your long-term business partners to maintain & to nurture further. Their support is needed, by giving them 5, 10 or 15 % seem acceptable? There is a cost factor to be considered by developer, certain margin will have to be made to sustain operations; I presumed operating cost can be high especially certain developers has so many Datuk Datuk, top management with high salary & perks. No one will sell at a loss.
Any update on launch, it appear to be a very quiet note??
I think they are in the misdt of getting the Advertising Permit. That is the reason why
they have not officially launch the project yet.
@Felicia
Setia V residences 1300sf to 1800sf for tower B…
Similar pricing…
Always when you buy a property…Location Location and Location
This is what all investors look at…
Gurney will always be Gurney and you will not go wrong…
Guess that is why SVR Tower B sold 90% during their soft launch
There is a different between this 2 projects
1) Pricing PSF is slightly lower at 218 after discount
2) The sizes are smaller at 218
3) As such, capital outlay is different, which translate to affordability
4) 1 is located at Gurney Drive whereas 1 is located near makan stalls, however still walking distant to Gurney Drive but has hotel within.
Each project has its pro & con
iproperty.com magazine has write up on 218 Macalister
@Pen-Condo
Setia V would surely beat Mac 218 if you compare. No doubt.
@Felicia
The write up says ….”Due to its location and quality of life, Penang attracts foreign direct investment mainly from Singapore and Hong Kong, but is also a destination of choice for Malaysia My Second Home (MM2H) beneficiaries. Hence, property prices tend to appreciate over a relatively short period of time.” So…sounds like they are pitching property purchase by foreigners are pushing up prices. Do you agree?
Some people keep saying only 2% of all transactions are foreign purchase, so it is not pushing up prices. So should the state put in some control to moderate pricing to protect the hard working middle class, people who don’t speculate on properties?…:)
@condomana
the truth about “price elasticity” has everything to do with cheap credit.
So, i am very sure it is the banks and of course the developers taking advantage of the cheap credit.
Nothing to do with the foreigners.
E&O has been setting the benchmark for prices in Penang for many years now. SDB came along to set a new benchmark for Batu Ferringhi. YTL is about to set a new benchmark in town area. Hunza and SP Setia are pushing prices up along Gurney Drive.
Most of the buyers are locals.
Not to worry because cheap credit doesn’t come cheap anymore.
Foreigners are only allow to buy properties at RM1 million and above in Penang, while other states is RM500k. Government is contemplating to revise all to RM 1 million or maybe at RM800k.
Units at 218 Macalisters are below RM1 million for smaller units, cannot be purchased by Foreigners?? Right??
Anyway, whether purchasers go for 218 or V-residence, is each decision and could be for different purpose. Difficult to judge the complex factors of buyers requirement.
@Pen-Condo
I am merely quoting what’s mentioned in the write up on iProperty….:)
Looks like when they try to hard sell their properties, they will say upside potential high because foreigners interested in Penang. When they try to justify why authority shouldn’t restrict foreign buying to moderate price increase, they will say foreign purchase is negligible..:) Oo Ee Kong, Boh Lu Kong!..And at the end of the day, as long as they can still show you booking chart full of stickers, who remembers who said what!!?..:D
When will be the official launching?
@Felicia
Does it matter when?…:D
Yes, it mean APDL has been obtained
I booked 1 unit of typeB4 not long ago, plan to use it for own stay few years later. However, after deep consideration, I feel that the price is a bit “over” if comparing to other projects nearby, even after 4 years later…….that area worth 1.1k/sqft? Any comments?
Really can’t believe that 1 sqft of condo = 2x more expensive than 1 sqft of semi-D now.
Type B4 is 977SF facing Macalister Road, right? Is this Neo suite or Service Residence?
There is a difference between Neo Suite & Service Residence, the former is commercial title and later is residential title; commercial rate & residential rate for utilities.
For Neo Suite, some might use them for commercial purpose, ie. office. I am not sure of the complication, 8 units per floor, 1 for residential and the rest become office, look a little funny eh?
For own stay I personally think should not be an issue especially of its excellent location, right in the CBD area. In addition, in view of security issue in Malaysia, gated & guarded landed properties is the trend and these don’t come cheap anymore. Alternative is condo living.
