The Waterside Residence condo set for October launch
IJM Land Bhd, the property development arm of IJM Corp Bhd, will be launching the Waterside Residence condominium project in Penang, with an estimated gross development value (GDV) of RM240 million, this October.
“The Waterside Residence is part of The Light Waterfront phase 2 which has a GDV of RM6.5 billion,” IJM Land managing director Edward Chong told TheEdgeProperty.com.
The 4.27-acre freehold condominium comprises 256 units of 2- and 3-bedroom units with built-up sizes of between 1,055 sq ft and 1,270 sq ft. The estimated selling price averages RM700 psf.
“Waterside Residence is situated next to a planned shopping mall and convention centre. We are targeting buyers who are looking for modern lifestyle homes,” Chong said.
Phase 2 of The Light Waterfront includes a proposed mall with a gross retail space of 1.5 million sq ft, thematic shops, a convention centre, two hotels offering a total of 750 rooms and an office tower.
“Registration of interest for the Waterside Residence is open currently. We are confident that it will be taken up quickly as it is very affordable.
* Find out more about Waterside Residence *
“In Penang, properties that are priced below RM1 million will be snapped up in no time. Not only that, many people are upgrading their homes from inland to the seaside, thus the Waterside Residence will be very attractive to them,” he said.
On the current economic slowdown, Chong argued that there is still room for property developers to thrive. However, he noted that the property segment is “definitely off its peak”.
“The fundamental of economics is that there will be ups and downs. And the property sector is a consumer sentiment-driven business, meaning it’s not so much about the demand.
“People will always buy property. The property segment has had a good run since 2009 up to about a year ago when we started to see the sector slow down a little but like I said, what goes up must come down,” he said.
“Yes, the current market is more challenging but the market is not dead. Because if you say it’s dead, you won’t see people at property fairs. To capture the market, a developer has to take in these three factors: pricing, product and location,” he added.
Chong believes that developers can thrive even in a slowdown. “It’s just that during downtime, you have to manoeuvre around the storm, after that you’ll be alright. There will always be another upcycle and you’ll have to be there when it arrives,” said Chong.
Source: TheEdgeProperty.com.my
waterside vs queens residence… which one better?
@km
I ll take Queen. Waterside just like light linear 2
@buyer
25% cheaper
queens got proven queensbay, waterside still need to wait for new mall, but the surrounding will be better compare to queensbay area
@buyer
waterside cheapest block direction not the same with linear… linear direction parallel to the high way, waterside is like 90 deg with highway… will this kind of direction helps to reduce noise from the highway?
@km
Well I learnt in school, sound is in wave form, some more source is not static, so no matter how u position that building oso useless, do pay more get higher floor would help.
Until now one shop also can see, I am not putting high hope on their plan on commercial. Build a successful mall first than I might pay this price.
@buyer
thanks for your input
@Ant
agreed… ijm commercial takes very long time to materialise… not sure they can make it or not… maybe jv with parrenial will helps…
btw, another point is the light will be an interchange station for lrt… but again, not sure this lrt can happen or not…
noise should not be a problem as all units facing the opposite (sea) direction.
@jan
25% cheaper is IJM?? So u mean u will choose IJM??
@MJ
i think he meant waterside 25% cheaper than linear in term of absolute price
@MJ
Queens not 900psf meh? This one 700psf ma.
I will buy whichever cheaper la, or world city. Seems just alright.
@km
do u know how much Linear was selling when it was launched few years back? was it ard RM600/sqft? or less than that?
@jan
The Light Linear is cheaper than Waterside & Queens, around 620psf, you can check at any property website.
Queens is cheaper than Waterside after rebate, you can refer to the forum about Queens package.
Maintenance wise, Queens is much more expensive compare to The Light Linear.
@jan
Queens is more exp I think cos of its location. Queensbay Mall is well established now and it is one of the most successful mall in island. Their traffic & footage beats Gurney Plaza now…
@Lam
Ya considering linear also
@MJ I know. I stay qb area. Want to see how world city subsale do also later
@MJ
yes, linear is cheaper in term of price per square foot… but it is higher if you take absolute price…. min close to 900K…..
no idea about waterside package yet…. queens resi cheapest after rebate is 780 psf….
If IJM offers RM700/sqf for phase 2, those phase 1 owners will be in trouble. I think somehow IJM had cheated phase 1 buyers by changing their original plan. I still remember The Light phase 2 original plan didn’t look like this. IJM had changed it after monitoring the market demand for few years, seems like they’ll focus more on residential instead of commercial.
Condo and more condo. So many incoming supplies for highrise, will see a major correction in 2018.
@Truth
700/sft for non seaview unit… seaview more than 1k/sft
@km
700psf is too cheap for IJM project, I estimated 750psf & above for non seaview, seaview unit for Queens is worth than Waterside due to it have direct seaview while Waterside have to view across the road.
@Lam
article above stated average price 700/sf
@Lam
Seriously I don’t think the seaview is considered seaview for queens. Open balcony see hill. A small strait in front if that is seaview for many then.
@jan
Right, both have their own cons. If don’t mind of subsales, one should consider The Light Linear.
@Ian
I rather choose Baystar since the price almost the same for 1500ft.
@KK
All also not bad la. Down to preference and pricing already.
@jan
ya lor…. where got perfect property
Baystar is good consideration as well but it was 1.2mil for >1500sqf
@Lam
Light Linear 1.2mil for 1475ft.
@Pen
this is with seaview right… non seaview close to Rm900K min
@ppng
May I know how much is The Light Linear non seaview unit selling now averagely?
@ppng
The value of seaview is amazing.
@MJ
asking price is ~900K…. transacted dunno