N-Park

N-Park (also known as N-Park Resort Condominium) is a condominium standing in the prime residential area of Batu Uban, developed by the infamous Pernas Group headed by Goh Chun Lai. N-Park is mostly crowded with university students, as it is within walking distance to Universiti Sains Malaysia (USM). Besides students, other residents include young professionals and small families. Also, the apartment is near to E-Park and Sunny Ville. Adding to that, there are several amenities nearby such as Tesco, Queensbay Mall and FTZ hub. N-Park is covered in the Penang Cybercity 1 (PCC1) plan which was officially launched in 2005 by the Prime Minister. The cyber city area comprises of 923 hectares of the island including the entire Bayan Lepas Industrial Park, the coastal zone south of the Penang Bridge, Bayan Baru and Universiti Sains Malaysia. With the development of this plan, it will surely upgrades Penang as a centre of information and communication technology which also results in economic activities enhancement.

Property Details

Name: N-Park (also known as N-Park Resort Condominium)

Address: Jalan Batu Uban, Gelugor 11700 Penang

Developer: Pernas Group

Completion Date: 1997

Type: Condominium

Tenure: Freehold

No. of Blocks: 4

No. of Storey: 30 and 32

No. of Units: 988 (8 units per floor)

Built-up: 700 sf

Maintenance Fee: RM100

Subsale Price: From RM345,000

Rental: From RM1,000

Facilities

24-hour security

Swimming pool

Wading pool

Water theme park with water slides

Wave pool

Covered car park

Gymnasium

Tennis court

Indoor badminton court

Indoor squash court

Visitor’s car park

Convenience store

Hair saloon

Laundry shop

Children playground

Basketball court

Jogging track

Sauna room

Management office

Analysis

One of the main problems highlighted by the residents of N-Park is serious traffic congestion mostly during peak hours. They claim they consume almost 20 minutes to get to the main road during these hours. With 988 units and more than 90% occupancy rate plus around 4 persons per unit, you should expect how much the congestion these residents' cars created every single morning. Besides that, most of the units at N-Park come with one covered parking spot. For residents who have more than a car, they have to park their car on the roadside. One has to fight for a parking spot near the entrance, or else will ended parking far away from the entrance. This problem can be evidenced by the full of illegal parking at night. Adding to that, traffic police issues summons everyday towards illegal parking. But most enable to escape being summoned by going to work or class in the morning and get back in the evening. As an alternative, you can buy or rent a covered car park from its owner.In addition, N-Park was developed by the ill-famed Pernas Group, which is also the developer for Sunny Ville and currently under construction D'Piazza to name a few. There were several cases where the developer swindled sinking fund as well as cut costs on material quality during construction. Most owners of N-Park generate income from renting out the units, as it is highly demanded due to its strategic location. Tenants who rent at N-Park, are mostly USM students, but there are many middle-east expatriates can be seen as well. In terms of price appreciation, most units are selling below the developer's price, same as other condominiums in the area. Investment wise, one should buy a unit while it is cheap to gain rental income and sell it back if the price appreciates.Depending on the furnishings of the units at N-Park, the subsale and rental price (as of October 2014) starts from RM345,000 and RM1,000, respectively. Over the years, the price of N-Park has escalated proving that the units are worth buying for investment.