Anyone invest in this property? Recently E&O just soft launch.

Penang luxury property still can invest ? With strict mm2h rule and all time low rental yield… and covid duno until when…

@Andy
Not really luxury. Everyone can buy. Smallest unit starting from rm500k only.

How’s response so far?

500k i guess is birdcage studio units rite…

Wonder who gonna rent it… pay ~2k rental for a birdcage, definately angmoh / hongkie / chinaman not going to rent.

Only good to keep mistress hahahahahaha

@Andy
Haha. Why you care.. If you experience in property, this is not going for residential. This is for short term stay like hotel style. 2k not make sense. Should calculate by daily short term stay. 550k is for 550sqf fully furnished. Personally i think is good for short stay since good view of Gurney coastline.

@Ong

So u bought ?

I did make a booking (no deposit required) early Dec on the unit B1 (2 rooms). During that time, most unit facing gurney (or consider premier unit) already fully booked. The unofficial rebate is 2+5% as told by the sale guy. At end of Dec, they launched with the rebate confirmed to be 4% and required to pay 10k deposit and SNP to be signed after 2 weeks time. I considered a while and decided not to go.

First of all, since the property type is “serviced residence” and not “commercial”, whether Airbnb (short term stays) is allowed or not depends entirely on a vote during AGM, which requires a minimum of 75% vote. 2 scenarios :-

(1) Short term stay “wins” – and as a result, it won’t take anything more than 3 years for the place to become “koyak”, judging by the condition in Landmark and Jazz Residence.

(2) Residential “wins” – and as a result, at the purchase price of RM1000psf, owners would have to make a loss renting their units out for long term stays, based on prevailing rental market dynamics.

So no matter which scenario, owner will loose.

Does anyone know the second bridge mentioned here is connecting to which part of Gurney Drive? Thank you

@MaxWeng
If not mistaken should be infront of gurney roundabout.
Need to confirm. And currently this project almost fully booked.
Price 500k to 800k around with fully furnish.
Smaller unit all took. But is good for short term stay airbnb or small house in future depend on resident.

@Jason, thank you for your information.

the market is not bad if this project fully booked since psf is not really below market value

@LEE
A few things you might want to seriously take note. When someone (could be a friend, an agent, or developer’s sales girl) tells you a property project is “fully booked”, it definitely does not mean it is fully sold because :-

(1) many “buyers” could be just booking without any genuine intention to buy as they could either get their booking fees back if they decide to not proceed with the purchasing later, OR, they don’t even have to pay any booking fee, OR, developer will accept a cheque without cashing it (this is E&O’s usual practice), which would be returned to “buyer” if they decide to not proceed later.

(2) even after purchaser cancellation later, the developer would still be marking the unit as “sold” to mislead potential buyers

For your additional info, out of the total of 500++ City of Dreams units, there are still some 150 unsold units, while for Straits Residence, there are still about 120 unsold units out of the total of ~250 units, and those numbers exclude contra units hold by contractors, which are also looking for buyers. For Mont Residence, the developer VST is still holding quite a number of unsold unit, which is being quiet sold at ~30% discount to the original peak price.

Don’t get more wrong, I am not saying everyone is going broke and no one is buying property. There is still people with money in the market, people who are buying for own stay, some foreigners here and there buying as holiday homes etc. But the fact is, whatever there is in the market and potentially can be supplied to the market, is definitely more than what the market demand is.

That’s why you able to see now in year 2022.
Developer tend to build smaller unit rather than above 1000sqf which is common in this area as a result of higher price result of difficult selling. Forget about COD/MR which consider as a disaster project which not from a reputable developer. In conclusion, we may see more smaller unit between 500sqf to 850sqf to to launch in market this year as easy access for all buyer. Good luck.

@Condo
Haha…500sf will be pathetically small, by PG standards. 850sf is ok, provided it has good floor layout.

