Sierra Residences, Penang

Sold for: RM485,000 (RM 410.32psf)

Concluded by: Adrian Chew (REN 05155) of Popular Realty (012-5998688)

When: July 2016

Noteworthy:
Freehold
1,182 sq ft
3 bedrooms, 2 bathrooms
  Close to Penang International Airport, INTI International College Penang, Penang Bridge, Queensbay Mall and Universiti Sains Malaysia
Accessible via Tun Dr Lim Chong Eu Highway, Jalan Paya Terubong, Jalan Tun Sardon, Jalan Tun Dr Awang dan Jalan Dati Ismail Hashim

Located in Sungai Ara on Penang island, Sierra Residences is a condominium developed by GSD Land (M) Sdn Bhd.

The 25-storey development was launched in 2011 and completed in August 2015. It comprises 300 units with built-up areas of 900 sq ft, 1,000 sq ft and 1,182 sq ft.

Sierra Residences offers a full range of condominium facilities, including gymnasium, swimming pools, convenience store, BBQ pavilion, sauna room and children’s playground.

According to the agent who closed the deal, Adrian Chew of Popular Realty, Sierra Residences is conveniently located just 5km away from the Penang International Airport.

“The condominium is also surrounded by shops, so it offers a convenient lifestyle to its residents,” he said.

According to Chew, condo and apartment units in Sungai Ara are asking for around RM500,000 to RM550,000 per unit.

“The market is quiet and demand for these properties is considered moderate,” he said, adding that the unit was a concluded at below market price as the seller wanted to seal the deal quickly.

According to data from TheEdgeProperty.com, over the period of 4Q2014 to 2Q2016, the highest average price per unit and average price psf achieved at Sierra Residences was in 3Q2015 at RM459,400 or RM487 psf.

According to 89 listings from TheEdgeProperty.com, the current average asking price is RM476,157 or RM471 psf.

The available listings on TheEdgeProperty.com also showed that the average asking monthly rent in the condo is RM1,160 per month or RM1.16 psf. The indicative asking rental yield is 3.1%.

Interested to buy properties in Sungai Ara, Penang? Click here.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at [email protected]

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