RM1200-RM1400 psf….. too expensive!!!

Can someone please advise, RM1200 per sq ft, after 2 years will it become RM1400 per sq ft?

It is cheap for foreigner and they love this place, they will buy don’t worry…

heard from E&O staff. the up coming block will be RM1500 per sq ft. he he he…. siau eh.

Not all projects command such a high price structure. There are buyers. There are nearby projects which you could purchase @650/sq ft. They definitely have the midas touch

Crazy, but that’s the market right now. Good if you could afford it.

I just bought one. Compare to Johor bahru iskandar side, it still consider cheaper for the location and quality of the building structure.

wow.. congratulation! Which unit did you buy?

Do you mean Johor bahru is more expensive than quayside?

Wow, this looks to be 35% to 40% more than the 3 Bedroom I bought in block E

Congrats to those bot earlier
Bukit timah : ru from Sg…if yes, why u decided to invest in Penang
u bot Tower 1F
I will be there next week and thinking of buying one

Can you guys tell me what u’re working as to afford a RM1mil place?

@Ah Qua
I live in HK so these prices are cheap compared to here, the one I got cost double 1m

Work, financial services

the sales been very strong

I am selling my quayside…

1D-1-2 (1,199 sq.ft) RM 1.05 = 875.73
1D-9-3A (1,137 sq.ft) RM 1.05 = 923.48

Now E&O launch RM1200 per sq.ft for 915 sq.ft…

Win already…

contact me : saikheng@hotmail.com or 6012-5883217

wrong pricing.the studio unit cost 1.4 million. not 1.1 m

I have a friend want to buy either 1E or 1D, two bed rooms, sea facing

seller pl contact : pohneo@yahoo.com

thanks

Is this devleopment already builded or in progress? target completion is ?

It is really not that expensive considering the location and resort facilities provided. Three to five years later you will say, ‘ how I wish I have bought a unit.’ when the price will have nearly doubled. There will always be people to buy luxurious properties.

Our club members believe the price here has reaches the top end of its value with limited space for capital gain in the short term, we believe the rental yield will also be low given the facts that inflow if expat has slowed down over the last ten years.

When E&O first launched the first tower some people said it was very expensive. Now even before the tower is completed the price has gone up by about 50%. The prices of the other very rise condos in the Gurney Drive area are catching up and they do not have a fraction of the resort type of facilities offered by E&O.

High floor (17th floor),Block E, Fully Sea view, Anyone looking for rent? Please email to jacob8522@gmail.com
*Welcome for agent who are interested to work out for me… I will pass the rest of my properties to you all… thanks!

Willing to rent a unit in Quayside for 4 days from Dec 23th till Dec 27th, please contact me if you have any one available:
malihehs@yahoo.com

@Maliheh
This is not a service apartment! Its people like you who ruin Penang’s property. Why cant you just get a hotel? Being cheap is not an excuse.

hotels are cheap in Penang, no excuse for looking to rent an apartment for such a short time

hello

I have 1+1 and the 3+1 unit for sale.

Interested pls email me at andaman@hotmail.my

@Penang Property Showroom
Are they sharing the facilities with Quayside?

Would anyone advise me the price for 2br type c block D facing full Andaman sea view. Thanks

would anyone be able to tell me the market price for a 2br Andaman sea view in block D? Thanks

Hi NG

Full sea view asking RM2.6mil now in Blk D and E…..both high floor.

I heard Andaman have individual gym in each block and the rest are shared.

my dear friends i think the market will crash in the next two years ( I mean the actual property bubble will blow and the prices will back normal ) in which case you guys will be not even able to recover half of the money you paying today

@Jeremy

There will be no such thing for the prices to be back to normal but I am very
sure Andaman @ Quayside will be a flop.

