Straits Residences Overview
Straits Residences is a serviced residence development by Kerjaya Prospek Property Sdn Bhd (KPP) for people seeking modernity and exclusivity in their lifestyle. With balconies offering an uninterrupted view of the seafront, residents can immerse themselves in the warmth of sun rays before starting their day.
The Straits Residences is strategically located along Jalan Seri Tanjung in Penang next to Straits Quay Marina Mall. Connectivity and convenience are definitely the developer’s strong points as residents can access malls, eateries, convenience stores, and clinics which are all located nearby.
This luxury development has 246 freehold units with built-up sizes ranging from 861 sq ft to 1356 sq ft. The developers incorporate modern architectural elements with state-of-the-art home appliances which help residents transition into their new homes more smoothly. Each unit comes with branded sanitary wares, fittings, tiles, and granite worktop. As an added security measure, units are equipped with smart home technology that allows residents to have peace of mind.
In terms of room layout, the Straits Residences offers 1- and 2- bedroom suites. Type A through F with the exception of Type E are all 2-bedroom units. Depending on the unit type, homebuyers can choose between three different views, i.e. the marina sea view, the panoramic Gurney Drive and sea view, or the Seri Tanjung Pinang view.
Straits Residences Location
Straits Residences is a serviced residence development located along Jalan Seri Tanjung Pinang and is located next to the Quay Marina Mall. KPP claims that Straits Residences sits in a “high-profile neighbourhood with generously-proportioned and configured suites”.
Straits Residences is part of a 12-acre development area which covers from the serene hills of Batu Ferringhi to the lively Gurney Drive. In terms of the project area, Straits Residence covers about 1 acre of land. Within the 12-acre luxury development sits bungalows, villas, terraces, and suites, all operated by Straits Quay, the commercial hub of the Marina.
Straits Residences has proximity to various social amenities such as bistros, boutiques, restaurants, seafood hotels, seaside cafes, boat rides, bars, and a scenic waterfront environment. Given Penang Island’s popularity amongst tourists and businesspeople, residents can expect a good blend of locals and expatriates from at least 12 different countries in the area.
Connectivities
Conveinence
Undoubtedly, one of Straits Residences’s appeal is its close proximity to the Straits Quay Mall (about 100m). As Penang Island is one of Malaysia’s most popular tourist spots and business hubs, residents can indulge in the diversity of having both locals and expatriates in the area. The blend of local and expats in the area allows for easy access to various local and international cuisines.
A quick Google Street view shows that Straits Residences is situated close to Straits Quay, Straits Quay Event Hall, Straits Quay Convention Centre, Penangpac, and WAF Fine Art Gallery. Residents can also opt to travel to Gurney Drive or Georgetown for more entertainment and good food since both places are just minutes away from Gurney Drive and Georgetown. Georgetown is well-known for its UNESCO heritage sites and other points of interest such as Wonderfood museum, 1st Avenue Penang, Penang Jetty and many more.
Some of the medical centres, schools and convenience store near Straits Residences are listed below.
Medical Services:
- Island Hospital
- Penang Adventist Hospital
- Loh Guan Lye Specialist
- Clinics and Dentists around
Education:
- Dalat International School
- Stonyhurst International School
- Tenby International Schools
- St Christopher International School
- Sekolah Jenis Kebangsaan Hun Bin
- S.R.K Tanjong Tokong
- SMK Tanjong Bunga
Shopping:
- Straits Quay Marina Retails
- Gurney Plaza
- Gurney Paragon Mall
- Island Plaza
- Lotus Tesco
- Convenience stores and all sorts of marts around.
Straits Residences Floor Plan
Facilities and Amenities
Homeowners at Straits Residences can indulge in luxurious and modern facilities and amenities from the comfort of their residence. The entire 29th floor is dedicated to offering recreational amenities and facilities for both adults and kids. Active and health-conscious residents can opt for work out sessions at the gym room while working professionals can send their children to the nursery. During the weekend, young families can bring their children over to the play area or wading pool.
The rooftop facilities also offer a roof garden and a BBQ area with a great view of the sea, Gurney Drive and Tanjung Penang. There is also a privately-owned sunset deck that creates an overlook to the sunset over the sea. While gyms, jogging tracks, and infinity pools may sound ordinary to some people, these amenities at the Straits Residences are all overlooking the scenic blue Andaman Sea.
Level 29 facilities:
- Jacuzzi Pool
- Infinity Lap Pool
- Wading Pool
- Nursery
- Gym Room
- Children’s Play Area
- Pool Deck
- Function Room
Straits Residences Analysis
Penang stands among the top 10 most livable cities in great Asia. Penang Island records a population of about 800,000 people. The Penang International Airport is the second busiest airport terminal in Malaysia. With an urbanization level of 90.8%, Penang houses various multinational companies (MNC) with the majority of companies on mainland Penang. As one of the strongest tourist and economic hub in Malaysia, Penang is definitely a popular choice among locals and expats looking to find a home or investment opportunity in Malaysia.
