Ideal Venice Residency
  • In Progress
1460

Ideal Venice Residency

  • Condominium
Area:
850 ft²
Beds:
3 - 3
Baths:
2 - 2
Overview

Ideal Venice Residency Overview

Inspired by the concept of Venice in mind, Ideal Venice Residency is a new freehold residential development in the heart of Penang Island. The property was developed with the idea of bringing Venice closer to home, complete with the architecture of Rialto Bridge, Al-Fresco, St Mark’s Campanile and even the classic Gondola. Located strategically in the urban township of Island Glades, the property is just 5 minutes away from USM (Universiti Sains Malaysia) and about a ten-minute drive from the Penang Bridge. With a layout, that emulates the beautiful Floating City of Venice, the property is developed with similar intricate details evident in the architectural design of the building.

Ideal Venice Residency has a total of 1632 units, divided between two 46-storey towers, with each floor having approximately 15 units complete with lift access. The unit is 85 sq ft with 3 bedrooms and 2 bathrooms, a yard and a balcony, making it a perfect living space for small families. With six levels of car parking space plus two levels of the building dedicated to facilities such as a swimming pool, playground and gym, there is ample space and activities for everyone. Residents will also have convenient access to nearby amenities such as shopping malls, healthcare, schools and universities, all within a close range of just 10km.

Ideal Venice Residency is the second phase of PR1MA affordable housing development; the property is sold as affordable housing units despite being promoted as a Venice-inspired development. The pricing starts at just RM428,000 up to RM478,000, depending on the number and type of car parks the residents prefer. There will also be an added service charge of 10% for the car park on top of the actual fee of RM165 for 1 standard car park and RM175 for 2 standard car parks. Since, this development emphasises providing very affordable homes with luxurious quality, potential homeowners must not have bought another affordable home before this. Each potential buyer is also only allowed to purchase one unit based on the requirements set by the state government.

Ideal Venice Residency Location

For many potential homeowners, location is usually a key deciding factor in purchasing a property, as the right location can ensure convenience, comfort and a pleasant living experience. Positioned in the central region of Penang Island, Ideal Venice Residency does not fall short in terms of location as it is placed strategically along Jalan Lembah at the Island Glades, a residential neighbourhood in the suburb region of Jelutong.

The property faces Jalan Yeap Chor Ee, a major road in that vicinity that extends to Bukit Gambir on one end and connects to another network of roads leading up to Georgetown on the other. The region is known as a bustling township designated for development due to the existence of USM, making it the ideal location for living. The Penang Bridge is just a short 6.4km drive away, providing potential homeowners with easy access to the mainland and Peninsular Malaysia. The PORR (Penang Outer Ring Road) Farlim bypass also runs through the area, minimising traffic conditions while providing easy access to various regions of Penang Island, such as Tanjung Tokong, Gurney Drive and Air Itam.

Images of the location map are provided for reference below.

Ideal Venice Residency 7
Ideal Venice Residency 8

Connectivity

Ideal Venice Residency is built right in central Gelugor, where the Penang Bridge is connected, linking the island to Peninsular Malaysia, and residents of Ideal Venice Residency will be able to access it within a 10-minute drive. The property is accessible via Jalan Yeap Chor Ee, which connects to several other major roads in Penang Island such as Jalan Masjid Negeri, one of the high-traffic roads in George Town, providing residents with easy access to the capital of the island. The same road extends to Penang Island’s southern side to areas such as Sungai Dua, Bukit Jambul and even Bayan Lepas. Thus, potential homeowners of Ideal Venice Residency will have the convenience of connectivity to the entire island right at their doorstep.

Penang Island is also well connected through its route of public buses. With the Komtar Bus Terminal located just 7km away from the property, residents can always hop on to a bus from the nearby bus stop and travel on the island. On the other hand, the Sungai Nibong Bus Terminal is just 5.1 km away from the property; thus, residents can always choose to board express buses out of Penang to any other state. For those seeking the convenience of flying out of the island, The Penang International Airport is also located at Bayan Lepas, just 11 km from the property. There is also a proposed Penang Bayan Lepas LRT line with stations in the nearby region for future development, enhancing the property’s connectivity.

