The Loft (the second phase project for the Southbay City mixed township development in Penang) is located along Jalan Permatang Damar Laut in Bayan Lepas. The name itself may be generic (there’s already a couple of “The Loft”s around at least in the Klang Valley – the most notable being the one in Bangsar), but this one Penang seems to be a little different. PropertyReviews.my takes a closer look…
The Southbay City project has a GDV of about RM 2 billion – making it one of the bigger integrated development projects in Penang. As of this review, completion of the Southbay Plaza is underway, and The Loft estimated to be completed in 2017.
Embracing a low density plan and with only three condominium units per floor of The Loft, the price is competitively set from RM 1.4 million onwards for majority of units facing the scenic seafront. The target is to lure overseas investors, professionals and high income buyers. Is this fair price? Find out using our guide (free to download).
Penang used to be widely seen as one of the more buzzworthy areas outside the Klang Valley as far as Malaysia property is concerned, but with the rise of the Iskandar region in the south in the recent years Penang has been out of the limelight for a while. Now with the launches of new (and rather upmarket) projects like The Loft and Tropicana 218 (on Macalister Road), the spotlight is back on Penang once again.
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Island Living At Its Best…?
The Loft includes some 156 luxury suites facing a peaceful view of the seafront. Johnny Tee, our favourite Penang real estate haunt (and sometime agent) has enthuses, “Imagine an island holiday lifestyle that’s hard to resist and you won’t be too far off.“
Southbay City is situated in Bayan Lepas where the Second Penang Bridge (completion end of 2013) is a kilometer away, the Penang International Airport is 7 km away and Georgetown proper just a 5 to 10 minute drive from the development.
The Loft sits in 3.7+ acre of freehold land where the two 30-storey towers of charming, sophisticated and lush residential suites are housed. Each tower has 78 units to offer and seven layout designs to choose from. Not only does the property offer high exclusivity and flexible, open design concepts but it allows investors to choose from a variety of dimensions and build-up sizes which ranges from 1,378 sq.ft. to as much as 5,960 sq. ft. Choices that are available include:
- Type A with 3+1 bedrooms
- Type B with 3+1 bedrooms
- Type C with 3 bedrooms
- Private Garden Units with 3 & 3+1 bedrooms
- Penthouse Units with 5+1 bedrooms
Regardless of the unit preference, owners will enjoy the same panoramic seafront view through glass windows or balconies, and experience peace and quiet through private gardens. Privacy seems to be given much emphasis here spatial-wise, which means that you can’t blast your stereo playing Pull Harder On The Strings Of The Martyr without your neighbour coming knocking on your door with a scowl on this face (or with a guitar in hand to rock out with you if he’s tasteful enough to like Trivium).
Jokes aside. 🙂 Impressive facilities are integrated within The Loft which includes card access security system at the lift lobby, leisure and recreational features, garden pool level, swimming pool, private garden for all level four units, sky lounge, sky gym and a sky bridge where residents can feast on an infinite view of the sea. With an array of facilities to enjoy, The Loft sufficiently caters to wide and varied needs. There’s also a playground and a special pool for children to enjoy in addition to a multi-purpose room where residents can mingle and socialize.
Convenience Within Reach
Nearby amenities and surrounding high end developments further positions The Loft in an enviable and strategic location where eligible buyers can easily access popular shopping malls including the Queensbay Mall (the largest in Penang) and other smaller retails spots such as the Sunshine Square (kinda run down), Mayang Mall, a Giant Hypermarket and the Bukit Jambul Complex (popular for pirated DVDs… cough).
Just like Tropicana 218 Macalister, also a mixed development found in Georgetown, The Loft @ Southbay City also enjoys close proximity to important colleges and universities as well as community facilities and favorite recreational centers like the Penang International Sports Arena and The Aquatic Center.
In terms of connectivity, convenience is within reach through the Tun Dr Lim Chong Eu Highway, Lebuhraya Batu Maung and the Bayan Lepas Expressway (towards Georgetown). Other options for transport include public buses and taxis while future plans include water taxis that will link the property to nearby places via the Penang Strait. Connectivity is superb, but as with the Penang traffic worsening by the day, The Loft seems to be stuck in the middle of the traffic jam situation…
About The Developer
Better known for its reputation as a premier lifestyle developer in Malaysia, Mah Sing Group’s portfolio is rich. Southbay City is its biggest project in Penang. In the Kuala Kumpur city, Mah Sing is the developer behind hits such as M City and M-Suites (on Embassy Row), Icon Residence in Mont Kiara (and also its twin development in Georgetown, Penang), Garden Residence and Garden Plaza in Cyberjaya and the headline-grabbing Meridin @Medini in Nusajaya, Johor. At the time of the writing of this review, Icon City in Petaling Jaya is under rapid construction.
We here at PropertyReviews.my opine that the upmarket niche in Penang is still largely untapped, and with the recent slew of launches of luxury properties on the island there is now renewed traction in this rather under-served niche. There have also been smaller launches of landed properties (such as The Manor in Pulau Tikus), but we expect activity in this niche to pick up.
The Loft’s resort setting is indeed appealing, and it has got the advantage of being in an integrated development which means that everything is accessible within one area. We are bullish on integrated developments, and we reckon that this is the way forward for Malaysia property – within and outside the Klang Valley. The Loft’s price point may be a little steep for a condominium outside the Klang Valley, but backed with a strong concept and a brand name developer we can well expect good yields in the sub sale for those who are buying to sell. However, this is not a recommendation to buy – do your own due diligence :). To help you figure out what’s the best “fair market price” for The Loft, use GoodPlace.my’s “How To Value A Property” guide which you can download upon submitting your details below.