The Meg @ Andaman Island, Pulau Pinang
Powered by verified data + DOSM
Generated 29 July 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 established residential area, though unit sizes and amenities specification are critical factors to assess whether pricing justifies the investment relative to comparable projects.
- •**Location & Connectivity**: Tanjung Tokong offers established infrastructure and beach proximity, but the absence of nearby MRT connectivity limits long-term accessibility advantages; reliance on road transport may impact rental appeal and resale liquidity as public transport networks evolve.
- •**Risk & Timing**: Undefined completion timeline presents execution risk and extends holding periods before returns materialize; investors should verify Andaman Group's track record and obtain specific milestones before commitment, particularly given the serviced apartment market's sensitivity to tourism and economic cycles.
NewProjek Score
8
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
6.1x
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
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 |
|---|---|---|---|
| Ideal Venice Residency @ Island Glades, Penang | Bukit Gambir | RM300k | Completed |
| TreeO | Bayan Lepas | RM300k | Completed |
| Aston Acacia @ Bukit Mertajam, Penang | Bukit Mertajam | RM319k | Completed |
Why Consider
- • Freehold tenure ensures permanent ownership with no renewal concerns
- • Prime Tanjung Tokong location near Penang's coastal attractions
- • Serviced apartment offers hassle-free living with managed amenities
- • Established Andaman Group developer brings credibility and track record
- • Strategic beachfront position ideal for tourism rental income
Risk Factors
- • 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.