Convenience

Penang Island never lacks when it comes to convenience as the island is complete with every amenity needed to live a comfortable life. The property’s exact location is an added advantage as Ideal Venice Residency is placed in Gelugor, a suburb region south of Georgetown. The urbanisation of the area, plus the founding of Universiti Sains Malaysia (USM) in the region has led to tremendous and fast-paced development.

The property is surrounded by various amenities such as shopping malls, government schools (primary and secondary), colleges and universities as well as healthcare facilities. There are also plenty of F&B outlets that offer both local and international cuisine, thus spoiling the residents of Ideal Venice Residency with plenty of choices. There are also multiple petrol stations such as Petronas, Shell, Caltex, Petron and BHP, within a radius of 6 km from the property. Convenience stores, such as 7-Eleven, Happy Mart, and 99 Speedmart are also available in the vicinity. There are also ample houses of worship, such as churches, temples and mosques, catering to various faiths and beliefs of the residents in the neighbourhood.

All of the amenities listed below are within a 10 km range from the Ideal Venice Residency.

Education

School

  • SK Minden Heights
  • Sekolah Jenis Kebangsaan (T) Subramaniya Barathee
  • Sekolah Kebangsaan Bukit Gelugor
  • Sekolah Kebangsaan Sungai Nibong
  • SMK Sungai Nibong
  • Sekolah Menengah Jenis Kebangsaan (C) Phor Tay
  • Sekolah Kebangsaan Sungai Gelugor
  • St. Christopher’s International School
  • SMK Hamid Khan
  • Sekolah Kebangsaan Bukit Gambir
  • Penang Free School
  • Chung Ling High School
  • Chung Hwa Confucian High School
  • Sekolah Jenis Kebangsaan (C) Kwang Hwa
  • SMK Bukit Jambul

Tertiary education

  • Han Chiang College
  • Stradford College
  • SENTRAL College Penang
  • Veritas College Penang
  • INTI International College Penang
  • MSU College (Penang)
  • SEGi College Penang
  • Universiti Sains Malaysia
  • UOW Malaysia KDU Penang University College
  • Wawasan Open University

Shopping/Grocery

  • Lotus’s
  • E-Gate
  • Queensbay Mall
  • Gurney Plaza
  • Bukit Jambul Complex
  • Sunshine Square
  • Giant
  • Prangin Mall
  • 1st Avenue Mall

Hospital

  • Penang General Hospital
  • George Town Specialist Hospital
  • Lam Wah Ee Hospital
  • Pantai Hospital
  • Optimax Eye Specialist

Recreation

  • Pesta Penang
  • Bukit Dumbar Park
  • Bukit Jambul Golf Club
  • SPICE Arena
  • Karpal Singh Drive

Ideal Venice Residency Floor Plan

Although the property was developed as affordable homes, the developer ensured ample space for every resident without overcrowding the space. The building has two towers, each consisting of 46 storeys and each tower has a total of five lifts complete with secured card access at the lift lobby itself.  Each floor is low density, with only up to 15 residential units and buyers can choose between the town view or the pool view. Level 1 to 7 of each floor is dedicated as car park levels and car parks are allocated for the units; as such, residents do not have to worry about lacking parking space.

Only unit Type B is available for now; each unit is 850 sq ft, with 3 bedrooms and 2 bathrooms, providing sufficient space to cater to young couples or mid-sized families. There is also a balcony and yard space, making it a compact yet comfortable space to live in. The selling price of the units starts at just RM 428,000 for 1 car park, RM458,000 for 1 tandem car park and RM478,000 for 2 car parks (side by side).

Kindly refer to the images below for the unit layout and typical floor plan.

