Setia Sky Ville @ Jelutong, Pulau Pinang
Powered by verified data + DOSM
Generated 14 June 2026
Developer
SP Setia
Location
Jelutong, Penang
Type
Condominium
Price
RM732k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Pricing & Value**: Entry-level pricing at RM732,000 is competitive for Penang's condominium market, offering reasonable affordability, though value proposition depends on unit specifications and amenities relative to comparable freehold projects in the vicinity.
- •**Location & Connectivity**: Jelutong provides good accessibility via established road networks and is well-served by public transport (bus), though the absence of MRT connectivity limits long-term transit convenience compared to projects in emerging transit-oriented zones like Batu Kawan or George Town.
- •**Risk & Timing**: The unspecified completion timeline presents uncertainty for investors regarding cash flow and occupancy timelines; purchasers should clarify delivery dates with the developer, and SP Setia's track record should be verified to assess construction reliability and adherence to schedules.
NewProjek Score
6.5
Moderate
- • Developer verification status not confirmed
- • Freehold tenure provides long-term ownership security
- • Priced 41% above area median — premium pricing
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
RM2,600–3,500
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
9.4x
National avg: 6.8x
Loan Eligibility by Salary
| Monthly Salary | Max Affordable | Can Afford? |
|---|---|---|
| RM5,000 | RM704k | Stretch |
| 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
- • Freehold tenure offers long-term value and ownership security
- • Jelutong location provides established neighbourhood with mature amenities
- • SP Setia reputation ensures quality construction and reliable delivery
- • Competitive pricing at RM732,000 for freehold condominium unit
- • Strategic Penang location supports strong rental and resale potential
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 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.