Sri Pelangi is another apartment in the heart of Penang that was built before the property boom hit the state. Set in Georgetown, it sits on highly premium freehold land and was built by an unknown developer with no recorded completion date. Despite its obvious age, the apartment is well maintained and looks like it has had a recent coat of new paint. There are 2 blocks that are connected via the parking lot, therefore providing a covered walkway between the 2 blocks. Sri Pelangi has a total of 112 units housed within a low rise of 7 storeys, giving each floor an approximate number of 8 units per floor. The units are small, ranging from between 580 sf to 850 sf but still suitable for a moderately sized family with 3 bedrooms and 2 bathrooms. Rental starts at RM900 per month and prices for a unit start at RM155,000.Units that are being released at Sri Pelangi are mostly partially furnished. Most of the kitchens have been renovated upon to increase the size, along with the kitchen hoods and hobs. Lights and fans are the norm as well for the partially furnished units. Each unit has a balcony as well, rather useful for drying clothes in fresh air. It has all the bare minimum of facilities provided for residents. Besides the parking bay where each resident is allocated 1 lot, there is also a resident mini mart. Children will have a playground to themselves, and security is taken care of by the 24-hour security. Being located in Georgetown, Sri Pelangi is only minutes from the Penang Times Square and a stadium. The closest schools are SMK Convent Dato Keramat, SJK Tong Sian and SMJK Convent Dato Keramat; all within 10 minutes by foot from the apartment. Eateries are also aplenty outside the apartment. It is set along Jalan Dato' Keramat, which gives residents easy access to Greenlane, Jelutong and the Perak Road; all of which will bring motorists around Penang conveniently. The Komtar bus terminal is about 1 kilometre away, and the Weld Bus Terminal and Farquhar taxi stand are approximately 2 kilometres away from the apartment.
Property Details
Name: Sri Pelangi Address: Jalan Bukom, 10150 Georgetown, Penang Type: Apartment Tenure: Freehold No. of Blocks: 2 No. of Storey: 7 No. of Units: 112 No. of Bedrooms: 3 No. of Bathrooms: 2 Built-up: From 580 sf Subsale Price: Rental: Facilities
Covered car park Mini mart Playground 24-hour securityAnalysis
Sri Pelangi is undoubtedly located in a prime area in the heart of one of Malaysia's most prosperous cities. Due to this traffic congestion is a given staying in such a busy area especially along such a busy road as Jalan Dato' Keramat. Residents probably get more than their share of sound and air pollution from the traffic, but some might deem this a small price to pay for having such a good location. The apartment is a rather low rise with only 7 storeys, and with rather limited availability of 112 units. This is good as residents will find getting to know their neighbours an easy task which will be an advantage if there is need of cooperation from the resident association.Sri Pelangi should be a good investment as its location is good, but its units are being released at very low prices; possibly because the sizes of the units are rather small. Also not everybody wishes to live beside such a busy road. Buyers looking for permanent homes might want to look elsewhere if they have children and are looking for a peaceful place, but those who are working in Georgetown and are looking for homes within walking distance to their offices might want to consider this apartment.
