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Continue Reading ⋅ 30 January 2023
Eco Bloom is part of the 75.7-acre Eco Meadows project in Simpang Ampat on mainland Penang, which is developed by Eco World Development Group Berhad. Eco Meadows was Eco World’s first development in Penang, and it was launched in 2015.
The landed homes there sold out within 3 months. There will be over 4,000 residences, 865 homes, and it was projected that there could be about 190,000 residents in 2020 in Eco Meadows.
Eco Bloom was part of the 4 new projects that the developer launched under its ‘EcoWorld’s Firsts’ campaign in 2016. The first phase of Eco Meadows, The Northampton Terraces Collection, was launched in September 2015.
It was part of the Limited Editions homes that are surrounded by greenery. Eco Meadows is a strata-titled freehold development that offers amenities such as an exclusive clubhouse and added security features.
Eco Bloom, an integrated commercial and residential development, received good response at its launch. It offers the 1st EcoWorld Integrated sky-homes set amidst the backdrop of English-inspired gardens.
The freehold mixed development has a gross development value (GDV) of RM283mil, comprising a single tower of a condominium with 490 residential units split into two wings, and 23 exclusive units of 2-storey shoplots below the residential tower.
Eco Bloom is built to give residents an urban lifestyle, in which they can have the best of both worlds. The property is built in an eco-friendly way, and it also incorporates aspects of nature in its design.
Address: Eco Meadows, Jalan Paboi, 14100 Simpang Ampat, Penang
Developer: EcoWorld Development Group Bhd
Property Type: Mixed development
Land Area: 4.8 acres
Land Title: Residential (Condo)
No. of Blocks: 1
No. of Storeys: 33
Total Units:
- Residential: 490 units
- Commercial: 23 units
Tenure: Freehold
Sales Gallery: EcoWorld Gallery @ Eco Meadows, PT 740, Jalan Paboi, Mukim 14, Daerah Seberang Perai Selatan, 14100 Simpang Ampat, Pulau Pinang.
Year of Completion: 2020
Built-up Area:
- Residential: 802 sq ft – 1,101 sq ft
- Commercial: 22’ x 68, 35’ x 68’
Facilities:
- Swimming pool
- Gym
- Jogging track
- Barbeque area
- Multi-purpose court
- Multi-purpose hall
- Children’s playground
- Retail lots
Launch Price: From RM388,000
Project Details
Eco Bloom @ Eco Meadows offers 3 types of units, with built-ups from 802 sq ft to 1,101 sq ft with prices starting from RM388,000.
Just like Eco Meadows, Eco Bloom carries a similar Neo-Royalty architectural language, which reflects the classic beauty of English royal homes. These design elements seemed popular with purchasers.
The single tower residential block has 490 units, split into two wings. The 4.8-acre development also has 23 double-storey shop lots with 2 sizes – typical (22’ x 68’) and corner (35’ x 68’). The condominium component is also the first high-rise development within the corridor with an unobstructed city view.
Facilities include a swimming pool, gym, gardens, jogging tracks, barbeque area, multi-purpose court, multi-purpose hall, and children’s playground. There’s also the convenience of having retail lots below the residential component.
Eco Bloom is the second phase of Eco Meadows, and the CCC was obtained by 10 March 2020.
Highlighting the beauty of nature is what Eco Bloom places emphasis on. Some of its other highlights include:
- Preserved greenery
- Park
- Lobby and drop-off area
- Water play park
The commercial component exudes minimalism. Like its residential component, it is inspired by modern English architecture, with high pillars and columns, and classic signages to create an interesting experience for residents.
|
Components / Types |
Built-Up |
|
Residential |
|
|
Type A |
· 802 sq ft · 2 bedrooms · 2 bathrooms |
|
Type B |
· 901 sq ft · 3 bedrooms · 2 bathrooms · 1 balcony |
|
Type C |
· 1,101 sq ft · 3 bedrooms · 2 bathrooms · 1 balcony |
|
Commercial |
|
|
Type 1 |
· 22’ x 68’ · Type 1: Unit 2, 3, 4, 5 (without alfresco) · Type 1C: Unit 7 to 22 |
|
Type 2 |
· 35’ x 68’ · Unit 12B |
|
Type 3 |
· 35’ x 68’ · Unit 6 |
Location
Eco Bloom is accessible via the North-South Expressway, and it is within close proximity to the first Penang Bridge, second Penang Bridge (Sultan Abdul Halim Muadzam Shah Bridge), and Penang International Airport.
The nearest connection from Eco Bloom to the Penang Island is the Second Penang Bridge, with the toll plaza about 12km away. Within a 10km radius, residents can reach amenities such as Pearl City Mall, AEON Mall Bukit Mertajam, SK Taman Merak, SMK Simpang Ampat, SRJK (C) Keng Koon, and the GEMS International School. The North-South Expressway (NSE) is also accessible, connecting Eco Bloom’s residents to other cities in Malaysia.
