Setia Sky Ville is ideal for those seeking a contemporary lifestyle.
Continue Reading ⋅ 4 March 2021
Where It All Comes Together
IF one is young and adventurous, do take notice of this project which is up coming and scheduled to be completed by 2017. It is often said nowadays that the prices of homes whether landed or strata are above the reach of the young working class. True to an extent in Penang, but here at the reclaimed site of Bayan Indah off the Tun Dr Lim Chong Eu Expressway, sits a project which may just come under the bracket of the young.
Not in terms of the pricing though, but more for its hip and contemporary designs – carved out after a lifestyle associated with the fast moving world of the information age. And Tropicana Bay Residences seemed to fit into this concept – studio apartments and condominium units with semi furnishing on the side. It is also located close to the waterfront area.
There are drawbacks – it is relatively small, the dimensions hover between 455 sq ft to 1,945 sq ft for the upmarket ones. But in today’s world, the importance of location and accessibility cannot be discounted as easily as before due to the growing congestion of people and vehicles, particularly in Penang.
So the developer – a joint venture between two power builders – The Ivory Properties Group Berhad and the Klang Valley developer – Tropicana Corporation Berhad (formerly known as Dijaya Corporation Berhad), seem to know what the market needs.
And they are catering to houses for the young, the single adult or youthful couples
Developer Details
THIS is one project which blinds together two renowned developers.
Whenever, it is a new project, potential buyers would want to know the background of the developers and, the Tropicana Ivory Sdn Bhd is a joint venture between two prime time developers. A joint venture company was born out of the 50-50 joint venture between the Ivory Property Group and the Tropicana Corporation.
It is part of the Penang World City mega project whereby the two developers are master planners of an international–class town. Penang World City in Bayan Bay is set to place the state onto the world stage in its quest to become an international city. Covering a total of 41.5ha land area, the development comprises 27.3ha of existing land and 14.2ha of land to be reclaimed. It is designed to become an international gateway for foreign tourists and investors as well as tapping the diaspora of Penang folks working overseas.
The development is tailored at offering local folks working overseas a chance to reinvest in their home town since many of them tend to have a parochial outlook about their state.
There will be six phases of development.
The first phase, Tropicana Bay Residences was launched in 2012 and it is expected to complete by the end of 2017. Among the proposed type of development are medium cost condominiums, luxury condominiums, serviced residences, business suites, iconic office blocks, waterfront entertainment, villas, medical facilities, commercial as well as retail spaces.
Previous Property Development Projects (Ivory): The Latitude, Taman Bukit Erskine, Tanjung Park, University Place, Plaza Ivory, Palace Hill, The View Twin Towers and Birch Regency.
Previous Property Development Projects (Tropicana): The Advent, Daya Petaling, Sapphire Index and Tropicana Cheras
Current Property Development Projects (Ivory): City Residence and City Mall as well as The Wave
Current Property Development Projects (Tropicana): Tropicana Metropark, Tropicana Gardens, Tropicana Avenue, Tropicana Grande, Golf Villas Pool Villas, Tropicana Heights, Tropicana Danga Bay, Oasis – Tropicana Danga Cove, 10 Island Resort, Aston Villa, Tropicana 218 Macalister and Tropicana Landmark
Latest Awards: Ivory Properties Group won Asia Pacific Property Awards and South East Asia Property Awards 2014
It also won a double celebration from the Southeast Asia Property Awards (Malaysia) 2014 and Golden Eagle Award 2014.
Tropicana won the Tattler Ball Award and the Edge Malaysia Property Excellence Award last year.