@Penang 1 Hi! Why do you say that Andaman @ Quayside will be flop? I was planning to buy a 1 bedroom unit. WWould sincerely like to have your views on this.

developer is offering me one unit! Any idea is worth to enter direct from developer or subsales? for holidays home & invest purpose only

The best condominium in Penang with one of the highest capital appreciation in Penang.

their facilities a really superb..been there to have a look at a friend’s place.

Price is ridiculous expensive…we don’t have to forget we are in a under developed country and it doesn’t really matter how superb the facilities are but when you get out you will always be in Malaysia !!!!!

You cannot get property and facilities like this with the downtown conveniences and the sun and blue skies and warmth in any other country. Comparable to 1st world facilities.

We have homes in 1st world countries but Andaman is fantastic!!! Great for those retiring like me and great way to upkeep a good standard of living.

pandanleaves :
You cannot get property and facilities like this with the downtown conveniences and the sun and blue skies and warmth in any other country. Comparable to 1st world facilities.

Supply > demand still.

@Jeremy

Well, you’re right. The problem in this country is that people can’t do a good job on maintenance. All the nice things will start to break down very soon.

Not what I have seen with high end properties and the high quality of committee members. Look at springtime and infinity.

Holding a property in Penang now and if you are paying maintence fees in that covers breakage your ok. Same as in overseas if owners don’t want to maintain there is nothing anyone can do.

@pandanleaves

Not if you are forking out 5-6k a month for bank interest. I would rather go for vacation with that kind of money.

@SR

1. I beg to differ when it’s said that one should not buy a good property because the supply is greater than demand at this point of time. After all, we are buying a property, not buying speculative investment products like shares and options.

2. To many people who can afford the luxuries of living in Andaman, they do not look at it as a speculative investment anymore.

3. Gone are the days where DIBS was offered and barrier of entry was much lower that prompt urgent selling upon getting the keys.

4. Most people who buy luxury properties are ready to commit into a long term investment especially after the RPGT.

5. Because of the higher entry barrier, buyers of such property are financially stronger.

6. These are people who buy a property because they appreciate the quality and the lifestyle it bring forth, not to trade in near term in exchange for a handsome profit.

7. They would keep the property as a holiday home, or a retirement home that they would stay as long as the property pleases them. In this case, it is unlikely that these people will sell it soon after they take possession.

8. The supply demand for the property in longer term, let’s say 5 to 8 years later, may not be the same like what it is today. If we look at this matter from investor point of view, we should focus on what will happen in the future, not what is happening now.

9. The advantage of investing in high end niche market property is that you can expect a big portion of your neighbors are:
a) Financially better-off
b) Owners who genuinely appreciate the quality of the property
c) Buying for own use

9. In that case, in the event of unfavorable economic environment, you may expect minimal drop in the price.

Anyway, i just recently gotten the keys and i love my view so much. It’s far better than what I’ve imagined. My family and I are going to stay here, and i will not simply sell my apartment. I know i cannot find another property in Penang that offers the same convenient lifestyle. My boy like to play at the pool. The contentment of knowing my family is happy staying here is not what money can buy.

any thoughts as to how units in Andaman @ Quayside will fare over the next 6-12 months…? Not sure whether to look to rent out or sell my unit?

i think the property will fetch a very good value in next 8 to 10 years. give e&o some time to build the phase two seri tanjung pinang. anticipating penang version of sentosa coming up…

lwa97bc :
any thoughts as to how units in Andaman @ Quayside will fare over the next 6-12 months…? Not sure whether to look to rent out or sell my unit?

While I totally agree I have been dissapointed with the quality of finishes in the public areas. BLK F and H tiles on lift and lobby floors are the lowest quality with dents and holes in the tiles that are filled with cement (white n grey). Now I see dark oil/water stains on the tiles in so many areas. The building BLKs needs defects attended to in the public areas and for the higher price paid this is poor show from E & O. Inside my 3.8 mil flat the second and third bathroom tiles have grey cement grouting and it has been caught in the many ‘holes’ in the tiles giving it a ‘dirty’ public toilet look. I am terribly dissapointed with the finishes as I think E & O should not do this kind of deceit. Your show homes were definitely not like this so buyers beware. For this price overseas I would have had quality finishes. E & O should take responsibility for the final product released.

