Shorefront Penang

Shorefront Residences, Penang

Image source: shorefront.com.my

The Shorefront is an upmarket condominium project located just next to the famed Eastern & Oriental Hotel in Penang. Built by YTL Land (which has been making headlines of sorts with its Fennel condominium project in Sentul), it is the venerable developer’s first project in the island state, with Gross Development Value (GDV) of some RM330 million.

shorefront-penang-logoThis upmarket condominium project features some 115 units which are housed in three blocks. Priced between RM1,200 to RM1,500 per square feet, the project is clearly targeting upper tier buyers which would typically go for KLCC and Mont Kiara condominiums in the same price range. Built-up areas range from 1,400 to 3,400 square feet. Indicative prices are about RM2.8 million upwards.

At this price range, expectations run high, but YTL seems to have all the possible angles covered. For example, the density is low with only two units on each level. Additionally, each of the units have private lifts which open up to the unit foyers individually. Also, these condominiums are low-rise with only six floors per block.

The project’s location is maximized with all three blocks designed to face the sea. Also, there are landscaped gardens in the open spaces between the buildings, while ground units have private gardens. Units on the highest floors of the three blocks have the benefit of accessing the private rooftop. Each unit will come with two car parks.

Shorefront Residences

Source: shorefront.com.my

This project is gated and guarded with a clubhouse which contains a dipping pool which overlooks the sea. The clubhouse also houses a gym as well as multi-function rooms.

Shorefront Residences apparently sit on one of the last remaining locations in Georgetown which faces the sea, and apart from being next to the prestigious E&O Hotel, it is also in the heart of a World Heritage Site. This means that it has got superior accessibility to the cultural nerve of Penang.

ytl-landThe preview launch which was held earlier in the year received pretty strong response with some 67 units (housed in two blocks) being taken up during the event. Buyers of these units were believed to be locals as well as Penangites which were working outside the state. Subsequent launches are said to be held overseas to tap into the market of international property buyers, although the dates have not been firmed up yet at the time of the writing of this review.

The Shorefront is freehold property.

WHAT WE THINK: The recent cooling measures have hit Penang hard, and we do see some pull back in terms of new developer launches. However, many of the projects affected are primarily in the “mass prestige” tier, and at >RM1,300 per sq ft Storefront may not be that affected. This project is well designed with all the trimmings that one would expect at this pricing tier (sea view, prestigious address, low density, private lifts, designer gardens, branded developer), and we expect the take up rates to be healthy despite the ongoing curbs.

About Khai Yin

When I am not writing for GoodPlace.my and helping my readers find properties though the DealMatcher service, I spend time doting on my three kids: Wenyi, Qinyi and Eian. My personal stuff, some published essays and contact details can be found at khaiyin.com

Speak Your Mind

*