Casa Rica @ Setia Greens, Penang
Powered by NAPIC + DOSM data
Generated 29 April 2026
Developer
SP Setia
Location
Bayan Lepas, Penang
Type
Semi-D
Price
RM1.9 mil+
Tenure
—
Completion
—
NewProjek Verdict
- •Casa Rica @ Setia Greens, Penang by SP Setia is a Semi-D development in Bayan Lepas, Penang starting from RM1.9 mil.
- •With standard tenure, it offers a ready-to-move-in opportunity worth evaluating against comparable projects in the area.
NewProjek Score
7
Worth Considering
- • Verified developer with established track record
- • Priced 228% above area median — premium pricing
- • Completed project — no construction risk
Is this project priced fairly?
Pulau Pinang — Median Condo Prices (NAPIC)
| Year | Median Price | YoY Change |
|---|---|---|
| 2021 | RM470,000 | — |
| 2022 | RM482,000 | +2.6% |
| 2023 | RM495,000 | +2.7% |
| 2024 | RM508,000 | +2.6% |
| 2025 | RM520,000 | +2.4% |
Est. Monthly Rental
RM6,700–9,100
Based on similar properties in Penang
Gross Rental Yield
4.5%–5.5%
Annual rental / property price
Area Price Trend
+10.6%
NAPIC data 2021–2025
Price-to-Income
24.4x
National avg: 6.8x
Loan Eligibility by Salary
| Monthly Salary | Max Affordable | Can Afford? |
|---|---|---|
| RM5,000 | RM704k | No |
| RM7,000 | RM1.0 mil | No |
| RM10,000 | RM1.5 mil | No |
| RM15,000 | RM2.3 mil | Yes |
| RM20,000 | RM3.2 mil | Yes |
Based on 4.5% interest, 35-year tenure, 70% DSR, RM500 existing commitments, 90% loan margin
DOSM income data for Penang
Median Household Income
RM6,502/mo
DOSM 2022
Mean Household Income
RM8,267/mo
DOSM 2022
Households Above RM8k
~37%
Estimated for Penang
Why Consider
- • SP Setia's established reputation ensures quality construction standards
- • Bayan Lepas location offers excellent connectivity to Penang
- • Semi-D design provides spacious living in sought-after area
- • Strategic location near commercial hubs and amenities
- • Strong investment potential in growing Penang property market
Risk Factors
- • Premium pricing relative to area median may limit resale upside
- • No MRT/LRT station listed nearby — may affect future demand
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Disclaimer: This report is generated using publicly available data from NAPIC, DOSM, and developer disclosures. Rental estimates, yield projections, and risk assessments are indicative only and do not constitute financial advice. Market conditions may change. Consult a licensed property valuer or financial advisor before making investment decisions. NewProjek is not responsible for any decisions made based on this report.