Accessibility
- North-South Expressway
- First Penang Bridge
- Sultan Abdul Halim Muadzam Shah Bridge (Penang Second Bridge)
- Penang International Airport
- North-South Expressway
Education
- GEMS International School Pearl City
- SK Taman Merak
- SMK Bandar Tasik Mutiara
- SMK Simpang Ampat
- SRJK (C) Keng Koon
- KDU University
- Peninsula University College
Medical Centre
- Columbia Medical Centre
Shopping
- AEON Bukit Mertajam
- IKEA Batu Kawan
- C-Mart Premium
- Pearl City Mall
- Premium Outlet Mall
Recreation
- Jesselball Pearl City Sports Centre
- Penang Science Park
Analysis
Prior to the launch day of Eco Bloom, there was a queue for booking since the morning before. Many decided to sleepover at EcoWorld Gallery to ensure they are ahead of others for a better unit selection. That truly shows the confidence in the developer and their developments.
Eco Bloom is also about 10 minutes’ drive from Batu Kawan, which is made up of over 6,000 acres of mainly freehold land, off Seberang Perai on Penang mainland. Some opine that Batu Kawan is the upcoming growth area in Penang and in the northern region.
Batu Kawan is poised to be the third satellite town for Penang after Bayan Baru and Seberang Jaya, both of which are already fully developed.
The sale price of a 1,101 sq ft unit listed on PropertyGuru in April 2021 is from RM486,000 to RM498,000. Meanwhile, rent is about RM1,800 per month. Based on these figures, the approximate gross rental yield is as below:
- Purchase price: RM490,000
- Rent out: RM1,800 per month
- Gross rental yield: About 41% per annum
Here’s a look at residential properties in Penang.
|
Project |
Land Tenure |
Property Type |
Completion |
Built-up |
Approximate Launch Price |
|
Eco Bloom @ Eco Meadows by Eco World |
Freehold |
Condominium |
2020 |
802 sq ft – 1,101 sq ft |
From RM388,000 |
|
Raintree Park 2 @ Pearl City by Tambun Indah Sdn Bhd |
Freehold |
Double-storey houses |
2018 |
From 22’ x 40’ |
From RM500,000 |
|
Alila2 by Hunza Group Berhad |
Freehold |
Condominium |
2018 |
1,905 sq ft – 4,782 sq ft |
From RM1.6 million |
|
Pavilion Park City by Pavilion Wagon Sdn Bhd |
Freehold |
2-storey terrace / semi-detached |
2015 |
From 1,440 sq ft |
From RM388,000 |
|
Botanica.CT by MTT Properties & Development Sdn Bhd |
Freehold |
2- and 3-storey houses |
2018 |
Botanica Phase 5A: 1,959 sq ft – 2,480sq ft
Botanica Phase 5C: 3,000 – 3,300 sq ft |
From RM750,000 |
|
Luna @ Hijauan Hills by Asas Dunia Bhd |
Freehold |
2-storey cluster semi-detached |
2020 |
2,340 sq ft – 2,679 sq ft |
From RM493,500 |
|
Hijauan Valdor by Asas Dunia Bhd |
Freehold |
1- & 2-storey terrace / semi-detached |
2020 |
1,812 sq ft – 3,067 sq ft |
From RM550,000 |
|
Vogue Lifestyle Residence by Aspen Group |
Freehold |
Condominium |
2022 |
530 sq ft – 1,750 sq ft |
From RM455,000 |
Summary
Eco Bloom is the first high-rise development on mainland Penang to incorporate modern English architecture designs.
With the successful take-up rate for Phase 1 of Eco Meadows, the developer was confident that the response will be positive for Eco Bloom as the English theme has proven to be well accepted by the crowd.
Well, the developer was right, considering the fervent response received during the launch of Eco Bloom.
The chatter in forums pointed out that there are high-tension cables close by, and that some homes located closer to the highway would have to deal with noise and dust pollution. It’s all a matter of preference or perspective. Safe to say, it didn’t affect the popularity of projects launched in Eco Meadows.
If you’re interested in a 1,101 sq ft unit at Eco Bloom that’s priced at RM490,000, here are its estimated loan figures.
- LTV / margin of finance: 90%
- Down payment (10%): RM49,000
- Loan amount: RM441,000
- Loan term: 30 years
- Interest rate: 3.2%
- Monthly repayment: RM1,980
- Approximate required gross annual income: RM76,500*
These calculations are based on the PropertyGuru Home Loan Calculator, and PropertyGuru Home Loan Eligibility and Affordability Calculator. Try them to estimate the figures that suit you!
Want to find out your Debt Service Ratio (DSR)? Use the FREE PropertyGuru Loan Pre-Approval tool. It has a 99.9% accuracy, which greatly helps in avoiding loan rejections.
* Assumptions: You have no other monthly debt obligations, and 30% of gross income will be spent on the housing loan. The basic rule is that banks usually loan up to 30% of your gross annual income.
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