KUALA LUMPUR: A Tanjung Bungah, Penang, penthouse with a RM7.9 million price tag, is being sold below its valuation figure of RM8.5 million. According K Soma Sundram, principal of Heritage Shield Real Estate Sdn Bhd, the unit is one of a limited number of penthouses in Infinity condominium. It is currently vacant as the owner is in the UK and wants to cash out.
Infinity ‘super condominium’, developed by Hunza Properties, is a waterside and beachfront high-rise residential project. It consists of 119 units in two blocks, mostly owned by expatriates. There are only four penthouses.
The unit has a built-up area of 9,326 sq ft, five bedrooms and five bathrooms on the lower floor. The upper floor has a dining room, kitchen, living room and maid’s room. The unit is fully furnished with imported furniture from Indonesia and branded Italian kitchen cabinets. It also comes with five carpark bays and there are two private lifts.
The roof-top level has a pool pavilion with a private swimming pool. The unit offers a resort-like lifestyle and a panoramic view of both land and sea.
Tanjung Bungah in northern Penang was originally a fishing village but has become one of the most desired locations for travel and living on the island. It is well-known for its proximity to the island’s beaches.
“There aren’t many transactions for seafront penthouses. I would say that the price is reasonable, based on the valuation and limited property of its kind,” says Soma of the unit.
WTW Director Peh Seng Yee tells theedgeproperty.com that penthouses are a very rare on the market, which makes it difficult to gauge their value. Although pricing is a main issue for buyers, there is still demand for penthouses from buyers who have excess cash and desire a different kind of lifestyle.
On Tanjung Bungah high-rise property, Peh says its location and beautiful sea views are in demand and the price growth of high-rise residential developments in the area remains strong.
According to a listing in theedgeproperty.com dated Oct 7 this year, a unit in Infinity condominium with a built-up area of 3,760 sq ft was going for RM2,850,000, or RM758 psf. Analysis by theedgeproperty.com shows that there were three subsale deals done in 2015, ranging between RM2.67 million and RM4.05 million, or RM800 and RM896 psf.
News source: (The Edge/Tan Ai Leng)
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