Coconut butter :
@SR
1. I beg to differ when it’s said that one should not buy a good property because the supply is greater than demand at this point of time. After all, we are buying a property, not buying speculative investment products like shares and options.
2. To many people who can afford the luxuries of living in Andaman, they do not look at it as a speculative investment anymore.
While I totally agree I have been dissapointed with the quality of finishes in the public areas. BLK F and H tiles on lift and lobby floors are the lowest quality with dents and holes in the tiles that are filled with cement (white n grey). Now I see dark oil/water stains on the tiles in so many areas. The building BLKs needs defects attended to in the public areas and for the higher price paid this is poor show from E & O. Inside my 3.8 mil flat the second and third bathroom tiles have grey cement grouting and it has been caught in the many ‘holes’ in the tiles giving it a ‘dirty’ public toilet look. I am terribly dissapointed with the finishes as I think E & O should not do this kind of deceit. Your show homes were definitely not like this so buyers beware. For this price overseas I would have had quality finishes. E & O should take responsibility for the final product released.
3. Gone are the days where DIBS was offered and barrier of entry was much lower that prompt urgent selling upon getting the keys.
4. Most people who buy luxury properties are ready to commit into a long term investment especially after the RPGT.
5. Because of the higher entry barrier, buyers of such property are financially stronger.
6. These are people who buy a property because they appreciate the quality and the lifestyle it bring forth, not to trade in near term in exchange for a handsome profit.
7. They would keep the property as a holiday home, or a retirement home that they would stay as long as the property pleases them. In this case, it is unlikely that these people will sell it soon after they take possession.
8. The supply demand for the property in longer term, let’s say 5 to 8 years later, may not be the same like what it is today. If we look at this matter from investor point of view, we should focus on what will happen in the future, not what is happening now.
9. The advantage of investing in high end niche market property is that you can expect a big portion of your neighbors are:
a) Financially better-off
b) Owners who genuinely appreciate the quality of the property
c) Buying for own use
9. In that case, in the event of unfavorable economic environment, you may expect minimal drop in the price.
Anyway, i just recently gotten the keys and i love my view so much. It’s far better than what I’ve imagined. My family and I are going to stay here, and i will not simply sell my apartment. I know i cannot find another property in Penang that offers the same convenient lifestyle. My boy like to play at the pool. The contentment of knowing my family is happy staying here is not what money can buy.

can anybody telling me what is the value price of the Unit 1 H 17 3 A fully furnished sea view

@Hess

For Quayside, a fair price is RM900 psf empty unit. For fully furnished, it all depends on the extend of the furnishing.

Looking for renting a 2 Bedroom flat type D (2,046 sqft) Tower H at a max of RM5,500 in mid to high floor. Unfinished or little furnished. Curtains must.
Contract 2y + up to 3y option. 2 persons occupying and taking good care of property

Anyone out there?

Hi Frank, when u would u need it for rent?

Currently living in Andaman, I strongly advice, not to buy or rent seafront unit in Andaman Towers. Because of the reclaiming work for the new island project Seri Tanjung Pinang Phase 2 it is very noisy. Not possible, to open the windows or sitting on the balcony. Developers are allowed to work 24 hours , 7 days per week.
The residents are very unhappy with the situation. Avoid Andaman!

@Krista

What about Quayside phase 1? Noisy?

10 years ago we stayed in Penang, once a fantastic place. Penang is now an over saturated property market with over 500 properties in Quayside by Andaman for rent, far too many condos, far too much choice and bargaining on rental is too easy.

@Lee
Any sea view unit for rent in Jan or Feb 2020 for 3 weeks?

