Setia Sky Ville @ Jelutong, Pulau Pinang
Powered by NAPIC + DOSM data
Generated 29 April 2026
Developer
SP Setia
Location
Jelutong, Penang
Type
Condominium
Price
RM732k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •Setia Sky Ville @ Jelutong, Pulau Pinang by SP Setia is a Condominium development in Jelutong, Penang starting from RM732k.
- •With Freehold tenure, it offers a new launch opportunity worth evaluating against comparable projects in the area.
NewProjek Score
7.5
Worth Considering
- • Verified developer with established track record
- • Freehold tenure provides long-term ownership security
- • Priced 41% 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
RM2,600–3,500
Based on similar properties in Penang
Gross Rental Yield
4.5%–5.5%
Annual rental / property price
Area Price Trend
+10.6%
NAPIC 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 |
|---|---|---|---|
| Versa @ Aspen Vision City, Batu Kawan, Penang | Batu Kawan | RM370k | New Launch |
| Havana Beach Residences @ Bayan Lepas, Penang | Bayan Lepas | RM408k | Recently Completed |
| M Zenya Mah Sing Group | Kepong | RM420k | Under Construction |
Why Consider
- • Freehold tenure ensures long-term property ownership and value
- • Strategic Jelutong location with established residential infrastructure nearby
- • Competitive pricing at RM732,000 for condominium investment
- • Pulau Pinang property market shows strong appreciation potential
- • Urban living in vibrant Penang with growth 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
Sign in to view full review
Free forever. Get rental yield, loan eligibility, comparable projects and risk assessment.
Google sign-in or magic link • No password needed
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.