City of Dreams, Penang

  • Review
  • Pavither
  • ⋅
  • 2 April 2021

City of Dreams (also referred to as COD) is part of a 50-acre mixed development that comprises residential, commercial properties, university, hotel, and offices.

This RM800 million project in Tanjong Pinang was launched by Ewein Zenith Sdn Bhd in the first quarter of 2016. Ewein Zenith is jointly owned by public-listed Ewein Bhd (60% stake), and Consortium Zenith BUCG Sdn Bhd (40% stake). Zeon Properties is the exclusive property agent for this City of Dreams project.

City of Dreams (also referred to as COD) is part of a 50-acre mixed development that comprises residential, commercial properties, university, hotel, and offices.

The freehold City of Dreams was named after the famous City of Dreams in Macao. This development is situated adjacent to the waterfront in the north-eastern district of George Town in Penang, opposite the busy Gurney Drive. The high-rise development comprises two 38-storey towers, with a total of 572 units.

Drawing on its island location, the towers feature the concept of fluidity. The glass work on the facade are angled external panels, which gives the impression of flowing water. The design also evokes the multi-faceted and polished nature of a diamond, with these qualities apparent on the facade and in the interior’s finishing.

The gross development value (GDV) for phase one is about RM800 million. The second phase, dubbed City of Dreams 2, will have a GDV of RM1.2 billion.

The second phase’s concept will be similar to the first one, but with smaller layouts of below 1,000 sq ft with 2 bedrooms targeted for smaller families. The first phase was completed at the end of 2019, and the second phase was launched at the end of 2020.

City of Dreams (also referred to as COD) is part of a 50-acre mixed development that comprises residential, commercial properties, university, hotel, and offices.

The developer highlighted that the project has continued to gain interest from domestic and international buyers.

The entire development is expected to be constructed over the span of 10 years, with an estimated GDV of RM15 billion.

In 2020, the developer offered one of the iconic Italian sports cars as the grand prize of a lucky draw for buyers in conjunction with Chinese New Year. For the latest updates, you may refer to the development’s Facebook page.

Address: Lengkok Endau, Jalan Seri Tanjung Pinang, 10470 Penang

Developer: Ewein Zenith Sdn Bhd (a subsidiary of Ewein Bhd)

Property Type: Mixed development

Land Title: Commercial

No. of Blocks: 2

No. of Storeys: 38

Total Units: 572

  • Tower A: 286
  • Tower B: 286

Tenure: Freehold

Sales Gallery: City Of Dreams, No 1, Jalan Peter Paul Dason, Bandar Seri Tanjung Pinang,10470 Tanjung Tokong, DTL, Penang

Year of Completion: 2019 (Phase 1)

Built-up Area: 1,097 sq ft – 2,350 sq ft

Facilities:

Ground Floor

  • Automatic car wash system
  • Drop-off area
  • Lobby with water features
  • Pets garden
  • Wellness centre

Level 1

  • Mailbox & lounge area
  • Meeting room

Level 6

  • Barbeque pit
  • Bowling alley
  • Café
  • Cineleisure
  • Classical room
  • Culinary arts room
  • eSports room
  • Futsal-cum-tennis court
  • Golf putting area
  • Grand ballroom
  • Gymnasium
  • Harmonic room
  • Jacuzzi
  • Karaoke room
  • Kiddie room
  • Library
  • Lobby
  • Playground
  • Hair salon
  • Sauna
  • Sports reception area
  • Swimming pool
  • Tea area
  • Virtual golf simulator room

Level 36

  • Cigar and wine room
  • Infinity sky pool
  • Sky dining
  • Sky garden
  • Sky lounge

Services

  • Rolls Royce limo service
  • Yacht charter service

Launch Price: From RM1,450,667

Launch Price Per Sq Ft: From RM1,350 per sq ft

Maintenance Fee: RM0.30 per sq ft

Project Details

City of Dreams’ façade is inspired by cut diamonds, and the towers are named Elaine and Chloe. It is a Platinum Green Building Index-compliant project, fitted with features such as trash valet service, food waste processing management, solar power system, rain water harvesting system, centralised water filter system, and facilities management mobile application.