Now in 2021 hilarious reading these comments from 2015 and earlier…. Price stagnant since launch…or worse than stagnant, decrease. Only good for renting to expats, and even then losing money…the rental income doesn’t cover bank interest + maintenance fees…everyone is just hoping it appreciates…well so many years later it HASN’T APPRECIATED

Quayside lower floor subsales going for 500 psf, Andaman also selling 600psf. Ripoff for foreigners, but I believed the hype sad how much money lost now.

Regret buying, bad investment. I cut my losses and sold for loss just before MCO. Best decision ever.

Now imagine if had invested that money in NYSE instead of wasting on this losing property. Big mistake that looks so nice.

@Ravin
How much did you sell? Basically Penang property now only good for own stay rather than invest.
If invest then you got to wait for 10 years or more.
Unfortunately now is covid.

@Eng Ting
Sold my quayside unit at 570psf, Andaman at 650. And this was before MCO, now even worse. If I held on to them 2 more years, no movement in price (just lower), no volume in transaction, and I would have just wasted another 50,000 in maintenance, plus more in interest and principal payments which I could have invested in NYSE which is doing very very well. I paid dearly to use them and use the pools, enjoyed for awhile, glad I am out.

Of course I disagree that quayside is a good investment, no matter how long you wait. For it to be a good investment the unit appreciation has to keep up with inflation, has to exceed the annual mortgage interest payments, has to exceed monthly maintenance, and has to exceed what you would earn in a safe alternative investment like NYSE index fund.
Look at the prices, they are not appreciating and are depreciating — no hope. This means losing money. Another ten years will not help, there will not be a sudden boom on these old units, any new boom in 10 years will be on new units in Phase II.

Its a nice place to live if you are foreigner scared of local places, or on holiday, otherwise get tired fast of sitting at pool or stuck in overpriced cramped unit. You pay very very much for branding, but not even EO managed anymore. Prefer supercondo + staycation at rasa sayang, much better value.

Biggest problem right now is that Quayside is marketed to foreigners, assumption is that you can sell/rent to a foreigner, but now they are leaving and selling/renting their units even cheaper. MM2H program suddenly changed…so many foreigners cannot meet new income requirements to renew MM2H and have lost faith in retiring to Malaysia. Even worse with pandemic, people across the world are going home, not looking to move as expats to foreign countries — especially not to countries with MCO/covid as bad as Malaysia.

If want deal in penang property better to buy discounted new units. Straits residence is selling for big discount, same with city of dreams, (but even at 50% COD is not worth it, that is the next hopeless investment disaster dreaming of rich foreigners).

Ravin :
@Eng Ting
Sold my quayside unit at 570psf, Andaman at 650. And this was before MCO, now even worse. If I held on to them 2 more years, no movement in price (just lower), no volume in transaction, and I would have just wasted another 50,000 in maintenance, plus more in interest and principal payments which I could have invested in NYSE which is doing very very well. I paid dearly to use them and use the pools, enjoyed for awhile, glad I am out.
Of course I disagree that quayside is a good investment, no matter how long you wait. For it to be a good investment the unit appreciation has to keep up with inflation, has to exceed the annual mortgage interest payments, has to exceed monthly maintenance, and has to exceed what you would earn in a safe alternative investment like NYSE index fund.
Look at the prices, they are not appreciating and are depreciating — no hope. This means losing money. Another ten years will not help, there will not be a sudden boom on these old units, any new boom in 10 years will be on new units in Phase II.
Its a nice place to live if you are foreigner scared of local places, or on holiday, otherwise get tired fast of sitting at pool or stuck in overpriced cramped unit. You pay very very much for branding, but not even EO managed anymore. Prefer supercondo + staycation at rasa sayang, much better value.
Biggest problem right now is that Quayside is marketed to foreigners, assumption is that you can sell/rent to a foreigner, but now they are leaving and selling/renting their units even cheaper. MM2H program suddenly changed…so many foreigners cannot meet new income requirements to renew MM2H and have lost faith in retiring to Malaysia. Even worse with pandemic, people across the world are going home, not looking to move as expats to foreign countries — especially not to countries with MCO/covid as bad as Malaysia.
If want deal in penang property better to buy discounted new units. Straits residence is selling for big discount, same with city of dreams, (but even at 50% COD is not worth it, that is the next hopeless investment disaster dreaming of rich foreigners).

