Setia Sky Ville @ Jelutong, Pulau Pinang
Powered by verified data + DOSM
Generated 29 July 2026
Developer
SP Setia
Location
Jelutong, Penang
Type
Condominium
Price
RM732k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value & Pricing**: Entry price of RM732,000 is competitive for Penang's mid-range condominium market, though pricing appears moderate rather than exceptional value given the absence of premium amenities or explicit unique selling propositions.
- •**Location & Connectivity**: Jelutong offers established residential infrastructure with reasonable road access, but the absence of nearby MRT connectivity limits public transportation options and may impact long-term mobility convenience compared to upcoming transit-oriented developments in Penang.
- •**Risk & Timing**: Unspecified completion date presents a notable timing risk for investors requiring clear delivery schedules; SP Setia's established track record mitigates developer risk, but prolonged construction timelines could affect rental yield projections and capital appreciation timelines.
NewProjek Score
7
Worth Considering
- • 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
8.3x
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
RM7,386/mo
DOSM 2024
Mean Household Income
RM9,152/mo
DOSM 2024
Households Above RM8k
~42%
Estimated for Penang
Similar projects in Penang
| Project | Location | Price From | Status |
|---|---|---|---|
| Havana Beach Residences @ Bayan Lepas, Penang | Bayan Lepas | RM408k | 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
- • 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.