@XiaoXia
Actually The meg still consider fine as phase 1 development which provide easy access for buyers to entry market starting 500k to 800k fully furnish & 2 cp. And E&O kerjaya prospek provide good furnished always. That’s more upcoming smaller unit to launch soon maybe this year or next year. RM1500psf seaview unit with 500sqf to 1500sqf available. Probably more suitable for airbnb or holiday home.
Just wait & see how market respond. Developer trying to build smaller unit but to cater affordable for buyers. Price remain more or less same but smaller unit & higher psf.

With same fully furnish setting… the rental price is going to be blood bath.

Please take note, if it is ‘service apartment’ type and not ‘commercial’.
– Do AirBnb, will have issue when jmb ban it.
– Do long term rent, confirm making loss. Expat wont rent these small units. All owner fight low rental since the furnishing all same.
– for holiday home, or keep mistress… WIN !

@Condo

When you said “The meg still consider fine as phase 1 development……… That’s more upcoming smaller unit to launch soon maybe this year or next year. RM1500psf seaview unit with 500sqf to 1500sqf available”, I assume you’re implying that paying RM1000psf for Meg is still fine as more will be sold at RM1500psf soon. Haha…you talk like a property agent trying to mislead a buyer into buying something useless!!

@Andy

You have a very very good point there! When all units have the same furnishings, they become a commodity, therefore when demand is less than supply, the only thing you can do is to cut price! And you’re talking about 1000 units here, not some super condo with only 100 units. Super chia lat!

Any fb or Whatsapp owner group to join?

This is going to be scary for investors. 1000 over units plus 10 more years of construction

@Max
Wrong. It’s not 10 years. The whole Andaman project estimated about 35 years. This is just a beginning.

@Hunt

lol, true. then really jialat

Went to the site, just left the higher level units. I m looking for the pool view and lower level unit but fully booked.

@Chong Boo
New tower haven’t launch yet. Got 2 towers.
Majority comes with 1 cp except for biggest unit 850sqf i guess. And don’t forget all project in andaman island not under freehold. It depend and some land reserve for government use. The meg beside of land is reserve for government future usage so it could be leasehold. Anyhow all under E&O will be freehold.

Personally I don’t care leasehold and freehold, if the supply more than demand, freehold also die. If demand more than supply, leasehold also “Ong” ah! In Hong Kong, freehold property is practically non-existent except for just a handful of old properties belonging to some religious organization, and look at the value there! In Penang, 90% are freehold, and look at the value here! Obvious right?

ya lah, penang population is only like a kampung, but the state government let developers build too many units on small pieces of land like Hong Kong with big city population, penang sure die lah like that.

@Sam
Obviously you also know what to say Hong Kong. Penang is not hong kong. If you think demand more than supply that’s up to you as some people don’t care since they bought for own stay. That’s no more future new development in that area anymore except Andaman if keen on new project. Quite many young professional workers bought for this project. If for own stay, who cares? If you wish all high value & happy go lucky then go to Hongkong. You can quit from buying property in Penang anymore as all market similar condition now. Good luck.

for those who no money buy will say thos project too expensive and goodluck to those buyers. for those rich ppl buy they will say wah so worth lo only rm1k psf in andaman island stp. for those poor like me, only can see for fun

@tt
No worries. Just wait for affordable house. That’s a proposed of affordable house in Andaman Island. Huhu..

Andaman King :
@tt
No worries. Just wait for affordable house. That’s a proposed of affordable house in Andaman Island. Huhu..

How to register?

Worth to purchase or expensive to invest, it’s depends on own capability & perspective. If you only capable to buy Bonia, don’t sour grape those who bought LV Chanel Hermes

@Andaman King
I believe it will be affordable low cost flats, and not affordable condos. EnO has been building affordable low cost flats in STP1 all this while, and STP2 won’t be an exception, to fulfill regulatory requirements.

@cash
Not believe. But is definely that’s affordable apartment/low cost flat/government office/police station/indah water station zone also in plan. All are mix development. But properly not under E&O because of leasehold land.
Andaman got leasehold & freehold land to distribute.
Currently The meg is under GURNEY GREEN zone where all project under commercial title.. That’s a few number of area.

