MBF Tower is one of the oldest freehold condominiums in Georgetown, Penang. The development of MBF Tower was completed in the year of 1988 and just like many other ancient properties in Penang, the developer was unrecorded.MBF Tower consist of one block of 28-storey condominium with units that are designed with 3 bedrooms and 2 bathrooms. These units have built-up areas ranging from 1,200 to 1,400 and the maintenance fees is currently set at RM0.20 psf. Despite its age, MBF Tower was designed with unique style of architecture, giving it a distinctive facade.As MBF Tower is situated nearby the Malacca Strait, every unit at MBF Tower gets a beautiful panoramic view of the sea and the city. There are plenty of facilities available to the residents of MBF Tower which include swimming pool, wading pool, landscaped garden, covered car park as well as 24 hour security. Amenities wise, MBF Tower is only mere minutes away from many amenities such as educational hubs (Alliance Francaise De Penang, Despark Auto College Penang and KDU College Penang), Penang Plaza, Gurney Paragon, Penang Times Square, temples, mosques, medical centers, restaurants, shop lots, banks and gas stations.Strategically situated along Jalan Sultan Ahmad Shah, MBF Tower is already positioned on a main road that is connected to many other roads in surrounding area like Jalan Burma. The nearest public transportation stations to MBF Tower are Farquhar St. Taxi Stand (1.67 km), Komtar Bus Terminal (1.68 km) and Weld Quay Bus Terminal (2.62 km).
Property Details
Name: MBF Tower Address: Jalan Sultan Ahmad Shah, 14000 Georgetown, Penang Completion Date: 1988 Type: Condominium Tenure: Freehold No. of Blocks: 1 No. of Storey: 29 No. of Bedrooms: 3 No. of Bathrooms: 2 Built-up: 1,200 - 1,400 sf Maintenance Fee: RM0.20 psf Subsale Price: From RM590,000 Rental: From RM2,200Facilities
Swimming pool Wading pool Landscaped garden Covered car park 24 hour securityAnalysis
Even though MBF Tower is considered ancient in the area of Georgetown, many people are still looking for any available units in MBF Tower. The subsale prices as of July 2014 starts from RM590,000, whereas the asking rental price as of July 2014 starts from RM2,200.There is a news that has been going on regarding the developer that has gone bankrupt. With that status, it is expected that the price will be cheaper, but some problems may arise such that it will be complicated to get banks loan, the maintaining of the building might be diminish and the property value might also decrease in near future.
