Ferringhi Residence 2
Powered by NAPIC + DOSM data
Generated 29 April 2026
Developer
Mah Sing Group
Location
Penang
Type
Condominium
Price
RM789k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value and Pricing**: The entry price of RM788,584 is competitive for a Penang condominium, though the absence of specified completion timeline creates uncertainty regarding actual delivery costs and potential price escalations during the development period.
- •**Location and Connectivity**: Penang's established infrastructure and tourism appeal provide inherent location strength; however, the lack of proximate MRT access may limit connectivity advantages compared to properties in major KL corridors, making car dependency a consideration for residents.
- •**Risk and Timing**: The undefined completion date presents a material risk factor for investors and end-users, as extended timelines could impact cash flow returns and occupancy plans; Mah Sing's established track record as a developer mitigates some execution risk, but clarity on project phasing remains essential.
NewProjek Score
7.5
Worth Considering
- • Verified developer with established track record
- • Freehold tenure provides long-term ownership security
- • Priced 52% above area median — premium pricing
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
RM2,800–3,800
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
10.1x
National avg: 6.8x
Loan Eligibility by Salary
| Monthly Salary | Max Affordable | Can Afford? |
|---|---|---|
| RM5,000 | RM704k | No |
| RM7,000 | RM1.0 mil | Yes |
| RM10,000 | RM1.5 mil | Yes |
| 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
Similar projects in Penang
| Project | Location | Price From | Status |
|---|---|---|---|
| Havana Beach Residences @ Bayan Lepas, Penang | Bayan Lepas | RM408k | Recently Completed |
| M Zenya Mah Sing Group | Kepong | RM420k | Under Construction |
| M Aspira Mah Sing Group | Taman Desa | RM452k | Completed |
Why Consider
- • Penang island location with established economic growth potential
- • Affordable entry price for freehold condominium ownership
- • Reputable Mah Sing Group developer with track record
- • Strategic Penang location near tourism and business hubs
- • Freehold tenure offers long-term appreciation prospects
Risk Factors
- • Under construction — completion delays are possible
- • 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.