The developer, Tropicana Corporation has won multiple property accolades during the PropertyGuru Asia Property Awards (Malaysia) 2020 event such as:
- Winner: Best Developer
- Highly Commended: Best Mega Township Developer for Tropicana Aman development
- Winner: Special Recognition for ESG (Environmental, Social, Governance)
Project Details
| Project Name | : Tropicana Bay Residences |
| Project’s Address | : Persiaran Bayan Indah, Bayan Lepas, Penang |
| Property Type | : Condominium |
| Land Title | : Residential |
| Tenure | : Freehold |
| Bumi Discount | : 7% |
| Sales Gallery Address | : Penang WorldCity Sales Gallery, Persiaran Bayan Indah, |
| 11900 Bayan Lepas, Penang | |
| Site GPS Coordinates | : 5.336173 N, 100.307236 E |
| Website | : http://www.penangworldcity.com |
| Expected Completion Date | : September 2017 |
| Total Units | : 1,343 in 6 blocks |
| Built-Up Area | : 455 sq.ft. – 1,945 sq.ft. |
| Listing Price | : RM453,900 – RM1,479,900 |
| Price per Sq.Ft. | : RM850 (average) |
| Maintenance Fee per Sq.Ft. | : RM0.25 (sen) |
| Facilities & Amenities | : Hanging pool, Infinity pool, Tennis court, Squash court, Badminton court, |
| Landscape Garden, Barbeque Pit, Multi-purposed Hall, Gymnasium, | |
| Foot Reflexology Path, Jogging Path. | |
Project Details
THE project has yet to commence earthworks and completion is scheduled to be in the next two years. But the plus point is the project sees two prominent developers joining forces to develop a high rise living which tends to cater to the group which need it the most – the young. So a certain benefit of doubt should be besotted to the two developers, who have distinctive track records.
From a tour of the two showrooms, one show casing 455 sq ft and one over at 872 sq ft , it illustrates medium cost units. But it is designed with the Tropicana signature of a hip and contemporary feel. There is also the Ivory’s trademark of modernity in its designs and presentations to potential buyers.
Show Unit Type B1 550 sq.ft. – 1+1 bedroom
Show Unit Type B1 550 sq.ft. – 1+1 bedroom
Show Unit Type B1 550 sq.ft. – 1+1 bedroom
Show Unit Type B1 550 sq.ft. – 1+1 bedroom
Two blocks will face the Tun Dr Lim Chong Eu Expressway, while another four has a scenic view of near a waterfront.
Another strong feature are the inbuilt kitchen cabinets and appliances such as a modern cooking stove.
There are also a washer and dryer machines installed.
The smallest unit is designed as a studio apartment, ideal for singles and young couples. There is only one bathroom though. But in medium cost units, the designing aspect has been emphasized to make the living space freer and less constraint. And the way the showroom is designed, it does look impressive.
The larger unit is over 800 sq ft and it is called a one plus one unit (meaning the two studio apartments merged into one). It too has the same allocation of appliances and cabinets in built.
Inquiries and the sales numbers have been encouraging once notice was served that the Tropicana Bay Residences were up for sale earlier this year. It represents living in a boutique hotel room concept. The gross development value is estimated at RM932. 9 million.
Some of the proposed value added amenities are; an infinity swimming pool, a clubhouse which offers sports activities, a gymnasium and a recreational area. What was also touted are ample parking spaces and security will be similar to those residing in high rise living.
The standard units have an indicative price from an initial RM780 per square foot.
Floor Plan
| New Tower F | |
 Type A1 – 1 bedroom (400 sq.ft.) |
 Type B1 – 1+1 bedroom (550 sq.ft.) |
 Type C1 – 2+1 bedroom |
|
| Tower A, B, C & D | |
 Type A 455 sq.ft. – 1 bedroom |
 Type B 615 sq.ft. – 1+1 bedroom |
| Tower E | |
 Type C 872 sq.ft. – 2+1 bedroom |
 Type D2 980 sq.ft. – 3 bedrooms |
AS the project is in its infancy aspect, the floor plans have yet to be fully finalised.
But the photographs from the showrooms essentially covers the basic units, which is tailored for young families due to the limited space available.
Location
THERE are three routes into the Penang World City where the proposed project of Tropicana Bay Residences is located. Situated n Bayan Bay, the entire area was reclaimed as it was part of the Tun Dr Lim Chong Eu Expressway package.
The specific project though sits at Bayan Indah, near the turn off road from the expressway (George Town – Bayan Lepas route). The expressway is a key artery which links Penang’s Free Trade Zone directly to the heritage enclave of George Town. From George Town, enter the expressway and drive straight passing by landmarks such as the Tesco hypermarket near E-Gate and the IJM development called The Light. Take the right turn route which states Penang World City and signage is visible along the way. Once coming off the turn off route, the proposed Tropicana Bay Residence is just off the left part of a T – junction.
