The latest highly anticipated project in Jelutong, 3 Residence by IJM Land Bhd overlooks the strait between Penang Island and the mainland. The sleek residential development will be placed along Karpal Singh Drive.

The 3 Residence Condominium, which is set on a 4.51-acre freehold parcel, is poised to contribute to the growth of the Penang property market due to its location, panoramic views of the strait and reasonable price point.

"It is unusual to find a residential development on Penang Island at such a reasonable price with complete facilities and waterfront views," IJM Land Bhd managing director Edward Chong told City & Country. "3 Residence will be built on the second last parcel [of vacant land] in the area."

3 Residence has garnered a gross development value of RM318 million. Made up of two towers with 478 apartments in total, individual units can be found with three bedrooms and two bathrooms with built-ups ranging from 845 to 1,157 sq. ft. Prices start at RM551,000.

"We believe the apartments at 3 Residence are affordable, comparable with current market prices and demand in Penang, especially since the project is located in a strategic area," says Chong.

3 Residence is due to be launched in 4Q2018. According to Chong, the response has been positive. "We have received over 2,000 registrants, who are mostly serious buyers. We are confident 3 Residence will be well received."