I presume at this entry level, everyone enter at the same level. However, should you go for the secondary market properties, your entry level is much higher than existing owner and should market fall, you will feel uneasy psychologically. Assuming market price falls below your purchase price, you will feel very uncomfortable whereas the 1st owner or subsequet owner who bought prior to market uptrend in 2010, their cost is still below market price, they still can dispose with margin.
218 Macalister looks very quiet??
Very expensive this project, me still receive sms from them, many units left unsold.
Property developer Happy days its over.
Wonder what goodies are they planning
is this a good price for this area – $1200 psf
Heard 20 units left for 1st block at the recently concluded property fair in KL
20 units left means >85% sold for 1st tower, consider good sale for high end project.
Heard that JW Marriot will be coming, not sure how true is it.
Felicia,
My unit is a serviced apartment(facing Mayfair). Thanks for your comments. I think they haven’t got approval yet as no official launching so far, and my 10k booking fee is still with their solicitor I guess.
@sokohaw
Is it legal to collect booking fees before SnP? Even if it’s through the lawyer.
@SiaoLang
That’s how all developers do so far, I think it’s ok as long as the project has been approved.
RM10k payable to lawyer has been cleared. Anyway, is booking fee and should we decide not to proceed, they have to refund booking fee in FULL
I will cancel my booking . Decided not to go for it.
Haha,
More cancel better … For the price to reduce for the benefits of those who hang on.
I wish, make it affordable???
What and How is the market reactions to the recent government measures is curbing speculation by announcing upwards revision in RPGT, abolish DIBS in 2014?
@Felicia
I think it is still too early to tell.
Just informed by Tropicana Sales team, confirmed Tropicana & Marriot will develop 200rooms hotel at 218 Macalister known as “Courtyard by Marriot”, completion ~2018. Hopefully it’ll come true, Georgetown really need more big names to upgrade it’s fame.
Today news reported – Courtyard Marriott is the confirmed hotel at 218 Macalister, RM300 million, 200 rooms hotel.
Now the price tag at above RM1,100 PSF looks reasonable?
@Felicia
Now reaching RM900 PSF, still need few more big names such as Hermes, Gucci, Prada, LV etc to fill up the boutique shops and attract beautiful ladies to decorate the whole area………then RM1100 PSF considered reasonable : )
No need big names, Penang declares independence and the price will go above RM 2000 PSF ….Possible??
Prices kept going up despite government measures to curb speculation!!!
@Pen-Condo
What is the price per sqf on the georgetown condo right now?
Very quiet after Nov 21 news??
aahh…..now I know why tropicana needs to charge buyers so expensive for this property, because it needs the money to subsidize the management fees that it has to pay to Marriot to run the hotel. Whether the hotel can make money or not, successful or not, that’s secondary. Tropicana can always sack Marriot and replace it with a low grade hotel manager (maybe swiss garden) later on…..:)
@cullymi
You eat ‘cullymi’ too much, advisable to eat ‘hokkien mee’ sometimes.
Everything is uncertain until we see it. It’s sort of “gambling” when comes to buying a property. As usual, before and after normally got big difference but it depends a lot on the developers….either reputable or Phua Chu Kang type : )
Anyway, S & P not yet sign and DIBS will definitely invalid now. Not sure what kind of offer will be provided by Tropicana? Rebates? Free furnitures or Free mgmt fee for few years??? Lets wait & see.
Supply exceeded demand in Penang properties. with government intervention in imposing several measures; RPGT, no DIBS, prudent lending by banks, LTV consideration… prices has to be adjusted for this 218 Macalister. Any news??
Heard launching soon for units above hotel, some time in March
Hi cc, I was told that they are going to launch it during the second day of cny.
I received a call fr the lawyer yterday to sign the s&p.
What is the latest price RM PSF??
What are the incentives?
Be there on 2 Feb to buy if interested. Received information that there will be talk by Ho Chin Soon, Lion dance, etc
What is the progress of take up rate
There are already people advertising in Mudah everyday!!
You go and ask Tropicana lah, how come not sold out meh, they will tell you this time…..”oh, new ruling, the buyer is only limited to buy 4 units only, but he booked 8 units last time, so got 4 units left loh”…..:)
@Cicak
haha