The Meg @ Andaman Island, Pulau Pinang
Powered by NAPIC + DOSM data
Generated 30 April 2026
Developer
Andaman Group
Location
Tanjung Tokong, Penang
Type
Serviced Apartment
Price
RM543k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Pricing & Value**: Entry price of RM543,000 positions this project competitively within Penang's serviced apartment segment, though per-unit value depends on finalized specifications and floor areas not detailed here; freehold tenure provides long-term ownership security.
- •**Location & Connectivity**: Tanjung Tokong is an established coastal area with established amenities, but absence of nearby MRT access limits public transportation options and may reduce appeal compared to transit-oriented developments; proximity to beach and existing infrastructure provides offsetting lifestyle benefits.
- •**Risk & Timing**: Unspecified completion timeline creates uncertainty for investment planning and occupancy timelines; lack of detailed launch information warrants verification of project status, regulatory approvals, and developer track record before 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 (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
RM1,900–2,600
Based on similar properties in Penang
Gross Rental Yield
4.5%–5.5%
Annual rental / property price
Area Price Trend
+10.6%
NAPIC 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 | New Launch |
| Aston Acacia @ Bukit Mertajam, Penang | Bukit Mertajam | RM319k | New Launch |
| La Casa Ara, Courtyard Villament (Townhouse) @ Tasek Gelugor, Penang | Seberang Perai | RM339k | Completed |
Why Consider
- • Tanjung Tokong prime location with high rental demand potential
- • Freehold tenure ensures long-term ownership security and appreciation
- • Affordable entry price for Penang island property investment
- • Established Andaman Group developer with proven track record
- • Proximity to beaches, amenities, and tourist attractions nearby
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.