Ideal Venice Residency 9
Ideal Venice Residency 10

Ideal Venice Residency Facilities and Amenities

The Ideal Venice Residency does not fall short of facilities in the building as it offers an exhaustive top-tier facilities list, regardless of its affordable pricing. Level 8 is dedicated solely to facilities, ensuring that every resident will have sufficient, comfortable space to exercise, for children to play or to relax with friends and family during their free time. There is even a function hall on the same floor; hence residents can easily hold small gatherings or events. Regarding security, the property has a guard house whereby only those with vehicle card access can enter the premises and lift lobbies are secured with card access only.

An image of the proposed facility layout plan for level 8 is included below.

Level 8

  • Swimming Pool
  • Barbecue Pavilion
  • Water Seating
  • Children Playground
  • Exercise Station
  • Jacuzzi
  • Children Pool with Wet Play
  • Reflexology Path
  • Family Lounge
  • Basketball Court
  • Gym Room
  • Function Hall
  • Games Room
  • Yoga Room
  • Community Hall
  • Badminton Court

Other Facilities

  • Security (guard house)
  • 7 Levels of car park
  • Lift facility with card access
Ideal Venice Residency 11
Ideal Venice Residency 12

Ideal Venice Residency Property Analysis

A fairy-tale-inspired environment would be the ideal term to describe the Ideal Venice Residency, which was developed using the architecture of Venice in mind. With designs that emphasise tranquillity and serenity with water elements around the property, the residence offers a perfect blend of nature and urban living on Penang Island. Cleverly placed at the intersection of Jalan Bukit Gambir and Jalan Lembah, the location is a focal point with multiple amenities such as shopping malls, schools and universities, healthcare facilities and an abundance of F&B outlets. Albeit the lower cost, this high-quality freehold residential property is low-density, secure, and allows homeowners to purchase pool or city view units. It has an entire floor level dedicated to facilities, making it the perfect place to live in.

Target Market

The Ideal Venice Residency is part of PR1MA, an affordable housing project plan to provide low and middle-income Malaysian households with high-quality housing in key urban areas. As such, the property is targeted primarily at middle-income communities, mainly those within the household income bracket of between RM2,500-RM15,000 (subject to individual state regulations). This affordable housing program is also targeted at first-time homeowners who may not yet be able to invest in high-priced properties.

The unit layout size of 850 sq ft combined with sufficient space with 3 bedrooms and 2 bathrooms indicate that these units are targeted at young couples wishing to expand their own families or small to mid-sized families seeking an affordable yet convenient space to live in. With ample schools, universities, healthcare and other amenities within close proximity, the property is perfect for the modern lifestyle of families with any age group, from children to senior citizens.

Competitor Analysis

Given that this property falls under the PR1MA housing project, the Ideal Venice Residency is compared with other PR1MA projects in Penang Island for an impartial comparison. The other PR1MA projects used in this comparison are Ideal Residency in Bukit Gelugor, developed by the same developer as Ideal Venice Residency and the Pauh Permai Residency, developed by Excel Focus Properties Sdn. Bhd. Ideal Residency is located in Bukit Gelugor, Penang Island while the Pauh Permai Residency is situated in Permatang Pauh, Penang Mainland.

A summary of the comparison is provided in the table below.

Development Built up Area Selling Price Price per sqft Total Units Land Tenure Completion Date
Ideal Venice Residency 850 sq ft (3 Bed,2 bath) From RM 428, 000 RM 503.53 1632 Freehold Est 2026
Ideal Residency (Bukit Gelugor Phase 1) 850 sq ft (3 bed,2 bath) From RM 438, 000 RM 515.29 1218 Freehold Est 2024
Pauh Permai Residency  900 sqft (3 bed, 2 bath) From RM 250, 000 RM 277.78 1017 Freehold 2021

All three developments are freehold residential units that fall under the affordable housing category, thus maintaining some similarities in unit sizes, layout plans and target market (low to middle-income households). Although the Pauh Permai Residency is the lowest priced, it is located on the Penang mainland, whereby the amenities and connectivity vary considerably compared to the island. When comparing value for money, Ideal Venice Residency offers the best of both worlds, high-quality luxury-like living at a very affordable price. It is also the latest and newest development in the region, ensuring that the modern lifestyle’s needs are met without compromising comfort, convenience and safety.

