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The Meg @ Andaman Island

the-meg-andaman-island

Andaman Island – the highly-anticipated prime reclaimed island of Seri Tanjung Pinang Phase 2A by E&O. Located directly across the waters of Seri Tanjung Pinang and Gurney Drive, the 253-acre island is expected to have a GDV of over RM17 billion, which will take over 15 years to complete. The first link bridge connecting the northern part of Andaman Island to Seri Tanjung Pinang has already been completed several months ago. A second bridge is now under construction to connect the southern part of the island to Gurney Drive.

The Meg marked the first project in Andaman Island, featuring two blocks of 35-storey serviced apartments with an estimated GDV of RM650 million. It comprises 1,020 residential units with innovative layouts designed to suit young executives and new families.

Project Name : The Meg
Location : Andaman Island, Off Gurney Drive
Property Type : Serviced residence
Tenure : Freehold
Land Area: 4 acres
Built-up Area: (to be confirmed)
Total Units : 1,020
Indicative Price: (to be confirmed)
Developer : Persada Mentari Sdn. Bhd. (a subsidiary of E&O Berhad)

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

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  1. Eric
    December 30th, 2021 at 13:25 | #1

    Anyone invest in this property? Recently E&O just soft launch.

  2. Andy
    December 31st, 2021 at 09:05 | #2

    Penang luxury property still can invest ? With strict mm2h rule and all time low rental yield… and covid duno until when…

  3. Ong
    December 31st, 2021 at 14:54 | #3

    @Andy
    Not really luxury. Everyone can buy. Smallest unit starting from rm500k only.

  4. Jason Lee
    January 4th, 2022 at 20:46 | #4

    How’s response so far?

  5. Andy
    January 5th, 2022 at 15:02 | #5

    500k i guess is birdcage studio units rite…

    Wonder who gonna rent it… pay ~2k rental for a birdcage, definately angmoh / hongkie / chinaman not going to rent.

    Only good to keep mistress hahahahahaha

  6. Ong
    January 6th, 2022 at 06:58 | #6

    @Andy
    Haha. Why you care.. If you experience in property, this is not going for residential. This is for short term stay like hotel style. 2k not make sense. Should calculate by daily short term stay. 550k is for 550sqf fully furnished. Personally i think is good for short stay since good view of Gurney coastline.

  7. Andy
    January 6th, 2022 at 09:23 | #7

    @Ong

    So u bought ?

  8. Tim
    January 6th, 2022 at 09:59 | #8

    I did make a booking (no deposit required) early Dec on the unit B1 (2 rooms). During that time, most unit facing gurney (or consider premier unit) already fully booked. The unofficial rebate is 2+5% as told by the sale guy. At end of Dec, they launched with the rebate confirmed to be 4% and required to pay 10k deposit and SNP to be signed after 2 weeks time. I considered a while and decided not to go.

  9. TuaLamPa
    January 6th, 2022 at 16:15 | #9

    First of all, since the property type is “serviced residence” and not “commercial”, whether Airbnb (short term stays) is allowed or not depends entirely on a vote during AGM, which requires a minimum of 75% vote. 2 scenarios :-

    (1) Short term stay “wins” – and as a result, it won’t take anything more than 3 years for the place to become “koyak”, judging by the condition in Landmark and Jazz Residence.

    (2) Residential “wins” – and as a result, at the purchase price of RM1000psf, owners would have to make a loss renting their units out for long term stays, based on prevailing rental market dynamics.

    So no matter which scenario, owner will loose.

  10. MaxWeng
    January 14th, 2022 at 10:30 | #10

    Does anyone know the second bridge mentioned here is connecting to which part of Gurney Drive? Thank you

  11. Jason
    January 14th, 2022 at 11:31 | #11

    @MaxWeng
    If not mistaken should be infront of gurney roundabout.
    Need to confirm. And currently this project almost fully booked.
    Price 500k to 800k around with fully furnish.
    Smaller unit all took. But is good for short term stay airbnb or small house in future depend on resident.

