Ideal Venice Residency @ Island Glades, Penang
Powered by verified data + DOSM
Generated 14 June 2026
Developer
—
Location
Bukit Gambir, Penang
Type
Landed House
Price
RM300k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value & Pricing**: At RM300,000 entry price for freehold landed houses, the project offers competitive positioning for Penang's mid-range residential market; however, final value assessment requires clarity on built-up area, specifications, and comparable properties in the immediate vicinity.
- •**Location & Connectivity**: Bukit Gambir provides suburban accessibility with road connectivity to central Penang, but the absence of nearby MRT/rapid transit limits convenience for commuters; proximity to amenities and schools should be verified to justify long-term livability.
- •**Risk & Timing**: The absence of a specified completion date presents execution risk and potential delay exposure; buyers should seek confirmed timelines and milestone guarantees; market absorption rates for this segment and developer track record warrant due diligence before commitment.
NewProjek Score
8
Worth Considering
- • Developer verification status not confirmed
- • Freehold tenure provides long-term ownership security
- • Priced below area median — potential value opportunity
Is this project priced fairly?
Pulau Pinang — Median Condo Prices (Verified)
| 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
RM1,100–1,400
Based on similar properties in Penang
Gross Rental Yield
4.5%–5.5%
Annual rental / property price
Area Price Trend
+10.6%
Verified data 2021–2025
Price-to-Income
3.8x
National avg: 6.8x
Loan Eligibility by Salary
| Monthly Salary | Max Affordable | Can Afford? |
|---|---|---|
| RM5,000 | RM704k | Yes |
| 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 |
|---|---|---|---|
| Vivo Executive Apartment | Penang Property | Seberang Perai | RM270k | Recently Completed |
| TreeO | Bayan Lepas | RM300k | Recently Completed |
| Aston Acacia @ Bukit Mertajam, Penang | Bukit Mertajam | RM319k | Completed |
Why Consider
- • Freehold tenure provides permanent ownership and strong asset security
- • Affordable entry price at RM300,000 for landed property
- • Bukit Gambir location offers established residential neighbourhood appeal
- • Island Glades development promises modern amenities and community facilities
- • Penang property market shows consistent growth and rental demand
Risk Factors
- • No MRT/LRT station listed nearby — may affect future demand
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Disclaimer: This report is generated using publicly available data from the government, 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.