More About The Millennia
The Millennia @ Bayan Lepas, an affordable housing project by Penang State Housing Board (LPNPP) at Bukit Gedung near Bayan Lepas. It will be located on an 8.7-acre land adjacent to B.Braun manufacturing plants, just a mere minutes drive to Bayan Baru Town Centre. This will be the first affordable housing by LPNPP, with 9 more in the pipeline.
This development will offer a total of 864 affordable housing units with an indicative price starting from RM300,000 onwards. Various recreational facilities will be provided in this project, such as therapeutic garden, reflexology path, basketball court, jogging track, BBQ area, gym room and swimming pool.
The Millennia Facilities
- Therapeutic garden,
- reflexology path,
- basketball court,
- jogging track,
- BBQ area,
- gym room and
- swimming pool.
The Millennia LOCATION
The Millennia Review
The Millennia a Good Buy ?
Our Analysis / Opinion
Own Stay Purpose
Kinda unexpected that The Millennia is lower density than Ideal Residency & Ideal Venice Residency, I thought would be more or less the same density.
Location wise ok and you can definitely pick up a unit here due to the price of course you might face difficulty to pick up a unit.
You should remain conservative regarding the market nowadays but it shouldn’t be hard to rent it out to offset your bank interest payment.
So if you are ok with the minimum rental that can offset your bank loan instalment you can go ahead to pick up a unit at The Millennia. (I don’t sell it, you have to go to relevant department)
Return on Investment ROI
The ROI in terms of rental rate shall be around 2% to 3% due to recent down trend of property industry and the impact of Covid-19.
Rental & Cash Flow
You shouldn’t expect a positive cash inflow as soon as you get your keys / vacant possession.
To get a rental return to offset your bank loan interest shouldn’t be hard.
How easy to sell in the future ?
Shouldn’t be hard to sell consider it is affordable housing program because of the price unless you plan to sell it let’s say Rm 500k right after you get your keys and I would say nearly impossible unless any new government incentive or market shift take place.
Carpark wise should be only 1 carpark for each unit because the price shared in the internet from RM 300k onward which make sense for nowadays development where you no longer get 2 carparks for Rm 300k property.
Also please do not expect the price is really from RM 300k exactly onward because for sure it will include some legal fees which makes it around RM 350k +/- onward.
Affordable scheme, do not expect at very high or top quality for The Millennia workmanship, I’m not cursing any project, even RM 1 million property also has complaints and defect, so RM 300k plus the increasing in material prices, you’ll have to compromise.
Important to take note that whether the project will be launched and whether you will get a unit successfully will be another story.
I don’t sell or advertise The Millennia project for any party.
Information are gathered online, please refer wisely
Sources: Penang Property Talk