• Arul
  • 22 April 2016

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Artist impression of Golden Triangle 2, which will have the same integrated residential-commercial concept of its predecessor

GSV Development Sdn Bhd has followed up the success of its maiden undertaking, The Golden Triangle in Sungai Ara, Penang, by embarking on the Golden Triangle 2 – which has a similar integrated commercial and residential concept – on an immediately adjacent plot.

Launched in the middle of 2015, it is the latest in a slew of developments by various companies in this densely populated area near the island’s southeast. Prices for properties here are comparatively more affordable than those in more prestigious locales, an enticing factor that has drawn many.

Incorporated only in 2010, GSV may be a new name to some. But the company’s initial Golden Triangle was completed ahead of schedule in 2014 and rather well-received. They have stuck to the same winning formula for this latest undertaking, with spacious built-ups, contemporary designs and extensive lifestyle facilities again among the key selling points.

 

Key Information

 

Project Name : Golden Triangle 2
Location : Sungai Ara, Penang
Property Type : Mixed residential and commercial
No of Storeys : 38
Total Units : 406 (Condominium) & 129 (Shop Lots)
Sizes : 1,238 sq.ft. and 1,161 sq.ft. – Condominium
    1,800 sq.ft. onwards – Shop Lots
Tenure : Freehold
Title : Residential title for condominium
Price Range : Approx. RM600,000 onwards
Average Price PSF : From RM480 onwards
Completion Date : Early 2019
Maintenance Fee : RM0.25 (sen) per sq.ft.
Parking Bay per Unit : 2
Developer : GSV Development Sdn Bhd
Website : http://www.goldentriangle.com.my
    http://www.facebook.com/goldentriangle2
Sales Office : 72-2-36 (2nd Floor), Arena Curve, Jalan Mahsuri,
    11950 Bayan Lepas, Penang.
    (effective March 28). Opens 8.30am to 6pm, Mondays to Fridays.
    Tel. 04 – 640 1333
   
   
   
   
   
   
   
   

Project Details

To get an idea of what Golden Triangle 2 is all about, one only has to look back at the original. The Golden Triangle, which was among the earlier mixed developments that helped transform the once laid back Sungai Ara township into a bustling area in recent years.

 

Launched in 2011, it comprised 672 freehold condominium units and 170 shoplots, spread across a pair of 26-storey blocks and a 5-storey podium respectively, nestled on a plot where the Jalan Paya Terubong main road meets Jalan Dato Ismail Hashim.

 

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The original The Golden Triangle, which is today a vibrant retail hub with stylish condominiums above

 

With few residences in the area offering a modern lifestyle concept like it did then, it entered the market to good response and units were sold out not long thereafter. Completed 3 years later, it is today a business hub, with food and beverage outlets, home furnishing and decorating shops, convenience stores, offices and more operating at the commercial podium.

 

The second chapter should bring more of the same, although on a slightly smaller scale. Golden Triangle 2, also freehold, is located just next door where Jalan Dato Ismail Hashim intersects with the Lilitan Sungai Ara access road. It will comprise a 38-storey tower housing 406 modern condominiums, of which the first 5-storeys will be commercial hub with 109 shoplots.

 

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The Golden Triangle 2 project site, bordered by Jalan Dato Ismail Hashim to the left, and Lilitan Sungai Ara to the right

 

 

Touted as one’s ‘sanctuary in the sky’, the condos come in only two configurations – either 1,161 sq ft or 1,238 sq ft. There are 14 units per floor, arranged in a long rectangular layout, with 12 being the smaller type and the remaining 2 the larger ones at the corners.

 

 004-GoldenTriangle
Cross section of Golden Triangle 2’s unit layouts, with the ones on the top row facing south towards the pool, and the bottom row facing north towards the hills. Those in darker tone are the larger corner units.

 

 

Both unit types are almost identical with 3 bedrooms and 2 bathrooms. The only difference in floor space comes from a larger yard area for the 1,238 sq ft units. Their layouts are practical and typical of most modern high-rise residences – with the living and dining areas in one end opening up to the balcony, and the bedrooms and bathrooms clustered together at the other.

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Interior layouts for Golden Triangle 2’s modern condominiums, with the larger one having a more spacious yard area

 

 

The lower priced units face the Paya Terubong hills with its cache of residential high-rises, to the north. Expect to pay higher for the poolview units, which face south towards Bayan Lepas and the Penang International Airport. The elevator core is located at the middle of the block.

