Tuan Pavilion, Condominium @ Air Itam, Penang
Powered by NAPIC + DOSM data
Generated 30 April 2026
Developer
Malton Berhad
Location
Air Itam, Penang
Type
Condominium
Price
RM695k+
Tenure
Freehold
Completion
—
NewProjek Verdict
- •**Value & Pricing**: Entry price of RM695,000 is competitive for freehold condominium stock in Penang's mid-range segment, though absence of detailed unit specifications and amenities limits assessment of value-for-money relative to comparable projects.
- •**Location & Connectivity**: Air Itam offers established residential character and proximity to commercial amenities, but lacks direct MRT connectivity; reliance on road-based transport may impact convenience for those seeking public transit access, particularly as Penang's transport infrastructure continues development.
- •**Risk & Timing**: Unspecified completion timeline presents uncertainty for investors and owner-occupiers regarding possession and returns; this, combined with limited publicly available project milestones, warrants detailed due diligence on developer track record and contractual timelines before commitment.
NewProjek Score
6.5
Moderate
- • Developer verification status not confirmed
- • Freehold tenure provides long-term ownership security
- • Priced 34% 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
RM2,500–3,300
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
8.9x
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 |
|---|---|---|---|
| Tropicana Bay Residences @ Bayan Lepas Tropicana Corporation | Gelugor | RM360k | Completed |
| Versa @ Aspen Vision City, Batu Kawan, Penang | Batu Kawan | RM370k | New Launch |
| Havana Beach Residences @ Bayan Lepas, Penang | Bayan Lepas | RM408k | Recently Completed |
Why Consider
- • Freehold tenure ensures long-term ownership and asset appreciation
- • Air Itam location offers established residential infrastructure and amenities
- • Competitive pricing at RM695k in Penang property market
- • Malton Berhad developer brings established track record and credibility
- • Strategic location near Penang's commercial and cultural districts
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
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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.