City Residence is a part of a mixed development that includes a mall named the City Mall of which it is built atop of. It is situated on the prime land of Tanjung Tokong in Penang, and further adding to its value is the fact that it lies on freehold land. The project is estimated to launch at the end of 2013 with its completion date estimated to be the end of 2016. Its developer is the renowned Ivory Properties Group.City Residence is a tower by itself standing at 39-storey tall above the City Mall. It consists of a single block of condominium with 202 units available, placing it at approximately five units to a floor only. Built ups here range between 460 sf for the smallest unit to the penthouse which is 5,600 sf. Price is steep with a typical unit of 1,700 sf selling for RM1,230,000 while rental price is not available.The units at City Residence as of the current updates will be sold bare with no furnishings at all, therefore buyers will have full reign over their creativity at decorating their homes. The higher floors will have gorgeous views of the Penang city line which will be a view well paid for especially in the evenings and nights. The facilities provided will be basic. Available for exclusive use of residents will be a swimming pool, barbecue pit, gymnasium, sauna and children's playground. Security will be taken care of by the 24-hour protection. The location of City Residence could not be better. Not only are they situated on top of their very own resident shopping mall, they are also a stone's throw away from the food paradise of Georgetown and the highly sought after sea fronting restaurants at Gurney Drive. Schools, banks and medical centres are all close on hand and residents will be highly contented living at this paradise on earth. Residents will be well connected to town and the rest of the island by both Jalan Tanjung Tokong and Jalan Fettes outside their homes, of which the former connects to Jalan Bagan Jermal, Jalan Kelawei and Gurney Drive. Public transportation is convenient as many busses and cabs pass through the main road outside the condominium.
Property Details
Name: City Residence Address: Jalan Tanjung Tokong, 10470 Tanjung Tokong, Penang Developer: Ivory Properties Group Completion Date: 2016 (estimate) Type: Mixed Development Tenure: Freehold No. of Blocks: 1 No. of Storey: 39 No. of Units: 202 No. of Bedrooms Type B3: 1 Type C3: 2 Type D: 3 Type E: 3 Type F: 3 No. of Bathrooms Type B3: 2 Type C3: 3 Type D: 4 Type E: 3 Type F: 4 Land Area: 2.42 acres Built-up Type B3: 660 sf Type C3: 1,120 sf Type D: 1,700 sf Type E: 1,230 sf Type F: 1,830 sf Penthouse: 5,600 sf Launch Price: From RM750 psfFacilities
Swimming pool Barbecue pit Gymnasium Sauna Children's playground 24-hour securityAnalysis
Ivory Properties Group is an up and coming developer in the northern parts of Malaysia, particularly Penang. Their past projects includes Birch Regency, Moonlight Bay and Island Resort 10. They have many ongoing projects like The Latitude and The Peak Residences, as well as many other projects such as Aston Villa, Penang Times Square and Island Resort Bungalow in the waterworks. The success of this developer does not just lie in the fact that their buildings are savvy and well designed but also that they choose their locations well. The same goes for City Residence which is set in the newly famed area of Tanjung Tokong close to Georgetown. Unfortunately residents will need to contend with traffic congestion outside their homes, as the main roads in Penang close to the city are always congested during peak hours.Buyers of City Residence might however like to be cautioned as a previous buyer of Island Resort 1 which was supposed to be constructed, was told that he had a choice of getting a full refund or to be changed to a smaller unit at Island Resort 10 for a higher price as the developers were unsure on when they would start constructing the aforementioned Island Resort 1. Other than that, all this developer's properties are highly successful. As with the latest trend, homes built on top of shopping malls are becoming very popular for the convenience and prestige it offers, making City Residence a highly sought after home. Investors will likely make a profit obtaining a unit here as much as permanent home buyers will enjoy living here.
