Sri Cahaya is a 15 years old freehold low cost apartment completed in 1998 and is showing its years in spite of being only 15 years old. This walk up apartment is located opposite Chung Ling High School at Kampung Baru on Jalan Air Itam. The building is a low rise at only 5 storeys and consists of only 1 block. With only 18 units available, there is a very low density at Sri Cahaya. Each unit has an approximate built up of 700 sf with 3 bedrooms and 2 bathrooms. Rental starts from RM600 per month with only limited units for rent and no available units for sale. Maintenance per month is approximately RM80.Most of the units available for rent at Sri Cahaya are either renovated or are at least furnished with the basic appliances such as water heaters, kitchen cabinets, hobs and hoods as well as air conditioners. The units that are open for rent are usually fully furnished. Being a low cost apartment, Sri Cahaya does not offer any facility at all other than being a gated and guarded community with personal parking lots for each unit. It does however provide a lounge where residents can sit down to wait for their transportation. In spite of being quite inconspicuous, Sri Cahaya boasts a good location of being close to the heart of Penang city and surrounded by innumerable facilities. Just minutes from the apartment is Sunshine Farlim hypermarket, whilst set directly opposite them is the famous private school, Chung Ling High School amongst other schools in the close vicinity and eateries around the residency are plentiful. A short distance away from Sri Cahaya is the Air Itam Rapid Penang bus hub, and for more routes, the Penang Hill Lower Station and the Penang Hill temple stop are also equally close to the apartments. Motorists will find that they are well connected to the city via Jalan Air Itam and Jalan Dato Keramat that will bring them directly to Georgetown.
Property Details
Name: Sri Cahaya Address: Jalan Air Itam, 11500 Ayer Itam, Penang Completion Date: 1998 Type: Apartment Tenure: Freehold No. of Blocks: 1 No. of Storey: 5 No. of Units: 18 No. of Bedrooms: 3 No. of Bathrooms: 2 Built-up: 700 sf Maintenance Fee: RM80 Rental: From RM600Facilities
Covered parkingAnalysis
Sri Cahaya is a relatively new apartment that is not well taken care of as it does not appear to have been painted at all in the recent years. In its immediate vicinity are a number of other low cost apartments such as the Rifle Court Apartments and the Taman Manek Apartment. As an investment the apartment shows potential as Penang is developing rapidly on every piece of available land. As a permanent home, Sri Cahaya may not offer the most aesthetically, but will be adequate for a small family looking for their first home.In spite of being an ill maintained apartment of such apparent low value, Sri Cahaya sits on premium land close to the city. Further adding to the value of the apartment is the fact that it stands on freehold land in a part of Penang that is developing rapidly for high rises at premium prices. This could be for this reason that the owners are not releasing any of their units, perhaps they are waiting for an offer from a developer who sees the potential in the land that their apartment is sitting on.
