Ideal Venice Residency @ Island Glades, Penang
Powered by NAPIC + DOSM data
Generated 30 April 2026
Developer
—
Location
Bukit Gambir, Penang
Type
Landed House
Price
RM300k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value & Pricing**: RM300,000 entry price is competitive for freehold landed houses in Penang's suburban market, offering reasonable affordability relative to comparable properties, though final valuation depends on unit specifications and built-up area not detailed here.
- •**Location & Connectivity**: Bukit Gambir presents moderate accessibility with road connectivity to Penang's main commercial hubs, but absence of nearby MRT limits public transport options, making personal vehicle ownership necessary for commuting to George Town or Bayan Lepas employment centers.
- •**Risk & Timing**: Undefined completion timeline represents a material risk for buyers requiring occupancy certainty; the project's stage of development and developer track record require verification before commitment, as these factors directly impact delivery reliability and resale liquidity.
NewProjek Score
7.5
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 (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
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%
NAPIC 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 |
|---|---|---|---|
| Ari Altitude @ Alma, Bukit Mertajam, Penang | Bukit Mertajam | RM250k | New Launch |
| Vivo Executive Apartment | Penang Property | Seberang Perai | RM270k | Recently Completed |
| Aston Acacia @ Bukit Mertajam, Penang | Bukit Mertajam | RM319k | New Launch |
Why Consider
- • Freehold landed house offering excellent long-term ownership security
- • Strategic Bukit Gambir location with established residential community
- • Affordable RM300,000 price point for property investment entry
- • Island Glades development promises modern amenities and infrastructure
- • Strong capital appreciation potential in growing Penang market
Risk Factors
- • Under construction — completion delays are possible
- • 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.