Coastal Towers

Coastal Towers is a condominium which was developed by Taman Ratu Sdn Bhd in 2004. It consists of two blocks of 27-storey condominium units with a total of 312 units. There are basically three types of layouts to choose from at Coastal Towers, namely Type A with a built-up area of 806 sf, Type B with a built-up area of 1,010 sf and Type C with a built-up area of 1,210 sf. Coastal Towers comes with complete condo facilities for the residents' convenience. Apart from that, the surrounding area of Coastal Towers, which consists of few neighboring developments namely the Beverly Hills (bungalow), Twin Towers, The Waterfront, The Straights Regency, Marina Tower, and The Surin. It was built on a freehold plot of land, which can be accessed via Jalan Batu Feringghi. Some of the basic amenities around the area include food outlets, Tanjung Bungah wet market and community hall, shopping malls (Straits Quay, Island Plaza, Gurney Plaza), schools (SJKC Pai Chai, SK Tanjung Bunga, SK Pendidikan Khas Persekutuan , Dalat International School, Tenby International School), mosque, hotels and many others. There are other nearby basic amenities include Maybank (3 mins), Wet Market (5 mins), Rapid-Penang bus station (5 mins), Post Office (4 mins) and Laundry mart (5 mins).

Property Details

Name: Coastal Towers

Address: Persiaran Tanjung Bungah 2, 11200 Penang

Completion Date: 2004

Developer: Taman Ratu Sdn Bhd

Type: Condominium

Tenure: Freehold

No. of Blocks: 2

No. of Storey: 27

No. of Units: 312

Maintenance Fee: RM0.22 psf

Subsale Price:

Rental:

Layouts

Type A1 & A2

806 sf

2 bedrooms, 2 bathrooms

1 balcony

Type B1 & B2

1,010 sf

3 bedrooms, 2 bathrooms

1 balcony

Type C1 & C2

1,210 sf

3 bedrooms, 2 bathrooms, 1 maid/store room

2 balconies

Facilities

24-hour security (touch card for lobby, parking access)

Swimming pool (1 adult and 1 children pool)

Gymnasium (upgraded/expanded on 2009-2010)

Jacuzzi

Sauna

Games room (table tennis, dart)

BBQ area

Community hall

Landscaped garden

Car Washing area x2

Free WIFI (lobby & swimming pool)

Children's playground (Proposal accepted at 2010 MC AGM)

Analysis

These days, most property buyers are looking for properties with low density status or specifically those properties with less than five units on each floor. On the whole, Coastal Towers is one of the low density types of developments. However, as one looks at Coastal Towers's average unit per floor, this could be one of its drawbacks, as most property buyers perceive that properties with lesser units on each floor provide a feeling of exclusivity to property owners. Basically, there are six units per floor with access to 3 lifts.Strata title has also been released by the authority for this condo since 2009. This freehold condo may be located at a very popular area, but there is one main concern that potential property buyers should consider. There are only two roads (Leader Garden or Opposite floating Mosque) leading to Coastal Towers after the Jalan Tanjung Bungah stretch.Most of the time, property buyers also tend to link the density issue, as well as number of units per floor, with privacy concern. By looking at Coastal Towers' density status, owners are assured to enjoy privacy in the comfort of their own home. The location gives property owners opportunities to enjoy panoramic views of Penang Island's beautiful stretch of beaches as well as lush green hills. This condo was built on top of granite stone and its about 100 meters away from hill slop. However, there was a case of stop work order imposed on The Surin project few years ago due to poor development control to cover the hill slop which trigger muddy water down to Leader Garden. As the Coastal Towers is not the nearest condos located next to hillside, The Straights Regency and Beverly Hills (20x bungalows). As with many other developments within the area, Coastal Towers is also one of the favorite properties among expatriates and foreigners under the Malaysia My Second Home (MM2H) program. This has truly promoted property investment on this development, which can be clearly seen on the condo's pricing. The units selling price at market (2011) ranged from 320,000 - 530,000. Rental rate is around 1,500 - 2,500 pending furnishing.Even though Coastal Towers is somewhat old, its subsale value is still comparable to many other developments around its age. However, Coastal Towers still falls under the affordable range as its subsale price is still lower compared to other new developments in Tanjung Bungah. It has one of the more active Management Corporation (MC) around Tanjung Bungah, as the unit owners have been very active in running the maintenance and development of the facilities. This has resulted zero increment for maintenance fee even though the MC has completed many new facilities and enhancements.The MC also recently (May 2011) interviewed by local newspaper on the success of MC managing the condo. The MC has also provide free Wifi access at lobby and swimming pool area. There also regular events host by either MC or Residents' Association each year like Annual Dinner, Lantern Festival celebration over last 6 years.Over the last 3 years, many projects have launched by MC to make Coastal Towers a better living experiences, these includes a new expanded gym with more equipments, parking lots for rent to reduce car parking at roadside, redesign condo lobby and lifts, and upgrade the condo security with new touch card system for any access to lift from lobby / parking areas. With abundance of condos in the island, one of the key reason to pick a developed property is on the maintenance capability, as it is often one of the nightmare for condo living citizens when its run poorly and tenants / owners have failed to pay the fee to keep the condo in good shape. Coastal Tower MC, for the past few years have been successfully maintain the condo in good shape with a clean and strong balance sheet on top of completing couple new improvement projects that has keep the price of the condo appreciating. While it remains to be seen whether this culture will continue for this condo, but it has definitely demonstrate condo living experience can be great if the community is willing to contribute and share the responsibilities of making the condo a better living home for everyone.