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HomepropertyPenang’s new coastal gem: How you can enjoy waterfront living and tap...

Penang’s new coastal gem: How you can enjoy waterfront living and tap into an emerging property market

Imagine waking up to a gentle sea breeze, stunning sea views, wide waterfront promenades and lush landscapes every morning. After having breakfast at a nearby cafe just a few minutes’ walk away, you take a short 10-minute drive to Penang’s capital George Town, a Unesco World Heritage Site, where cultural icons and historic charm adorn the bustling streets. 

This is what having a home at Arica offers. The 380-unit freehold development by Eastern & Oriental Berhad (E&O) is located in the Gurney Green district on Andaman Island, E&O’s reclaimed island just off the north-eastern shores of Penang island. 

Thanks to its location, you will get access to uninterrupted sea views in luxurious living spaces. Ranging from 947 sq ft to 1,259 sq ft at RM1,000 (S$293) psf, each low-density dwelling is tastefully fitted and furnished, with two- and three-bedroom units offering efficient and practical layouts complete with high ceilings and generous windows. 

Bolstered by flourishing tech and manufacturing sectors 

Penang’s property market has been a hive of activity in recent months. Some 17,297 properties worth a combined RM9.5 billion, changed hands in the first nine months of 2022. It was a year-on-year rise of 44 per cent for the number of transactions in that time frame, and a 31.5 per cent increase in the value of the transactions.

Known as the Pearl of the Orient, the island presents a compelling proposition to buyers as it offers both cultural heritage and cosmopolitan allure.

Beyond cultural appeal, the state’s thriving economy – bolstered by its robust infrastructure and strategic location, along blossoming tech and manufacturing sectors – shapes it as an attractive investment hub. Prospects are further enhanced by a prosperous local industry, a burgeoning medical tourism scene and a plethora of international schools. 

Mr Michael Tan, E&O’s director of development and construction management says: “Penang, in essence, offers foreign buyers an enchanting blend of cultural richness, economic potential and an elevated lifestyle.”

E&O is also the developer behind The Meg, its maiden project on Andaman Island. The launch of the project in 2021 was highly successful with all units taken up

Early movers to Arica, which is set to be completed in 2027, will be able to reap the benefits of a good appreciation value from the purchase, while investors looking to generate rental income are in for a seamless investment experience, since they do not need to furnish the units themselves. 

The property could also be attractive to second home buyers, as it provides a “lock-and-leave” option for those who travel frequently. What this means is that residents can leave their homes unoccupied for extended periods without worrying about maintenance or security issues, allowing them to enjoy their travels with peace of mind.

For Singaporean investors, buying a second home in Malaysia has also become more appealing. Malaysia My Second Home (MM2H) was introduced by the Malaysian government as a way for non-Malaysians to retire and live in Malaysia for an extended period of time.

Comfort and convenience in a green haven 

If you are purchasing a unit at Arica as a second home, you will get to enjoy refined island  living. Apartment units come furnished with essential fittings, built-in cabinets, appliances and artfully curated furniture, thereby presenting home buyers with “move-in-ready” unit options. 

Complementing the stylish interiors are a range of amenities that will cater to your diverse needs. Business lounges and function rooms provide space for meetings and social gatherings, while fitness facilities like squash courts, a basketball half-court, a gym, a lap pool and a yoga lawn will encourage you to adopt a more active lifestyle. Families in need of childcare support will also have access to an onsite daycare provider. In need of some peace and quiet? Head up to the property’s rooftop garden to enjoy panoramic views of Gurney Bay to unwind and soak in the beauty of nature. 

Gurney Green will be developed as a lifestyle hub populated with commercial and residential amenities, such as workplaces, education providers, health and wellness facilities, as well as cafes and restaurants. This means that you won’t have to travel far for your daily necessities or meet up with friends and family. In fact, right next door is Temu, The Meg’s retail space where you can grab dinner or a quick drink. 

The neighbourhood has also been integrated with 90 acres of green spaces where you can enjoy the outdoors at the parks, playgrounds and pocket gardens. Wide seafront promenades have also been incorporated for pedestrians and cyclists to move around the vicinity in a more environmentally friendly way. 

And if you wish to venture further into Penang Island and the commercial centre of George Town, the district is conveniently connected via two strategically-located bridges. The first bridge connects to Gurney Bay, a newly-opened seafront public park that boasts a children’s play area, skate park, viewing deck, and hawker stalls, in addition to recreation spaces. The second bridge connects to E&O’s luxury residential-retail development of Seri Tanjung Pinang and connects to Batu Ferringhi.

Mr Tan says that E&O’s goal is to build a dynamic community on Andaman Island. He adds: “It is E&O’s ethos to elevate life at every address, and we invite all to come to make the most of it.” 

Other than convenient lifestyle amenities and a well-thought-out design, Arica is also a green-certified building. It has attained the GreenRE Platinum Provisional Certification under the residential category given to developers, which build and operate greener buildings from the planning and design stage to the operations, maintenance and renovation phases.

Additionally, Andaman Island, on which both Arica and The Meg are situated, has also received the GreenRE Platinum Provisional Certification within the township category, proving that the neighbourhood is championing and implementing eco-conscious living.

Find out more about Arica here.

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