@Andaman King
Ok, I will wait for the affordable condos on Andaman then. By state gov regulation, to be qualified as “affordable condo”, price cannot exceed RM300k+/-, floor area cannot be smaller than 850sf, and must come with swimming pool, gym, and all the other amenities typically available in condos. Yoohoo!!

cash :
@Andaman King
Ok, I will wait for the affordable condos on Andaman then. By state gov regulation, to be qualified as “affordable condo”, price cannot exceed RM300k+/-, floor area cannot be smaller than 850sf, and must come with swimming pool, gym, and all the other amenities typically available in condos. Yoohoo!!

If possible, do yourself a favor, find ways to get more salary so you can choose your own property to buy. We’ll never know state gov will let which novice developer to be in charge of the affordable housing projects, even if it’s reputable developer they might also cut corners on affordable housing projects because state gov too lenient with them.

@jack
Haha, you are right, should find ways to increase my income, so that can buy 2 units of affordable condos on Andaman Island, instead of 1. 😉

@cash
Speaking off, the proposed of affordable house allocatted just next of 2 big water tank which supply for whole Andaman development community. Anyway, that’s better than nother. Probably leasehold. To be confirmed.

I am still waiting for response with their sales department. Does anyone know whom should I contact ?

@Coco
Why need to wait? Direct walk in & settle..
Is this affordable house?

Coco :
I am still waiting for response with their sales department. Does anyone know whom should I contact ?

don’t know wat made up your brain

@Coco

You know how to find Penang Property Talk this website but you don’t know how to google E&O sales gallery phone number. HAHA funny!

@Max
no, the project is expected to fully complete by 2026.

@Condo
The Meg is just the very first project in STP2. If you look at the whole planning it is located in the among of many more incoming high rises so a ‘seaview’ unit is very subjective to which floor level you are referring. You may have a seaview or you may not have the view after few years when more projects blocking your view. So bear in mind.

Besides the blood bath price war as mentioned due to same interior design, another thing to consider is maybe, for a first project that completed on Andaman Island, with considering many more projects will be happening there –the on-going construction noise, the in and out lorries, dusty environment..etc, so put yourself in the shoe, would you be interested to come pay a premium price to rent a unit there? Go take a look at The View that may illustrate the situation. And is commercial title condo, which means the electricity and water tariff is commercial rate. Go check out what is the minimum monthly fees for that as well.

@Wisechoice
I don’t see this is a big problem. Even batu kawan having a same starting point & slowly it will convert into a township status. And electricity & water tariff have no issue to convert into residential usage rate.

for me I still hold on to my point, the same interior design is a big no no for rental competition. If every unit interior also same, the only point to fight is price war. Good luck to the owners…

FACT: my property nearby, developer give partial furnish, I made it nicely done (looks like ID design, but wont cost a bomb)…..previous tenant move out after 2 years contract, new tenant move in, just vacant for 1 week. Some other units already vacant for month/years with asking rental 10% lower than mine, just because they are lazy to furnish/deco their units.

nice as holiday home. buy the location . anybody bought with the rebate? about how much rebate?

@linlin
Welcome to airbnb. This service apartment highly potential can be holiday home & airbnb. 1 carpark unit will be airbnb business for sure. Location definitely happening but must prepare to get suck all sand & dust for 10 years. And indah water plant near by. Get prepare..

Ever since E&O changed ownership, their projects are getting cheaper, smaller and denser. even customer service has dropped, I asked for a unit from the meg and gotten no replies.

Huh :
Ever since E&O changed ownership, their projects are getting cheaper, smaller and denser. even customer service has dropped, I asked for a unit from the meg and gotten no replies.

the sales person are so arrogant

@Huh

Can direct visit their showroom on the island.

No matter what people say, denser lah, airbnb lah, noisy lah, nobody wants to stays there lah…it is sold out

@Bill
The comment section in all projects are the same, always filled with tonnes of negative comments, don’t understand what these ppls are thinking…hahaha