Ideal Venice Residency Developer:  Ideal Property Group Sdn Bhd

Ideal Venice Residency is developed by Ideal Property Group Sdn Bhd, a renowned property development company based in Penang that has to date, completed more than 6000 residential and commercial projects and has more than 15,000 projects in the planning. The developer lives up to its motto of “Creating Legacy,” which has resulted in some notable projects such as Queens Residences, Imperial Grande, Ideal Regency, 1-World, 1-Sky, The Palazzia and many more. With a heavy emphasis on their values such as creativity and innovation, trustworthiness and reliability and the creation of aesthetically pleasing projects, Ideal Property Group has set out on upgrading the lives of communities through the creation of value-added projects that incorporate buildings of amenities, traffic planning and even social responsibility measures.

Ideal Property Group’s impressive portfolio has resulted in the group becoming a market-leading property developer, a trusted name in the property development industry in Penang. The developer’s commitment to quality projects is evident in the number of local and international awards won by the group such as Asia Pacific Property Awards, PropertyGuru Asia Property Awards, iProperty Development Excellence Awards (iDEA)  and The Starproperty.my Award. Since the year 2017, the company has bagged 30 awards in various areas such as architecture, design and sustainability, construction, community planning development and many more.

Summary

The Ideal Venice Residency would be a dream come true for many aspiring homeowners in Penang Island who seek affordable, comfortable and convenient housing in the metropolitan area. The property is an ideal choice for small to mid-sized families who wish to live in the city centre without breaking the bank. With a perfect blend of city living coupled with a serene living environment, the development offers the residents a new living experience in the heart of the city.

Details
Land Title:
Tenure:
Freehold
Type:
  • Condominium
Beds:
3 - 3
Baths:
2 - 2
Price:
RM428,000
Developer:
Ideal Property Group Sdn Bhd
No. of Storeys:
44
Total Units:
1632
Year Of Completion:
Built-up Area (BUA):
850 ft²
Amenities
  • Barbeque Area
  • Basketball Court
  • Clubhouse
  • Convenience Store
  • Gated Entry
  • Gymnasium
  • Jacuzzi
  • Multipurpose Hall
  • Park
  • Playground
  • Pool
  • Security System

Location

Region
  • Kedah,
  • Penang
Neighbourhood

Floor Plan

3d Tour

  • In Progress
From RM506,000
  • Service Residence,
  • SOFO
Beds:
2 - 3
Baths:
2 - 3
452 ft² - 1111 ft²
  • In Progress
From RM567,800
  • Service Residence
Beds:
2 - 4
Baths:
2
813 ft² - 1285 ft²
  • In Progress
From RM450,000
  • Service Residence
Beds:
2 - 4
Baths:
2 - 3
732 ft² - 1227 ft²
  • In Progress
From RM1,000,000
  • Service Residence
Beds:
1 - 4
Baths:
1 - 4
455 ft² - 2455 ft²
From RM428,000

Unique Selling Propositions

Prime Location

Seated at the heart of Penang Island, nestled amongst public amenities, tourist attractions, healthcare and commercial centres, Ideal Residency is placed strategically in a prime location. 

Unique Concept

Architecture inspired by the City of Romance, Venice is unique with no other similar concept development in the vicinity.

Affordable Pricing

The units are sold at very affordable prices, starting from just RM428,000, in a prime location, which is an absolute steal. 

Low density

Despite the affordability, the property is aimed at low-density living with each floor consisting of just 15 units. 

Award Winning Property Developer

Ideal Property Group has an impressive portfolio of projects and accolades of awards proving the developer’s commitment to developing quality projects.

Timeline

2026

End of 2026

Completion

Ideal Venice Residency is expected to be completed by the end of 2026.

2022

7 September 2022

Official Launch

Idea Venice Residency construction stage : Clear site and piling

Decision Drivers

Connectivity
5
Convenience
8
Safety
7
Concept
5
Facilities
8
Value For Money
7
Reader Rating0 Votes
0
6.7

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