Tanjung Tokong seems to be getting lots of attention from Penang developers with a few notable launches (see Landmark) in the offing this year. Another lined up in the Penang property launch pipeline is the curiously named One One Eight (118) project. Before you scream “Chinaman” at its moniker let’s take a closer look to see what’s the fuss is all about…
The Small Office Home Office (SOHO) concept can be somewhat akin to the kid with the red hair sometimes. There is a certain niche of buyers that it attracts, and the concept may work somewhere only to completely bomb elsewhere if you know what I mean.
Penang’s SOHO options can well be limited, and this is where the developer (Omega Moments – no, it’s not a watch maker) thinks that monies are to be made. One One Eight (yat yat fat in Cantonese, or get rich everyday, geddit?) is freehold, and is a remodeling of Island Plaza tower offices into updated and modern SOHO units. Units sit atop the retail shops creating a suitable set-up of doorstep conveniences for its tenants.
Being on top of Island Plaza, 118’s “Walkability Score” is also predictably superior, and similar to other condominiums which are situated near or on top of shopping malls – such as K Residence, Pavilion Residences and Northpoint Residences.
Your Choices – Would You Like This SoHo, Or That SoHo?
118 at Island Plaza consists of 106 SOHO units spread across 12 storeys which puts it at about 8 units per level. That makes it only moderately dense (dense, as in concentration, not “stupid”. I just had to clarify here.)
Built-up sizes are just like typical SOHOs – not as small as Zoolander Center For Kids Who Can’t Read Good, but not as big as Steve Jobs’ ego. Starting modestly at 484 sq.ft. to as much as 1,162 sq.ft, choices also vary accordingly from 1 to 3 bedrooms catering to a wider demographic.
Indeed, I’ve combed over the layouts with a magnifying glass, and I could tell that there has been lots of thought that went into the plans; with its different sizes and layout designs, young professionals, couples and even small families can snatch a suitable unit for their needs.
Money, Moolah, Skrill, Coin, Benjamins
Selling price for One One Eight units start from RM680,000 while (at the time of publication of this review) sub-sale fetches somewhere from RM400,000 to RM800,000.
Renting is also possible with rates ranging from RM1,800 to RM3,500. And to check if these price tags are fair and reasonable, you may use our free valuation guide to confirm the property’s fair market value today. Download it – you’ll like it. 🙂
Is Everything As Hunky Dory As It Seems? Not Quite…
For those who prefer nice and quiet wouldn’t perhaps opt for a SoHo on Tanjung Tokong obviously. Also, the bills are also billed in commercial rates since it’s, well, a commercial property, but I could be wrong. Good if you would check if you could.
There have been some rumours circulating around during its launch that there are no basic facilities such as swimming pools, gyms and Jacuzzis since the units are basically refurbished from office lots. There’s actually a swimming pool which is shaded (although admittedly it’s not an Olympic sized pool). Not sure about Jacuzzis. And if you’re a gym rat like me, then you’ll appreciate the fact that there is Fitness First in Island Plaza. Let’s be real; who really goes to condo gyms anyways? 😉
Majority of the units were previously occupied which means furnishings are already in place. Some are semi-furnished with essentials such as kitchen cabinets, built-in appliances and more.
Being On Top Feels Good
Another plus that seems to outweigh the relative “lack” of facilities are the numerous retail shops right below the SOHO units. Practically bringing comfort and convenience right at your doorstep are the following establishments within your grasp: beauty salon, chic restaurants, spa, a Cold Storage supermarket, and for the caffeine addict – Coffee Bean. What else would you need?
In case you need more choices, the development is leisurely close to other commercial and shopping centres. Georgetown, for instance, is a bustling hub of amenities and it sits a short distance away from the site. Another well visited area in Penang is the popular Gurney Drive where it houses a stretch of food stalls and local shops. Warning: tourist traps ahead.
As for connectivity, One One Eight is strategically positioned and served with a number of main roads. Among the routes linking to the development are Jalan Kelawei, Tanjung Tokong and Bagan Jermal.
All In All…
SOHO projects can be tricky sometimes – in many cases they either succeed spectacularly or fail like a bad American Idol audition. Penang SOHOs can be hard to come by, and if that’s your cup of Earl Grey then 118 can be a good bet – it’s reasonably priced, and has got a killer location to boot.
The fact that there’s a shopping mall right below your small office or home suite is a good selling point. In the Klang Valley, integrated developments are much the rage nowadays where everything can be found under one roof. 118 is nearly that although there are some kinks to be sorted out before it becomes a truly prime Penang SOHO property.
Alas, everything hinges on whether you can secure a unit at a good price. To help you figure out how much you should pay for a 118 unit, use this guide which you can download for free below (sponsored by GoodPlace.my) –