DONE DEAL: Gurney Paragon condominium, Penang

Sold for: RM3.95 million or RM861 psf

Concluded by: Sam Kam of Reapfield Properties (012-4080861)

When: December 2015

Noteworthy:
* Freehold
* Built up: 4,586 sq ft
* Completed in September 2011
* Two 43-storey blocks
* Maintenance fee of 27 sen psf
* Has infinity swimming pool, Jacuzzi, sauna, gymnasium, barbecue lawn and function rooms

According to the agent, Sam Kam of Reapfield Properties, Gurney Paragon consist of two towers – the west tower and the east tower. The west tower has four units on each floor while the east tower has two units on each floor.

“This unit sold is on the east tower so, it is a bigger unit compared with units located on the west tower,” said Kam.

“This unit is located directly next to the water tank of the building on the 24th floor, which some may dislike owing to the noise from the tank when the engine is running or the possibility of water tank leakage,” Kam said.

However, Kam noted the plus point of the unit – 14ft of height to the ceiling compared with a typical unit where the ceiling is at 10ft, as the sold unit is located on the same level with the water tank.

“The market rate for a unit in the east tower would range from RM900 psf to 1,000 psf currently, but due to the noise caused by the water tank engine start-up once or twice a month, it is fair to say that this unit is sold slightly below market price,” Kam explained.

According to data from TheEdgeProperty.com from 2012 to 2015, the highest average price psf of RM1,069 at Gurney Paragon was achieved in 3Q2013. It was for a unit with a built-up area of 2,433 sq ft.

The latest transaction according to TheEdgeProperty.com data was in 1Q2015, where a 4,176 sq ft unit was sold for RM762 psf.

According to the data from TheEdgeProperty.com, the current average asking price is RM1,019 psf.

The available listings on TheEdgeProperty.com showed that the average asking monthly rent in Gurney Paragon is RM8,518 or RM2.51 psf. The indicative asking rental yield is 3.5%.

Check out the price trends for Gurney Paragon, Penang here.

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