City Residence City Residence, Tanjung Tokong

City Residence is a part of a mixed project built on top of a mall named the City Mall. Situated on the prime freehold land of Tanjung Tokong in Penang, it is estimated to launch at the end of 2013 and to be completed by the end of 2016. It is developed by the famous Ivory Properties Group.

The residence is a 39-storey tower above the City Mall. It features a single block of condominium with 202 units available, which means there are about five units per floor. Built ups here range between 460 sf for the smallest unit to 5,600 sf for penthouse. Price is steep with a normal unit of 1,700 sf selling for RM1,230,000 while rental price is not known.

The units at this property will be sold with no furnishings at all. Thus, purchasers can decorate them to their liking. The higher floors will enjoy stunning views of the Penang city line, especially in the evenings and nights. Rudimentary facilities are provided. Also available are a swimming pool, barbecue pit, gymnasium, sauna, children's playground and 24/7 protection.

Its location is excellent. Not only it sits right on top of a resident mall, it is also near to the food paradise of Georgetown and the much sought after sea fronting restaurants at Gurney Drive. Schools, banks and medical centres within the vicinity and residents will surely be happy with this residence. Residents will be linked to town and the rest of the island by Jalan Tanjung Tokong and Jalan Fettes whereby the former joins to Jalan Bagan Jermal, Jalan Kelawei and Gurney Drive. Public transports are easy to find as many busses and cabs pass through the main road outside the apartment.

Ivory Properties Group is an upcoming developer in the northern parts of Malaysia, especially Penang. Their past projects includes Birch Regency, Moonlight Bay and Island Resort 10. They have many ongoing projects such as The Latitude and The Peak Residences besides Aston Villa, Penang Times Square and Island Resort Bungalow which are in the waterworks.

The success of this developer does not just lie in the fact that their buildings are savvy and well designed but the good locations. The same goes for City Residence which sits in the newly famed area of Tanjung Tokong next to Georgetown. Unfortunately, occupants will need to get use to the traffic jam outside their homes as the main roads near the city are always crowded during peak hours.

Buyers of City Residence should note that a previous buyer of Island Resort 1 (which was supposed to be constructed) was told that he had a choice of getting a full refund or a smaller unit for a higher price as the developers were unsure on when they would start building the aforementioned resort.

Other than that, all properties of this developer are highly successful. As with the latest trend, homes on top of shopping malls are fashionable for the convenience and prestige it offers, thus making City Residence a sought after home. Investors will positively be profited from buying a unit here as well as permanent home buyers.