This seafront project comprises two 38-storey towers with 572 units. The built-ups range from 1,097 sq ft to 1,335 sq ft, and each unit comprises three bedrooms and two bathrooms. Buyers will also get two side-by-side carparks per unit.

The built-ups range from 1,097 sq ft to 1,335 sq ft, and each unit comprises three bedrooms and two bathrooms. B

The development is also positioned to ensure all units face the sea and have Gurney Drive views. There are 10 units on each level and each apartment has its own lift lobby.

The biggest pull would be the facilities across 3 floors spanning 120,000 sq ft. As the name suggests, it is quite a city of dreams.

The development comes with really unique facilities such as automatic car wash system, pets garden, wellness centre, lounge areas, meeting room, barbeque pits, bowling alley, café, cineleisure, esports room, futsal and tennis court, golf putting area, culinary arts room, grand ballroom that can accommodate between 250 and 300 people, karaoke room, library, salon, sauna, tea area, virtual golf simulator, cigar and wine room, and of course, the facilities on the rooftop area.

The built-ups range from 1,097 sq ft to 1,335 sq ft, and each unit comprises three bedrooms and two bathrooms. B

Additionally, there’s a Rolls Royce limousine services, and yacht charter services.

City of Dreams is a built on a commercial land, and the maintenance fee is RM 0.30 per square feet, while the launch price started from RM1,450,667.

Unit Types

Built-Up

Type A

·       108 units

·       1,335 sq ft

·       Corner unit

Type B

·       116 units

·       1,141 sq ft

·       Intermediate unit

Type B1

·       112 units

·       1,097 sq ft

·       Intermediate unit

Type C

·       232 units

·       1,185 sq ft

·       Corner unit
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Location

City of Dreams is strategically located, and that facilitates efficient and easy access to facilities, amenities, and highways. The development is just a short distance from Precinct 10 food mall, Gurney drive, Straits Quay Marina Mall, Tesco Tanjung Pinang, and Island Plaza Shopping Centre.

It is also situated close to the Prima Tanjung business centre, which has retail shops, clinics, banks, food court, restaurants and more. Besides, there are a number of educational institutions located in the area such as Penang Chinese Girls’ secondary and primary schools.

City of Dreams (also referred to as COD) is part of a 50-acre mixed development that comprises residential, commercial properties, university, hotel, and offices.

The popular Batu Ferringhi beach is also just about 11km (15 to 20 minutes’ drive) from City of Dreams. Additionally, the Penang International Airport is 22km away, while the Penang Bridge is 15km from the development via Jalan Sultan Azlan Shah and Tun Dr Lim Chong Eu Expressway.

Accessibility

  • Lengkok Endau·     
  • Jalan Sultan Azlan Shah
  • Tun Dr Lim Chong Eu Expressway    

Education

  • Penang Chinese Girls’ secondary and primary schools
  • Pelita International School
  • Dalat International School
  • Education Institute Complex
  • SMK Tanjong Bunga
  • Wawasan Open University

Medical Care

  • Pantai Nursing Home
  • Penang Adventist Hospital
  • Gleneagles Hospital Penang
  • Loh Guan Lye Specialists Centre
  • Penang General Hospital

Shopping

  • Island Plaza Shopping Centre
  • Gurney Plaza
  • Gurney Paragon Mall
  • Tesco Tanjung Pinang
  • Straits Quay Marina Mall
  • 1-Stop Midlands Park Centre

Recreation

  • Penang Botanic Gardens
  • Batu Ferringhi beach
  • Batu Ferringhi Forest Reserve
  • Chinese Swimming Club
  • Straits Quay Convention Centre 
  • Penang Performing Arts Centre
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Analysis

According to Zeon Properties, the high take-up rate was due to the property’s unique features and “affordability”. Affordability here refers to luxury that is lower than other high-end residential projects in the vicinity. 

