2010 is the year that I started my property investment journey, Summer Place Condominium is one of the high end condo at that time which in my wish list. However, one of my ex colleague was looking at that place either The Spring or Summer Place Condominium, when he plan to get married. If I remember correctly, he told me that the price there increased drastically just within months. To be more precise it was RM15k price hike for a 925sf unit at The Spring within 1 month, which made me frustrated and changed target to neighboring Summer Place Condominium that provides better facilities.
In addition, Summer Place was about to obtain OC, it appearead to have more appreciation potential compare to The Spring that had completed that process. It might look stupid to buy at RM400k and seller instantly making a profit of RM100k at that time, but looking back now, I think I am lucky managed to catch the second boat. It could be due to good location and awesome sea view. There is no room for negotiation for all the units available for sell in the market. At the end, he had to settle for the owner asking price.
Address: Summer Place Condominium (Click for Google Map)
Year Bought: 2010
Purchased Price: RM400k
Size: 1012 sqft
Reasons to buy Summer Place Summer Place Condominium?
The main consideration when my ex colleague is buying his first house in Penang are as follows:
- Road access: Summer Place just beside the Lim Chong Eu coastal highway. This highway can lead to Penang in 5 mins, to Queensbay in 8 mins and reach Penang International Airport within 25 mins
- Location: Near to George town and heritage site. Easy access to the major tourist attraction
- Transportation: 5 mins to go to the Penang bridge or 10 mins to reach the Penang Ferry Terminal
- Neighbourhood: The place is a newly developed area and a park nearby.
Price check now for Summer Place Condominium
Made a quick check online, for 1012sf (seaview) come with two car park, it is asking at RM680k.
If using this number to compute, the compounded annual growth rate is 14.19%. I believed my ex-colleague could sleep well as his property appreciated well in such a short time. As I always said, the current decision made is the BEST decision.