Another route is through Bayan Baru, coming from there, one must enter the main roundabout near the Krystal Point Commercial Area and take the third 3 o clock turning. Head straight onto the Tun Dr Lim Chong Eu expressway and take a left turn off the expressway when one sees the sign to Queensbay (it is a mall). Follow the road and one will also arrive at the same T – junction. The project again sits just off the junction on the left.
The third passage is from the Bayan Lepas side of the expressway. Follow the route straight from the Bayan Lepas Free Trade Zone, joining up with the road leading in from Bayan Baru. Take a left turn off the expressway when one sees the sign to Queensbay (it is a mall). Again follow the road and one will arrive at the T – junction. Tropicana Bay Residences sit just off the junction on the left and it can be on the right is one uses the flyover from Sungai Nibong. Signage is visible along the route.
As it is a first phase of the master development area, there are not many social amenities yet. But within walking distance are three relatively newly completed condominiums and apartment style high rise living projects. There are many restaurants and convenient stalls there. Penang’s largest shopping mall – the Queensbay is just 10 minutes away and about 3 km from the World City site.
There are also several medical and dental clinics in the commercial row leading to Queensbay. The area is strategic as it is located next to several social amenities and it will get better once the entire components of the Penang World City are completed within the next 10 years. The nearest hospital private or public for now, is the Pantai Hospital in Bayan Baru. It is about a 12 minute away and 5.2 kilometre away. The Penang Hospital, the largest public hospital in the northern region is about 10 kilometre away with an average travel time of 20 minutes.
The nearest markets are at the Lip Sin and Super Tanker Markets in Lip Sin Garden, about 5 kilometre away while the nearest school is a Chinese vernacular one called Keong Hoe. A nearby petrol station is Petronas, located at the junction of Jalan Sungai Dua and Lengkok Nipah. It is also just about 11 minutes away (5 kilometre) from the newly furbished Penang International Sports Arena (PISA).
The project is 19 minutes from the Penang International Airport in Bayan Lepas, 30 minutes from George Town and 20 minutes away from either the Penang Bridge or the Sultan Abdul Halim Mu’adzam Shah Bridge (Second Penang Bridge).
So the location is indeed strategic, especially for the future dwellers.
Analysis
Price Details
LOOKING at the three nearby projects which have already been completed for comparison, the proposed Tropicana Bay Residences, has prices which are best defined as competitive.
For the smallest of units – almost 500 sq ft, it can be lowered though from its base of RM453, 000 if it is to cater to the young single person, particularly those who hailed out of Penang. The three projects within the vicinity of Tropicana Bay – the Bay Star, the Gold Coast and Century Bay all have prices of RM400, 000 upwards but their unit sizes are relatively slightly bigger.
Rental should also be good in view that the Penang World City is one of the new master development sites taking place besides the one at the Batu Kawan satellite township on the mainland. To be fair, properties are driven by market prices and although there is now a perceived slowdown in Penang, the property prices have yet to significantly depreciate.
In reality, it may continue to scale up in view of Penang’s economic allure as well as the proposed Penang Transport Masterplan which is being designed to alleviate congestion. So, RM400, 000 as an asking benchmark is fair in view that most of the medium cost units on the island starts with that figure.
The question which begs an answer is whether how many of the young working adults can even afford the RM400, 000 as there are hidden costs such as maintenance.
Summary
IN terms of price, its sits somewhere between a medium cost unit to a luxurious one as there are some units which are proposed to be priced at about RM 1 million. The steep price is also due to the strategic location – travelling distance is only about 30 minutes to George Town or to Balik Pulau with the Tun Dr Lim Chong Eu Expressway as a guide.
There is also a plus point of in built kitchen cabinets and appliances, making it semi furnished. Security is proven under the high rise living concept where visitors are screened and there would be CCTV installed.
The only desire is to see the price nipped below RM400, 000 as then it can be appetising to the young. Young meaning those in the age group of 25 to 35. And rental will also fetch fair value so it is worth investing.
Furthermore, Tropicana Bay Residences is the first phase of the master development of the Penang World City.
There would be more exciting projects coming up.
