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The Waterside Residence condo set for October launch

August 5th, 2016 Leave a comment

WatersideResidenceIJM Land Bhd, the property development arm of IJM Corp Bhd, will be launching the Waterside Residence condominium project in Penang, with an estimated gross development value (GDV) of RM240 million, this October.

“The Waterside Residence is part of The Light Waterfront phase 2 which has a GDV of RM6.5 billion,” IJM Land managing director Edward Chong told TheEdgeProperty.com.

The 4.27-acre freehold condominium comprises 256 units of 2- and 3-bedroom units with built-up sizes of between 1,055 sq ft and 1,270 sq ft. The estimated selling price averages RM700 psf.

“Waterside Residence is situated next to a planned shopping mall and convention centre. We are targeting buyers who are looking for modern lifestyle homes,” Chong said.

Phase 2 of The Light Waterfront includes a proposed mall with a gross retail space of 1.5 million sq ft, thematic shops, a convention centre, two hotels offering a total of 750 rooms and an office tower.

“Registration of interest for the Waterside Residence is open currently. We are confident that it will be taken up quickly as it is very affordable.

* Find out more about Waterside Residence *

“In Penang, properties that are priced below RM1 million will be snapped up in no time. Not only that, many people are upgrading their homes from inland to the seaside, thus the Waterside Residence will be very attractive to them,” he said.

On the current economic slowdown, Chong argued that there is still room for property developers to thrive. However, he noted that the property segment is “definitely off its peak”.

“The fundamental of economics is that there will be ups and downs. And the property sector is a consumer sentiment-driven business, meaning it’s not so much about the demand.

“People will always buy property. The property segment has had a good run since 2009 up to about a year ago when we started to see the sector slow down a little but like I said, what goes up must come down,” he said.

“Yes, the current market is more challenging but the market is not dead. Because if you say it’s dead, you won’t see people at property fairs. To capture the market, a developer has to take in these three factors: pricing, product and location,” he added.

Chong believes that developers can thrive even in a slowdown. “It’s just that during downtime, you have to manoeuvre around the storm, after that you’ll be alright. There will always be another upcycle and you’ll have to be there when it arrives,” said Chong.

Source: TheEdgeProperty.com.my

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  1. km
    August 6th, 2016 at 07:40 | #1

    waterside vs queens residence… which one better?

  2. buyer
    August 6th, 2016 at 08:02 | #2

    @km
    I ll take Queen. Waterside just like light linear 2

  3. jan
    August 6th, 2016 at 14:42 | #3

    @buyer
    25% cheaper

  4. km
    August 6th, 2016 at 22:12 | #4

    queens got proven queensbay, waterside still need to wait for new mall, but the surrounding will be better compare to queensbay area

  5. km
    August 6th, 2016 at 22:16 | #5

    @buyer

    waterside cheapest block direction not the same with linear… linear direction parallel to the high way, waterside is like 90 deg with highway… will this kind of direction helps to reduce noise from the highway?

  6. buyer
    August 7th, 2016 at 08:19 | #6

    @km
    Well I learnt in school, sound is in wave form, some more source is not static, so no matter how u position that building oso useless, do pay more get higher floor would help.

  7. Ant
    August 7th, 2016 at 08:42 | #7

    Until now one shop also can see, I am not putting high hope on their plan on commercial. Build a successful mall first than I might pay this price.

  8. km
    August 7th, 2016 at 09:10 | #8

    @buyer

    thanks for your input

  9. km
    August 7th, 2016 at 09:13 | #9

    @Ant
    agreed… ijm commercial takes very long time to materialise… not sure they can make it or not… maybe jv with parrenial will helps…

    btw, another point is the light will be an interchange station for lrt… but again, not sure this lrt can happen or not…

  10. amy
    August 7th, 2016 at 16:37 | #10

    noise should not be a problem as all units facing the opposite (sea) direction.

  11. MJ
    August 8th, 2016 at 12:56 | #11

    @jan
    25% cheaper is IJM?? So u mean u will choose IJM??

