Lucerne Residences
Lucerne Residences, yet another project in Ideal Vision Park by Ideal Property Group in Bayan Lepas, Penang. Strategically located along Jalan Tun Dr. Awang, adjacent to The Amarene condominium. It is just a short drive to Penang International Airport, 10 minuets walking distance to Straits International School. That completes the IVP development which also includes Tree Sparina and Summerskye.
This upcoming development will see two blocks of 36-storey condominium featuring a European living concept. It will offer 480 residential units with a 5-storey parking podium. The standard unit will have a built-up size from 1,100 sq.ft., with an indicative selling price of RM663,000 onwards. There will also be 87 units of shop offices.
Project Name : Lucerne Residences (formerly known as Mori Condominium)
Location : Ideal Vision Park, Bayan Lepas, Penang
Property Type : Mixed Development
Total Units: 480 (condo), 103 (shop office)
Built-up Size: 1,100 sq.ft. onwards
No. of Storey: 36
Land Tenure : Freehold
Indicative Price: RM663,900 onwards
Developer : Ideal Property
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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.
So many ongoing projects in that area, many are not even occupied.
Why keep on building?
@penangkia
To be honestly, it’s really over supply. I won’t buy anymore unit in this area anymore.
I think every property in Penang is sold with future price. Our developers all got the ‘vision’ to see that in future Penang would be very very populated 😀
@jack
Not populated but with vision of high income nation.
Another 10 years that’s no more land to build in Penang island prime location. If stated government unable to create more high skill professional high paid job then property market will in doom due to no demand. Supply vs demand always a decisive to see how property market to grow in next 10 years.
As of southern region of penang, i can see majority of upcoming new project near Queensbay are all premium & majority in 1M above in near future.
This project description seems like a twin brother to amarene.
in fact the illustration above shows 4 tower in which 2 of them is amarene.
you may want to check out how is it going with amarene…
@CNY
Not really. How about if developer build a smaller unit like 500sqf? Based on current market trend, most of developer will won’t increase price however the unit propose will be smaller & maller. For example like 500sqf buy selling rm600k. That’s to provide easy access to buyer into market. If they build a bigger unit like 1500sqf & sell like 1.6M. It’s difficult to get buyer hard sales.
Most of new project launching this year into market.
Maritime signature 400k+
The meg 500k
The crown 470k+
@EK Tan
The house you live in does not have to be as big as 1500sf, and not as pathetically small as 500sf. 900sf for a small family or couple is just nice.
Also, there is no need to pay RM1000+psf (as mentioned by you, RM600k for 500sf or RM1.6M for 1500sf) for an apartment, as you can easily get RM700+psf from resale market which are also brand new units. RM600psf for 900sf is only RM650k+/-.
@Maggy
I think what he tried to mention is about Queensbay premium location freehold title project. Actually i agree also future will be 1M in that area as most of land bought in higher price transaction. If you go Bayan lepas or relau as you said no problem to get a unit with 600k or 500k about 1000sqf. Amarene is a good project & now follow by this. And price up about 100k due to post pandemic cost increase. I believed all depend on location premium location then you have to pay premium price. Equally same as island & mainland. If you go mainland then you can get easily a Semi D or terrace but here only a normal apartment/condo.
@Man
I do not think what EK Tan tried to mention is Queensbay location as
(1) Maritime Signature is located at Karpal Singh Drive
(2) The Meg is at Tanjung Tokong
(3) The Crown is at Tanjung Tokong.
None of them is at Queensbay area at all.
@Maggy
Anyway, those are service apartment for aibnb friendly.
In Relau & Bayan lepas we can easily to get a unit with lower price per sqf compare to other prime area since supply more than demand. As you mentioned, 900sqf for rm600psf which i don’t think people will buy in subsale since oversupply. Even Fiera vista also fetch lower value in transaction.
I think oversupply problem is not only in Relau & Bayan Lepas, it’s everywhere. Just because a developer price it’s property more expensive than others doesn’t mean the demand is more than supply at all. It is not uncommon for a developer to sell expensive initially to increase profit, but then give a discount of 20-30% after OC later due to unsold inventory.
Don’t be tricked by the developer’s “sticker” game, meaning putting a “sold” sticker on unsold units in a sales chart just to give a false impression of good demand, and only to give big discount afterwards when they cannot sell those units, claiming that those units are still available because buyer cannot get bank loan.
@dilon
I agree that oversupply is everywhere now but Relau Sungai ara & Bayan lepas are top among Penang region. 20%/30% discount after OC it does happen also specially for mount residence/straits residence happen too and COD still plenty to sell specially develop exchange development cost to contractor by giving some unit to sell. But if another viewing, some project after OC increase by 10% or more in price due to good funishing & high demand/good scoring.
Anyone know about take up rate for this project?
This project layout is good but the price really too high in this area.
Is good if to buy for own stay.
Any commercial unit for sale?
Does anyone know if this project is open for booking?
@KrisK
You must be just walked out from MCO.
The project already start selling not just booking.
1100sqf to 1200sqf with starting from 660k to 730k.
Basically the concept almost similar like The amarene but the quality & design & material used probably much better than Amarene since many complain from buyers.
Wanted to know, is there any rebate for Lucerne project by buying developer unit ?? And is there any feedback or group for this project ?? I’m interested to know more as buying for own stay
Project does not seem to be moving and looks like stop at the moment. Too many condos around and will only add to more congestions. Moreover kinda high density and with such high floors.