 

Sky gardens will be built into select floors, to afford residents spaces to relax and gaze out onto surrounding vistas. It also bring a touch of nature into the development, a welcome feature considering the immediate vicinity is mostly buildings and roads, with not much green spaces bar for the hills in the distance.

 

Unlike some developments of this ilk, the Golden Triangle 2, despite having a commercial centre at its base, has residential titles for its condominiums. Each comes with 2 car parks.

 

Atop the podium is the 72,000 sq ft facilities floor, which will abound with all the leisure and recreational facilities modern high-rise dwellers have become accustomed to. Residents of all ages are bound to have something they enjoy.

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Layout plan of Golden Triangle 2’s facilities floor

  1. Outdoor gym
  2. Joggling and cycling path
  3. Sheltered lounge
  4. Pool deck
  5. Gymnasium
  6. Community hall
  7. Reading room
  8. Reflexology area
  9. Children’s pool
  10. Adult pool
  11. Soft exercise square
  12. Playground
  13. Rest area
  14. BBQ area

 

 

The more aquatically-inclined should love having a few laps around the adult’s pool each day, while the younger ones are bound to spend hours splashing about the children’s pool. Otherwise, there is also the option of lounging around with a good book on the pool deck or sheltered lounge, depending on the weather.

 

A jogging and cycling path provides a conducive avenue to burn off calories, as are the well-equipped outdoor and indoor gymnasiums. Get the circulation going on the reflexology area, or enjoy quality moments with the kids at the playground and soft exercise square.

 

Those who enjoy entertaining should get friends and relatives over for a potluck at the barbeque area. For functions and events, there is a community hall at your behest. Also incorporated into the plans are a reading room and rest area.

 

Golden Triangle 2’s 109 shoplots are versatile and visible enough for a variety of businesses. Spread across 5 levels, typical ones are sized at 1,800 sq ft. They all enjoy road frontage, with the ones facing the 6-lane Jalan Dato Ismail Hashim main thoroughfare poised to be the most sought-after. But with no other tall structures immediately adjacent, even those at the rear or sides can easily be seen.

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Golden Triangle 2’s shoplots will have excellent road frontage, much like its predecessor

 

 

From F&B to retail, services and offices, the large catchment from highly populated Sungai Ara, as well as surrounding areas like Relau, Paya Terubong, Bukit Jambul, Bayan Baru and Bayan Lepas, could possibly yield a good base of customers and clients, as well as plentiful business opportunities.

 

With the original Golden Triangle’s commercial hub just next door within easy walking distance, businesses in both developments should benefit from each other. Furthermore, there are also many long-established shops in the vicinity.

 

Construction for Golden Triangle 2 is scheduled to begin in the middle of 2016, with a show unit set to be launched around the same time. There are still units available, with sales said to be steady though not as overwhelming as was generally the case in the Penang property market in previous years.

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Hoardings around the Golden Triangle 2 project site, which is just next door to the original Golden Triangle in the background

 

Many attribute that to Bank Negara’s implementation of cooling measures to curb property speculation. It has impacted the market somewhat, with consumers more cautious about taking the plunge. Stricter loan requirements also make it harder for many to obtain financing from banks.

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Location

Sungai Ara borrows its name from a small river that flows through the vicinity, and essentially means ‘Fig River’ when translated to English. Native Hokkien speakers refer to it as ‘Sin Kang’, which means ‘new river’, as was often the case when people settled into new lands.

 

It is bordered by Relau, Paya Terubong and Penang Island’s spine of rolling hills to the north and west, Bayan Baru and Bukit Jambul to the east, as well as Bayan Lepas to the south.

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Google Earth map showing the location of Golden Triangle 2, in relation to various other townships, infrastructure and places of interest on Penang Island’s southeastern coast

 

 

Up until the 1980s, Sungai Ara was a sleepy rural community with rustic villages and vegetable farms. A handful of the former still exist today. The 1990s brought the first spurt of development, with some medium-rise condominiums and landed properties popping up.

 

High-rises came with the turn of the millenium. With Penang’s property boom following the UNESCO World Heritage listing for George Town in 2008, countless new projects took hold, transforming the area into another bustling township.