Thank You For Speaking The Truth
Quayside Is Not An Investment It Is A Brand To Show Not To Invest

@JJ POP
Any suggestions of better project investment in Penang ?

Hello Ravin and J J Pop – I am interested to buy one at Quayside for own stay. Retirement. Been away for the last 20+ years. I would appreciate some advice from you both – pros and cons….if the price has come down – I am keen. If you would like to write personally, please email me at trudychen2010@gmail.com

Hi – looks like the comments have dried up. Is there anyone here who stays in this development? Please contact me as I would really like some opinions – please email me at: trudychen2010@gmail.com

@Trudy
I would like to share some opinion regarding this, may I know whether you’re buying for own stay or investment?

@JJ POP
Looks like a re-bound? The psf is hovering in the 1000psf range! But a lot of units are out on sale. Is there something wrong? I know many of the seaview facing units will have their seaview obstructed completely with the new STP2 developments.

@cash
Hello Cash – thanks for responding. Definitely for own stay. Actually, been out of Penang for a while and would like to retire here. Therefore, need some honest opinions about quayside. Friends have recommended me to take a look at this place for the convenience to amenities.

@Trudy
If you’re buying for own stay, then it’s difficult for me to give opinion as different people have different preferences. There are many many parameters that affect a buying decision, price, view, neighbors, density, car parks, internal layout, and the list goes on. If I were you, I wouldn’t rush into buying reason being this is the best time to rent as rentals are illogically low due to an oversupply of rental units in the market, and renting gives you the opportunity to have a feel of the place first before buying.

@trudy

If you all the while stay in north of island. I think the price is in your budget and you like the surrounding with mall and sea just go ahead. If you are open to explore new place than you can try the Queensbay mall area which project call queens waterfront residences. 5 minutes walk to queensbay mall and in front just sea view with 1st and 2nd bridge view. Ppl sometimes choose the place to stay because they want to stay in place where they familiar with.

@williamyl
Is Queens waterfront a mature neighborhood? Is this more on local or foreigner? Is that a good residences area? Is Queens residence comparable to Quayside? Sorry as we don’t familiar yet in that location..

queens waterfront is newly completed condo in queensbay area. more for local, rich locals who work in bayan lepas FTZ area. Less foreigner in these area.

I would say Quayside is a much pleasant location to stay, dont forget Queens waterfront is located under the Penang international airport’s flight path, imagine the airplane noise 365 days.

In Penang, you don’t have only Queens or Quayside, you still many other residential condos to choose from. Prices are very attractive when buying from re-sale market, especially for condos older than 6-8 years. They come in very good size, good neighborhood, good density, and good view.

@andyyy
Yes. Quayside is much better for own stay but this area is oversupply. And future Andaman island going to have more supply to be in which takes about 35 years to complete whole master plan. And thats affordable house & government office too. It’s a mix development & definitely supply will keep coming in to market..Supply vs demand totally out & price appreciation gradually drop. Hopefully we can see some improvement after border open up again. But MM2H program is a disaster. Queens waterfront is under flight path way & not sure if any changes in future since they have to avoid all signal disturbed also. But i hear that place overall looks good at the moment since all surrounding are leasehold commercial project. Queens is first seafront residential.

Thanks!! Really appreciate the opinions here. Of course it all depends on individual but getting feedback like this Really helps.

I hope to also ask about older condos like Alila Horizon. 15 years old, good concept and more affordable. As Sam mentioned, wise to check out the older properties. Anyone can maybe refer me to residents who are familiar with Alila Horizon? Someone asked me to be wary of landslides there. My email is trudychen2010@gmail.com

Sorry that I had to ask about Alila Horizon here. There are no threads on Alila Horizon in Property Talk.