  12. km
    August 8th, 2016 at 13:07 | #12

    @MJ
    i think he meant waterside 25% cheaper than linear in term of absolute price

  13. jan
    August 8th, 2016 at 19:48 | #13

    @MJ
    Queens not 900psf meh? This one 700psf ma.

    I will buy whichever cheaper la, or world city. Seems just alright.

  14. MJ
    August 8th, 2016 at 20:59 | #14

    @km
    do u know how much Linear was selling when it was launched few years back? was it ard RM600/sqft? or less than that?

  15. Lam
    August 8th, 2016 at 21:01 | #15

    @jan

    The Light Linear is cheaper than Waterside & Queens, around 620psf, you can check at any property website.
    Queens is cheaper than Waterside after rebate, you can refer to the forum about Queens package.
    Maintenance wise, Queens is much more expensive compare to The Light Linear.

  16. MJ
    August 8th, 2016 at 21:02 | #16

    @jan
    Queens is more exp I think cos of its location. Queensbay Mall is well established now and it is one of the most successful mall in island. Their traffic & footage beats Gurney Plaza now…

  17. jan
    August 9th, 2016 at 11:24 | #17

    @Lam
    Ya considering linear also

  18. jan
    August 9th, 2016 at 11:25 | #18

    @MJ I know. I stay qb area. Want to see how world city subsale do also later

  19. ppng
    August 9th, 2016 at 13:13 | #19

    @MJ

    yes, linear is cheaper in term of price per square foot… but it is higher if you take absolute price…. min close to 900K…..

    no idea about waterside package yet…. queens resi cheapest after rebate is 780 psf….

  20. Truth
    August 9th, 2016 at 15:20 | #20

    If IJM offers RM700/sqf for phase 2, those phase 1 owners will be in trouble. I think somehow IJM had cheated phase 1 buyers by changing their original plan. I still remember The Light phase 2 original plan didn’t look like this. IJM had changed it after monitoring the market demand for few years, seems like they’ll focus more on residential instead of commercial.

  21. super
    August 9th, 2016 at 16:41 | #21

    Condo and more condo. So many incoming supplies for highrise, will see a major correction in 2018.

  22. km
    August 9th, 2016 at 19:25 | #22

    @Truth

    700/sft for non seaview unit… seaview more than 1k/sft

  23. Lam
    August 9th, 2016 at 21:21 | #23

    @km
    700psf is too cheap for IJM project, I estimated 750psf & above for non seaview, seaview unit for Queens is worth than Waterside due to it have direct seaview while Waterside have to view across the road.

  24. km
    August 9th, 2016 at 21:43 | #24

    @Lam
    article above stated average price 700/sf

  25. jan
    August 9th, 2016 at 23:08 | #25

    @Lam
    Seriously I don’t think the seaview is considered seaview for queens. Open balcony see hill. A small strait in front if that is seaview for many then.

  26. Ian
    August 10th, 2016 at 13:23 | #26

    @jan
    Right, both have their own cons. If don’t mind of subsales, one should consider The Light Linear.

  27. KK
    August 10th, 2016 at 14:19 | #27

    @Ian

    I rather choose Baystar since the price almost the same for 1500ft.

  28. jan
    August 10th, 2016 at 16:10 | #28

    @KK

    All also not bad la. Down to preference and pricing already.

  29. ppng
    August 10th, 2016 at 16:14 | #29

    @jan

    ya lor…. where got perfect property

  30. Lam
    August 10th, 2016 at 23:05 | #30

    Baystar is good consideration as well but it was 1.2mil for >1500sqf

  31. Pen
    August 11th, 2016 at 09:54 | #31

    @Lam

    Light Linear 1.2mil for 1475ft.

  32. ppng
    August 11th, 2016 at 10:05 | #32

    @Pen

    this is with seaview right… non seaview close to Rm900K min

  33. MJ
    August 11th, 2016 at 13:04 | #33

    @ppng
    May I know how much is The Light Linear non seaview unit selling now averagely?

  34. Pen
    August 11th, 2016 at 13:07 | #34

    @ppng

    The value of seaview is amazing.

  35. ppng
    August 11th, 2016 at 13:12 | #35

    @MJ

    asking price is ~900K…. transacted dunno

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