 

With lower property prices, it has attracted mostly working-class folk – be it those used to living around the island’s southern regions, or younger families turning to affordable options. In recent years, it has also seen a considerable number of foreign nationals, with many companies and corporations buying units here for their accommodations.

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Google Earth view of Golden Triangle 2’s location within Sungai Ara, and its proximity to the SPICE Center

 

Infrastructure around the area has been upgraded in recent times, with wider 6-lane roads like Jalan Paya Terubong and Jalan Dato Ismail Hashim capable of handling the increasing volume of vehicles today.

 

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The surroundings of Sungai Ara, with rows of small shoplots and older condominiums

 

However, expect some degree of traffic hold-up during peak hours and festive occasions, caused by bottlenecks at nearby areas like Jalan Tun Dr Awang and Jalan Sultan Azlan Shah, the main arteries that link various townships in this area. A cursory glance at internet chatter shows many complaining of being stuck in gridlock for up to an hour during peak periods, just to reach destinations a short distance away.

 

Sungai Ara is also not as sophisticated as places like George Town, nor does it have the upscale amenities commonly seen in more prestigious locales. While there are a smattering of nice eateries, the cafe and art culture has yet to fully take hold here. Available now are mostly coffee shops and hawker centres, as well as family-run establishments.

 

 

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The rear of the original Golden Triangle

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Views of the shophouses and old condominiums that abound in the area

 

In the immediate vicinity of Golden Triangle 2 are also some convenience stores and a Petronas petrol station, which makes it highly convenient for one to get some daily neccesities or fill up their vehicles. But for real shopping, as it stands, one would need to venture further to the Kompleks Bukit Jambul, Sunshine Square, Giant or Queensbay Mall, all within a 10km radius.

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The Petronas station that is just across the road from Golden Triangle 2

 

Other amenities one would find include bank branches, vehicle repair shops, education institutions (SK Seri Relau, Fairview International School and INTI International University), beauty services, clinics, and various places of worship, including a surau directly across the road from the north-facing side.

 017-GoldenTriangleE
SK Seri Relau to the right, and recently completed condominiums on the left, are among the Golden Triangle 2’s immediate neighbours

 

Also nearby is the Subterranean Penang International Convention and Exhibition (SPICE) Centre, formerly known as the Penang International Sports Arena (PISA), which hosts various trade shows, exhibitions, concerts and events. This can be both a boon or bust, as it puts one within walking distance of exciting events, but would also result in a mass increase of traffic flow to the area, on such occasions.

 

Those working in the Bayan Lepas Free Industrial Zone, located roughly 10km to 15km away, might find the area an ideal place to call home, once they get used to the rush hour traffic.

 

Meanwhile, those who need to venture further should find easy accessibility to various locations via the Tun Dr Lim Chong Eu Expressway, Penang Bridge, Sultan Abdul Halim Mu’adzam Shah Bridge, or the Penang International Airport.

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Analysis

Price Analysis

 

Current rates for Golden Triangle 2 are around RM480psf for the hillview units, and RM510psf for the pool view ones. This translates into price tags averaging around RM600,000 for the available units.

 

That is rather competitive for a mid-to-upper range high rise property of this size, especially in the Penang market. Equivalent offerings in more prime locations can easily fetch prices 20% to 30% higher.

 

Even so, it may be somewhat out of reach of young executives seeking their first property, or those wanting to upgrade from a low-cost or affordable home. But those with the means may have an excellent option to consider. The project’s close proximity to the Bayan Lepas FTZ should also yield decent rental demand, especially if one is buying for investment.

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Summary

Golden Triangle 2 is a solid entry in this bracket, with an excellent price point that should appeal to many. It offers what one would expect from an integrated residential-commercial development today, with various conveniences in the immediate area.

 

There are some trade-offs, like a less prestigious locale, fewer lifestyle luxuries if compared to elsewhere on the island, and a more densely populated environment where traffic jams are a common occurrence.

 

But one still gets a nice condominium with ample facilities and good security, which is what most look for when choosing a home. And while developers GSV may not have the vast portfolio of previous projects other more established names can boast of, the success of its initial Golden Triangle, where property values have appreciated considerably, augurs well.

 

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Golden Triangle 2 project site, as seen from Lilitan Sungai Ara, with the original Golden Triangle in the background

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Eric Wong

Arul

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