The built-ups range from 1,097 sq ft to 1,335 sq ft, and each unit comprises three bedrooms and two bathrooms. B

Although the landbank value is at RM1,800 per sq ft, the developer was selling at RM1,350 per sq ft for move-in condition units. Plus, the maintenance fee for City of Dreams is 30 sen per sq ft, compared to 60 to 80 sen per sq ft in nearby projects.

Every unit at City of Dreams will contribute over RM300 per month. The developer opine that for 500 over units, it will be at least RM200,000 per month for maintenance fees, and that amount is said to be enough to manage a hotel.

The biggest pull would be the facilities across 3 floors spanning 120,000 sq ft.

The sale price of a 1,185 sq ft unit listed on PropertyGuru in March 2021 is from RM1,500,000 to RM1,680,000. Meanwhile, rent is between RM3,800 and RM6,500 per month. Based on these figures, the approximate gross rental yield is as below:

  • Purchase price: RM1,550,000
  • Rent out: RM5,000 per month
  • Gross rental yield: About 87% per annum

Here’s a look at residential properties close to City of Dreams.

Project

Land Tenure

Property Type

Completion

Built-up

Approximate Launch Price

City of Dreams by Ewein Zenith Sdn Bhd

Freehold

Condominium

2019 (Phase 1)

1,097 sq ft – 2,350 sq ft

From RM1,450,667

Mira Residence by BSG Property

Freehold

Condominium

2016

1,352 sq ft – 3,642 sq ft

From RM957,000

Marinox Sky Villas by Masmeyer Development Sdn Bhd

Leasehold

Condominium

2016

1,250 sq ft – 2,966 sq ft

From RM819,000

The Landmark by Katana & BSG Property

Freehold

Condominium

2017

2,622 sq ft – 3,004 sq ft

From RM1,677,500

 

Setia V Residences @ Gurney Drive by S P Setia Group

Freehold

Condominium

2017

1,450 sq ft – 4,118 sq ft

From RM2,008,500

 

Mont Residence by VST Group

Freehold

Condominium

2018

1,226 sq ft

From RM1 million

The Tamarind @ Seri Tanjung Pinang by Eastern & Oriental Berhad

Freehold

Executive Apartments

2019

1,042 sq ft – 1,372 sq ft

From RM600,000

i-Santorini by Ideal Property Group

Leasehold

Condominium

2019

850 sq ft

From RM430,000
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Summary

City of Dreams is optimally placed between Seri Tanjung Pinang and Gurney Drive. Thus, residents benefit from convenient access to shopping malls, international schools, and other key infrastructures. It is well connected to the city, and all parts of the island and beyond.

The biggest pull would be the facilities across 3 floors spanning 120,000 sq ft.

Ewein Zenith is a member of public listed Malaysia-based investment holding company Ewein Berhad. Some of their projects include The Palazzo (condominium) in Pulau Tikus, and Maritime Suite (serviced residence) in George Town,

If you’re interested in a 1,185 sq ft unit at City of Dreams that’s priced at RM1,550,000, here are its estimated loan figures.

  • LTV / margin of finance: 90%
  • Down payment (10%): RM155,000
  • Loan amount: RM1,395,000
  • Loan term: 30 years
  • Interest rate: 3.2%
  • Monthly repayment: RM6,033
  • Approximate required gross annual income: RM241,500*

You can use these calculators to adjust the figures accordingly.

Pro tip: Know your Debt Service Ratio (DSR)!

DSR is a method used by banks in Malaysia to calculate whether you can afford the loan you’re applying for. To calculate your Debt Service Ratio (DSR), refer to the FREE PropertyGuru Loan Pre-Approval tool. It has a 99.9% accuracy, which greatly helps in avoiding loan rejections.

* Assumptions: No other monthly debt obligations, and 30% of gross income spent on the home loan. As a rule of thumb, banks usually loan up to 30% of your gross annual income.

 

Keep browsing Malaysia’s largest property site for more project reviews. 

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Eric Wong

Pavither

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