H Residence (formerly known as One Ritz Residence) is a luxury condo developed by Econy Development, which is a sister company of Alor Vista. It is the developer’s maiden luxury project. It has track record in low-medium cost projects in Penang Island. This condo is expected to be fully completed and ready for occupancy by the end of 2009.
H Residence which is a 31-storey one block condo houses a total of 34 units with built-up areas ranging from 4,900 sf to 8,763 sf. Built on 1.1 acres of freehold land, this high end condo offers four types of layouts namely Type A, B, C and D (Penthouse).
The type A units at H Residence face Tanjung Tokong while the type B units face Jalan Sultan Ahmad Shah. Buyers of types A, B and C will be entitled to two parking lots and allowed to buy an extra lot for RM15,000, whereas the type D buyers would get four parking lots.
This luxury development is located along Kelawei Road within the Pulau Tikus neighborhood. It is easily accessible via major roads in Penang such as Burma Road, Codrington Avenue, Bagan Jermal Road, and Persiaran Gurney.
This freehold condo is also close to many amenities such as restaurants and cafes, shopping malls (Gurney Plaza, Island Plaza, One Stop Shopping Centre), hospitals (Penang Adventist Hospital, Gleneagles Medical Centre), schools (Penang Chinese Girls High School, Convent Pulau Tikus, St. Nicholas School), and many others.
Developer’s reputation is often one of the most important considerations when a potential property buyer scouts for a suitable property. As H Residence falls under the luxury development category, many potential property buyers may be feeling intimidated by the property developer’s background or experience in property development. Through its sister company, Alor Vista, this developer only has track record in building low-medium cost projects.
Thus, many potential property buyers may doubt Econy Development’s ability, as H Residence is the developer’s first luxury condo project. Some property buyers may take advantage of a new developer as they normally would offer special packages to attract more property buyers. However, as this pertains to a luxury development, there is surely risk in buying such a property from a first time developer in the luxury project category.
Most high rise developments have a standard ceiling height of approximately 9 or 10 ft high. However, H Residence is very different from the other developments as the ceiling height of its units is 11.5 ft while the floors are seven inches thick. The high ceiling height would certainly make the units look more appealing, giving it a feeling of lavish bungalow-style living.
Apart from that, H Residence also has a service counter that is specifically set up to assist the residents in running errands such as payment of utility bills, banking in checks, and so on. For residents’ convenience, Econy Development is also providing high speed lifts with the speed of 150 mpm at H Residence.
As there are only 2 units on each floor from level five to 13 and one unit from level 15 to 29, this condo is certainly a low density development. It is also obvious that the developer has adopted the concept of low living density in a spacious and luxurious home where it further emphasizes on providing utmost privacy to property owners. More often that not, such type of developments would appeal to the upper class families as well as expatriates.
Even though it was mentioned earlier that H Residence falls under the category of low living density, potential property buyers should take not that this high rise condo is actually located at a densely populated area.
As the condo is located along the ever busy Kelawei Road, property owners are expected to endure daily traffic congestion particularly during peak hours, on weekends and public holidays. However, as most locals consider that most of the affluent group of people stays around this area, H Residence would still be appealing to upper class property buyers.
Pricing wise, H Residence’s value is comparable to that of similar developments around the Pulau Tikus and Gurney Drive area, within the range of RM1.6 mil and above. However, as mentioned earlier, this luxury condo is developed by a fairly new developer, so many property buyers might prefer to buy similar condos from some other reputable developers.
Nevertheless, H Residence does have its advantages as its standards in density status, spaciousness of units, location and complete high class facilities are definitely on par with other similar developments.