OOPs…not many have visited this forum. Anyone knows someone staying or renting at Alila Horizon?

@Trudy
No rebound in prices…just lots of people trying to sell without losing money. No buyers at those list prices, except for a few retirees for ownstay who are very rare. Many more retirees trying to leave/sell.

Real prices transacting are still around 500-700psf depending on unit, maybe some going for less. It will get worse now that other economies are going to recession, absentee owners will need to liquidate.

@Ravin
You look like you do not know what you’re talking about, maybe you’re in the wrong channel referring to something else? :))) 500-700psf??? We are already way pass that price phase! Those without holding power would have already sold on the cheap + at a loss in the last 24 months or got the property foreclosed. Whatever left now would be owners who “sell chinese buns after dinner”. So the only way price would go would be up. Having said that, price increase would be mainly driven by production cost, but not strong demand, as there is still way too many empty homes in the market suppressing rents. Therefore, if one asks, is it a good time to buy for investment now, the answer is a definite NO.

@vicky
“Price phase” is an obsolete way to look at fluctuating market pricing in now such a developed segment. In real (inflation adjusted) terms E&O prices have absolutely dropped, and it is just getting worse. Even E&O nominal list prices have dropped, just look back at this thread.

Fact: only way to reliably sell a quayside unit within six months or even a year of listing is price at 500-700psf. Very very little volume sales at these 1000psf, but look how many listings sitting cold asking for so long. This means that real market equilibrium price is 500-700psf, and yes there are transactions at those prices. This is the market truth. So buyer can guarantee to buy at 500-700psf? No, few offered, because you are right, much ownership consolidated to those with “holding power” and not overleveraged, with smarter investors already exited.

What is holding power? If want to show holding power, just price what the agent says 1000+psf, and congratulation you hold for long time. Take money from your savings or real business and give it to the bank, give it to maintenance and give it to subsidies for your renters. Then can spend that holding time reading about time value of money and opportunity cost.

Now penang luxury condo prices are completely decouple from local economy and local wages, normal penangite salaries even executives cannot afford such prices. This means penang luxury condos are to be vacant extra homes for foreign owners, like alila2, and just speculative assets. So few high end units are owner occupied, look at all the dark windows at night. As a speculative asset it is a gamble, developer and first subsale makes some money, all the rest are stuck holding the bag.

Maybe owner leverages the bank overvaluation for loan for other business that actually makes money, because the luxury condo rental or subsale business of his ancestors definitely make no money today in Penang. Holding until when? Until inflation makes the investment even worse lose, or until inflation raises penangite nominal wages to afford to buy?

When I hear friend explaining his holding power for 20+ cash losing luxury units, I know the truth. His family money is shrinking in his hand from interest and inflation, and he cannot stop holding. Buying property or borrowing and lending on it is the only way he knows. Why sell for a loss, where else to put the money? Bun shop? Well maybe because bun shop tenant makes more money than bun shop landlord.

Owner who lose cash to deny market realities is just paying rent for dreams. That’s why I took a loss selling my e&o units, and that’s why I am richer today.

@vicky
RIP for Alila. Even Quayside also not doing well.
Now most of the project will be focused in Southern part of Penang. Northern side already fix & only Andaman island for next 35 years in a dream. Probably you all not here anymore.

I’m contemplating between Seaview Garden or Andaman as retirement seaview home. Have noted on the excellent viewpoints above from fellow commenters here. Would like to hear opinions from you guys on Seaview Garden. Thank you.

@Culper
Go ahead with Andaman for nothern side of Penang if you have budget.

Go ahead of Queens residence for southern side of Penang if you have budget.

Both are good for retirement & easily within reach anywhere restaurant or other. Plenty of nearby amenities & morning jogging exercise. Don’t go for Andaman Island. Personally feel it’s going to be high density mix development surrounding.

@Alibaba
Thank you for your feedback, @Alibaba. Absolutely agree with you on Andaman Island.