Straits Residences is set to be completed by Dec 2020. With price ranging between RM 1,022,000 to about RM 1,897,000, both the 1-Bedroom and 2-bedroom suites are currently open for sales. The breakdown of the built-up sizes is 861, 1292, 1302, 1335 and 1356 square feet.
Potential investors have the ability to choose from a wide range of built-up sizes which consequently allows them to target different market niches. Since the Straits Residences is located in a luxurious neighbourhood, the price per square feet is on the higher end of the spectrum. Consequently, the target market may be more refined than other more affordable housing projects.
In addition to the different sizing available, the Straits Residences is strategically located near various amenities given that it is part of the 12-acre Straits Quay development project. The panoramic view of the sea definitely adds a flavour of exclusivity to the project.
Due to the diverse demographics of Penang Island, Straits Residences can target both locals and expats as potential buyers. However, given the higher price tag, KPP’s local target market may comprise mostly people from the higher-income strata. Expats can also purchase a unit at Straits Residence as the minimum unit price is around RM 1,000,000.
In terms of room layout, despite having only 1- or 2-bedroom configuration, potential buyers can benefit the more spacious. Although potential buyers are limited to choosing only 1- or 2-bedroom configuration, they would not feel like living in pigeonholes given the spacious built-up size. The 1-bedroom suite would be perfect for young couples who are looking to share a unit together.
Small to medium-sized families would benefit more from the 2-bedroom layout. For small families, they do not have to worry about relocating once their family expands. Families with 2 children would live more comfortably if they opt for the larger 2-bedroom layout. However, larger families may reconsider living at the Straits Residences as currently there is no 3- or 4-bedroom configuration.
Target Market
Due to the diverse demographics of Penang Island, Straits Residences can target both locals and expats as potential buyers. However, given the higher price tag, KPP’s local target market may comprise mostly people from the higher-income strata. Expats can also purchase a unit at Straits Residences as the minimum unit price is around RM 1,000,000.
In terms of room layout, despite having only 1- or 2-bedroom configuration, potential buyers can benefit the more spacious. Although potential buyers are limited to choosing only 1- or 2-bedroom configuration, they would not feel like living in pigeonholes given the spacious built-up size. The 1-bedroom suite would be perfect for young couples who are looking to share a unit together.
Small to medium-sized families would benefit more from the 2-bedroom layout. For small families, they do not have to worry about relocating once their family expands. Families with 2 children would live more comfortably if they opt for the larger 2-bedroom layout. However, larger families may reconsider living at the Straits Residences as currently there is no 3- or 4-bedroom configuration.
Competitor Analysis
By analyzing the transaction price trend of the recently completed properties near Straits Residences, the following are the findings:
Looking at the table, it is immediately clear that most projects, apart from The Marinox Sky Villas, have freehold land tenures. Most buyers nowadays prefer a freehold unit because they want to secure properties for their future generations. In terms of current big players, KPP does not have an immediate competitor given that Straits Residences is the only upcoming project in the area.
Thus, as seen from the table, the relatively smaller built-up size but quite high starting price puts Straits Residence at the helm for the priciest project in the area with a price PSF of RM 1048.
In terms of the maintenance fee, RM 0.38 psf seems justified as other projects range from RM0.25 to RM0.40 psf. However, given that the built-up size of Straits Residences is capped at 1356 sq ft, the cost per month would definitely be lower than other projects which have bigger built-up sizes.
Kerjaya Prospek Property Sdn Bhd
Kerjaya Prospek Property (KPP) is one of the most prominent property developers in the region known for their previous stellar projects that stand out due to great architectural and artistic designs.
In addition, Kerjaya Prospek Property often emphasises on integrating modernity with nature. KPP is well-known for having developed impressive projects in Klang Valley and Malacca. Marked as one of the best investment decisions in the Klang Valley are 222 Residency and 288 Residency @ Setapak, Viridian @ Cheras Idaman, Residency V @ OKR, Kaleidoscope and 100 Residency @ Setiawangsa.
The defining moment of Kerjaya Prospek Property (KPP) developers came when its Malacca mixed development project, The Shore @ Malacca River, won an award of Best Commercial Landscape Architecture in 2015/2016 from Asia Property Award. This captured the attention of Li KeQiang, Premier of the People’s Republic of China who visited The Shore at Malacca River with his delegates in 2015.
Kerjaya Prospek Property (KPP) often believes in upholding strong corporate values, management excellence, business dynamism and upholding the vision to make sure that every product and service they provide is in line with the set standards and quality. A distinctive lifestyle developer, KPP wants to change the way property development is done to something more interesting and invigorating.
There are several upcoming properties by Kerjaya Prospek Property (KPP). Some of these include; Malaysia Grand Bazaar @ BBCC, Jalan Pudu, Bloomsvale Mixed Commercial Development, Axon at Bukit Bintang and many more.
Article by: Properly.com.my
