Straits Residence @ Tanjung Tokong MIPE Walkability
Walk Score
Straits Residences @ Tanjung Tokong has a walkability score of 67 out 100 (somewhat walkable, some errands can be accomplished on foot).
Step 1: Browse the www.walkscore.com & type the Property / Location
Step 2: Click on the map to see What’s Nearby of the Property
Step 3: You will see the Walk Score reading
Property Profile
The following case study is how to identify the property USPs for a seafront serviced apartment, Straits Residences at Tanjung Tokong, Penang . For some unknown reason, I counted at least 40 YouTube videos by real estate agents and property bloggers on Straits Residences. Perhaps the developer of Straits Residences is keen to dispose of the leftover units in light of an uncertain property market and has offered high commissions to real estate agents to market the leftover units.
- Your first port of call is to check the developer’s website for an e-brochure. Read it slowly and carefully, making notes of anything that strikes your interest. E-brochures are of course produced to project positive PR by the developer’s PR team. But jot down what you think are the property’s competitive advantages vis a vis other upmarket properties in the vicinity. The developer, Kerjaya Prospek is the main contractor of E&O in Penang. There are a lot of E&O projects just around the corner from Straits Residences, viz it’s Penang flagship project – the 1,100 unit luxury Quayside Seaside Resort Condominium, the two storey and two and a half storey terraces across the road, and the Tamarind @Tanjung Tokong.
Straits Residences is a tower block that occupies a corner of a mixed use seafront development by E&O called Straits Quay comprising a marina, a two storey mall adjoining the marina, serviced apartments (Suites@Waterside), offices in a podium block. I reckon the property’s main USP is a seafront location with the added conveniences of being next to a marina and mall.
Next punch up the EdgeProp Analytics page on Straits Residences. Because Straits Residences only handed out keys to owners recently, there is not lot of information here.
2. Check out the surroundings. Punch up a Google Map which shows up the locations of major shopping centres, public parks and greenery, supermarkets, schools etc. There is a Lotus (formerly Tesco) supermarket and mall about 200m away, another 2 supermarkets (Cold Storage) at Island Plaza and Village Grocer at City Junction about 1km away, Straits Green – a public park by the seashore, Tanjung Tokong beach promenade just adjacent to the marina, a construction site for an international school located next to Straits Green.
3. The nearest dental and medical clinics are located just 400m at a retail strip mall facing the main road and across the road to Lotus supermarket.Identify any negative factors:
Next to the tower block lies an access road to the causeway linking Tanjung Tokong to the upcoming housing developments on the reclaimed island. This might lead to more noise and traffic congestion in the future as developments on the reclaimed island come onstream.
4. The commercial title of Straits Residences might mean some Straits Residences owners might want to operate short term rentals from their units. In contrast, 7 year old Quayside Seaside Resort Condominium does not allow AirBnB operators to run short term rentals.
- The asking prices PSF for Straits Residences are generally higher than 7 year old Quayside Seaside Resort Condominium despite having fewer facilities (eg no club house, in house theatre, yoga studio, no extensive landscaped greenery).
- Rents in upmarket Tanjung Tokong condominiums such as Quayside Seaside Resort Condominium have been on the decline in recent years. The decline is also mirrored in average price transactions in psf.
In conclusion, any prospective buyer of a Straits Residences unit should do a due diligence check on the current market values of the other upmarket condominiums nearby such as Quayside Seaside Resort Condominium and the Tamarind @ Tanjung Tokong. Try looking up the market values of nearby upmarket condominiums at the websites of PropertyGuru Datasense’ Vantage and EdgeProp Analytics.
Also it is prudent for potential buyers to check out the recent trends in rentals and transaction prices of similar upmarket properties in Tanjung Tokong. See the charts below by PropertyGuru for rentals and price transactions in psf for a two bedroom unit at Quayside Seaside Resort Condominium over the past 5 years.
Finally, a potential property buyer might want to get professional advice from a real estate agent or valuer registered by BOVEAP.
Price Comparison
Edge Property Median Price – Straits Residence @ Tanjung Tokong
Source by: https://www.edgeprop.my/transaction?category=RESIDENTIAL
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(Mr. Raymond Chong)