  12. MaxWeng
    January 14th, 2022 at 15:43 | #12

    @Jason, thank you for your information.

  13. LEE
    January 17th, 2022 at 14:16 | #13

    the market is not bad if this project fully booked since psf is not really below market value

  14. XiaoXia
    January 17th, 2022 at 17:13 | #14

    @LEE
    A few things you might want to seriously take note. When someone (could be a friend, an agent, or developer’s sales girl) tells you a property project is “fully booked”, it definitely does not mean it is fully sold because :-

    (1) many “buyers” could be just booking without any genuine intention to buy as they could either get their booking fees back if they decide to not proceed with the purchasing later, OR, they don’t even have to pay any booking fee, OR, developer will accept a cheque without cashing it (this is E&O’s usual practice), which would be returned to “buyer” if they decide to not proceed later.

    (2) even after purchaser cancellation later, the developer would still be marking the unit as “sold” to mislead potential buyers

    For your additional info, out of the total of 500++ City of Dreams units, there are still some 150 unsold units, while for Straits Residence, there are still about 120 unsold units out of the total of ~250 units, and those numbers exclude contra units hold by contractors, which are also looking for buyers. For Mont Residence, the developer VST is still holding quite a number of unsold unit, which is being quiet sold at ~30% discount to the original peak price.

    Don’t get more wrong, I am not saying everyone is going broke and no one is buying property. There is still people with money in the market, people who are buying for own stay, some foreigners here and there buying as holiday homes etc. But the fact is, whatever there is in the market and potentially can be supplied to the market, is definitely more than what the market demand is.

  15. Condo
    January 18th, 2022 at 02:16 | #15

    That’s why you able to see now in year 2022.
    Developer tend to build smaller unit rather than above 1000sqf which is common in this area as a result of higher price result of difficult selling. Forget about COD/MR which consider as a disaster project which not from a reputable developer. In conclusion, we may see more smaller unit between 500sqf to 850sqf to to launch in market this year as easy access for all buyer. Good luck.

  16. XiaoXia
    January 18th, 2022 at 11:19 | #16

    @Condo
    Haha…500sf will be pathetically small, by PG standards. 850sf is ok, provided it has good floor layout.

  17. Condo
    January 18th, 2022 at 18:57 | #17

    @XiaoXia
    Actually The meg still consider fine as phase 1 development which provide easy access for buyers to entry market starting 500k to 800k fully furnish & 2 cp. And E&O kerjaya prospek provide good furnished always. That’s more upcoming smaller unit to launch soon maybe this year or next year. RM1500psf seaview unit with 500sqf to 1500sqf available. Probably more suitable for airbnb or holiday home.
    Just wait & see how market respond. Developer trying to build smaller unit but to cater affordable for buyers. Price remain more or less same but smaller unit & higher psf.

  18. Andy
    January 19th, 2022 at 11:31 | #18

    With same fully furnish setting… the rental price is going to be blood bath.

    Please take note, if it is ‘service apartment’ type and not ‘commercial’.
    – Do AirBnb, will have issue when jmb ban it.
    – Do long term rent, confirm making loss. Expat wont rent these small units. All owner fight low rental since the furnishing all same.
    – for holiday home, or keep mistress… WIN !

  19. XiaoXia
    January 19th, 2022 at 16:03 | #19

    @Condo

    When you said “The meg still consider fine as phase 1 development……… That’s more upcoming smaller unit to launch soon maybe this year or next year. RM1500psf seaview unit with 500sqf to 1500sqf available”, I assume you’re implying that paying RM1000psf for Meg is still fine as more will be sold at RM1500psf soon. Haha…you talk like a property agent trying to mislead a buyer into buying something useless!!

    @Andy

    You have a very very good point there! When all units have the same furnishings, they become a commodity, therefore when demand is less than supply, the only thing you can do is to cut price! And you’re talking about 1000 units here, not some super condo with only 100 units. Super chia lat!

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