YTL Land and Development’s Penang Shorefront all snapped up

YTL Land and Development Bhd sold the final units of its low-rise condominium project – Penang Shorefront – at a preview last weekend.

YTL Land and Development executive director Datuk Yeoh Seok Kian remarked: “It’s amazing to witness the way the market responded to our Shorefront project, a niche upmarket, low rise and low density development right in the heart of George Town and neighbouring the historic Eastern and Oriental (E&O) Hotel.

“We strongly believe in innovation and invested heavily in our concept and design to complement Shorefront’s unrivalled location – a landmark seafront address within this unique heritage zone in Penang’s capital city,” he said in a recent press statement.

YTL Land and Development said the project is now fully sold before the launch, with the remaining 45 units being snapped up at the preview last weekend. The first two blocks of the same project, which offered 67 units, were previewed over a weekend in February and were fully sold then.

The three-acre freehold project comprises 115 units across three five-storey blocks. It sold from RM1,300 psf to RM2,100 psf while the maintenance fee is 65 sen psf, which includes a 10% sinking fund.

Shorefront units come with built-ups ranging from 1,400 sq ft to 3,400 sq ft and the project has a gross development value of RM310 million.

Slated for completion in 2017, it will be developed in a single phase.

“At RM2,100 psf, this is a new record price for the upmarket luxury lifestyle segment in Penang. This new benchmark reflects a strong demand for quality homes in a premium location, and is a very positive sign for the market, which had been slowing down under a subdued economic climate,” Yeoh added.

It is located in George Town city and adjacent to the E&O Hotel. Its nearby amenities include Penang’s local food havens, hotels, restaurants, entertainment outlets, schools, shops, bazaars and historical sites.

Source: TheEdgeProperty.com

  1. Property 123
    May 19th, 2015 at 11:53 | #1

    Just when many are saying property price is too high or too expensive…

    This just proves that property price in Penang keeps on appreciating…

    Buyers are still buying even thought it is selling at RM2100 psf

    People are even willing to pay RM0.72 psf for maintenance fee.
    The smallest unit will have to pay RM1000 per month and the biggest unit will have to pay RM2448 per month just on maintenance fee.

    Through statistics, we can see an average of 6%-10% capital appreciation yearly.

  2. brian
    May 19th, 2015 at 12:36 | #2

    This project was soft launched 3 years ago, during which property market was very bullish. There’s only 115 units, which were mainly sold to rich friends and relatives of the developer at that time.

  3. brian
    May 19th, 2015 at 12:37 | #3

    So it does not reflect the overall situation in the property market right now.

  4. Jason
    May 19th, 2015 at 12:39 | #4

    Who say market is slow now?
    Who say recession is coming??

  5. IsaacTan
    May 19th, 2015 at 13:32 | #5

    OMG….RM2100psf was it a new record high?

    RM1000/month just for maintenance also seems high to me.

    Penang property really seems never disappoint speculator/investor/buyers

  6. sosad
    May 20th, 2015 at 10:56 | #6

    love the concept so much. sold out TT

  7. jellybean
    May 20th, 2015 at 11:16 | #7


    What is it that you love so much?

  8. sosad
    May 20th, 2015 at 12:03 | #8


    the location,and low des..

  9. jellybean
    May 20th, 2015 at 14:37 | #9

    Location? Well, maybe subjectively. But the traffic jam during school peak hours because of the 2 schools beside it, plus lunch hours for the offices, hehe, good luck. Whereas in terms of low dense, I think you can get much better located low dense properties at a much lower price. If you’re buying it for the “heritage” theme, well, I don’t have much to say, except that the “heritage” is slowly being eroded away by profit seekers. In the end, penang will end up being nothing but an island for greedy developers.

  10. jellybean
    May 20th, 2015 at 14:41 | #10

    Having said all that, yes, this project was all sold out to friends and relatives of the developer and architect 3 years ago during the bull sentiment. And the pricing is definitely not a reflection of general penang property prices.

  11. Jeremy
    June 1st, 2015 at 22:41 | #11

    It was open for sale earlier this year to those who register on their website and those that registered during their pre-launch a year plus ago. It wasn’t sold out 3 years ago.

  12. jellybean
    June 2nd, 2015 at 08:59 | #12


    Did you attend the official sales launch? How many units were still “available” for purchase during the “open for sale earlier this year” ?..:)

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