The Meg @ Andaman Island, Pulau Pinang
Powered by verified data + DOSM
Generated 14 June 2026
Developer
Andaman Group
Location
Tanjung Tokong, Penang
Type
Serviced Apartment
Price
RM543k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value & Pricing**: Entry price of RM543,000 is competitive for freehold serviced apartments in Penang's prime coastal area, though lack of specified completion timeline creates uncertainty in assessing value-for-money relative to market cycles and potential price escalations.
- •**Location & Connectivity**: Tanjung Tokong offers premium beachfront positioning with established amenities and tourist appeal, but absence of nearby MRT access limits public transportation convenience compared to emerging developments in central Penang, relying instead on car dependency or bus networks.
- •**Risk & Timing**: Primary concern is the undisclosed completion date, which impedes investment timeline planning and exit strategy assessment; investor sentiment should await clearer project milestones and delivery commitments from Andaman Group before capital commitment.
NewProjek Score
7.5
Worth Considering
- • Developer verification status not confirmed
- • Freehold tenure provides long-term ownership security
- • Priced in line with area median
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
RM1,900–2,600
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
7.0x
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 |
|---|---|---|---|
| Ideal Venice Residency @ Island Glades, Penang | Bukit Gambir | RM300k | Completed |
| TreeO | Bayan Lepas | RM300k | Recently Completed |
| Aston Acacia @ Bukit Mertajam, Penang | Bukit Mertajam | RM319k | Completed |
Why Consider
- • Prestigious Tanjung Tokong location with high rental demand potential
- • Freehold tenure ensures long-term ownership and appreciation prospects
- • Affordable entry point for Penang property investment market
- • Andaman Group's established reputation delivers quality developments
- • Coastal proximity offers lifestyle appeal and tourism investment benefits
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 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.