The verdict
4.5/ 5City of Dreams is Ewein Zenith's freehold serviced-residence development in Seri Tanjung Pinang, Tanjung Tokong: 572 homes in two towers, completed in 2020, with a steady resale market.
- Price
- RM700K–RM3.26M
- Tenure
- Freehold
- Land title
- Commercial HDA
- Completion
- 2020
Zac’s own rating, not user reviews.
Zac’s own rating, not an average of user reviews. It reflects one licensed agent’s assessment of this project against others he tracks in Penang.
City of Dreams is the Ewein Zenith answer inside Seri Tanjung Pinang. Two 36-storey towers, 572 freehold units, completed 2020, sitting inside the E&O masterplan without being an E&O product itself. That combination is worth understanding — you get the precinct benefits (marina walk, seafront promenade, Andaman @ Quayside next door) at a noticeably lower entry ticket than the E&O-branded developments themselves, but on commercial-HDA land title with the running-cost trade that implies.
The essentials: 572 units across two 36-storey towers, freehold with commercial-HDA land title (not residential), completed 2020 by Ewein Zenith. Layouts run 670-2,370 sqft, current asking RM700K–3.26M at RM964–1,500 psf. Foreign-buyer eligible on RM1M+ specific units; smaller stock is Malaysian and PR only. The commercial-HDA classification is the piece most buyers underweight — worth understanding before you sign.
Because unit types range from compact studios to family-scale 2,370 sqft layouts, the sensible move is a filter conversation before we look at anything — WhatsApp me with your budget, whether you need foreign-eligible layouts, and unit size band.
City of Dreams at a glance
| Feature | Detail |
|---|---|
| Developer | Ewein Zenith Sdn. Bhd. |
| Tenure | Freehold |
| Land title | Commercial-HDA |
| Location | Seri Tanjung Pinang, Tanjung Tokong |
| Total units | 572 |
| Blocks | 2 towers x 36 storeys |
| Unit sizes | 670 – 2,370 sqft |
| Completion | 2020 |
| Current asking | RM700K – RM3.26M |
| PSF | RM964 – 1,500 |
| Foreign-buyer eligible | Yes at RM1M+; below is Malaysian/PR only |
| Zac's rating | 4.5/5 |
Commercial-HDA is a specific title class and it changes ownership costs
This is the most underweighted input at City of Dreams. Commercial-HDA means the land title is classified commercial (not residential) even though the property is developed under the Housing Development Act. Practical consequences:
TNB utility tariff runs at commercial rates, noticeably higher than residential rates. Over a family unit running air-conditioning through the day for 15 years, the running-cost delta versus a residential-title alternative amounts to real money.
Assessment (cukai pintu) is calculated at commercial rates. Same story — annually recurring cost differential.
Bank loan margin is typically capped lower than residential — 70-80% loan-to-value for Malaysian citizens where residential would go 85-90%. Foreign buyers usually see 70% either way, so this affects Malaysian buyers more.
Resale liquidity — the buyer pool for commercial-HDA is smaller than for residential title, because some buyers screen strictly for residential-only. Not a dealbreaker; a real feature of who competes with you on the exit.
None of this makes City of Dreams a bad buy. It makes it a specific-buyer product — someone who is buying for the Seri Tanjung Pinang precinct integration and the accessible ticket, understands the commercial-title profile, and is factoring the running-cost delta into their long-term ownership model. If you want the same precinct on residential title, Andaman @ Quayside or Fettes Residence are the alternatives, and both are noticeably more expensive per foot.
Why Ewein rather than E&O matters
E&O built the wider Seri Tanjung Pinang masterplan and the flagship residential product inside it. Ewein Zenith is a separate developer that acquired a plot inside the same reclamation and built City of Dreams there. The precinct benefits — marina, promenade, retail — accrue to you regardless of who built your specific building, because those are E&O masterplan features you access as part of living inside STP.
What you don't get from Ewein that you do from E&O: the operational-standards continuity of a single developer running the wider estate. Ewein manages City of Dreams; E&O manages the surrounding infrastructure. This is fine — both are legitimate — but it means the JMC coordination between building and precinct can be less seamless than at an E&O-developed building. Not a red flag; a specific feature of the ownership structure.
Who this actually fits
City of Dreams tends to attract three buyer profiles. First, working couples and Malaysian first-property buyers who want inside Seri Tanjung Pinang at the RM700-900K accessible tier. Second, foreign second-home buyers looking at the RM1M+ layouts as a cheaper entry into the precinct than Andaman @ Quayside's RM1.28M+ ticket. Third, MM2H applicants using the RM1M+ layouts to satisfy the property leg at moderate stretch — the exact units that clear the floor by RM20-50K work for this.
The compact unit types (670-900 sqft) at City of Dreams also attract short-let investors, though the current STR by-law reset in Penang means yield modelling based on pre-August 2026 rates needs to be redone. Buyers relying on Airbnb income should verify the building's current JMC rules with the management before signing.
Questions worth asking before you buy
Commercial-HDA is real, not marketing. Understand the utility tariff, assessment rate, and loan margin implications before you commit. Over 15 years the compound cost of commercial-rate tariffs is meaningful. This is the single most important due-diligence input at City of Dreams.
The 80% psf spread is stack-driven. Higher floors on the sea-facing side trade near the RM1,500 psf top; lower floors facing away from the water trade closer to RM964. Never buy on the average number; buy on the exact unit and orientation.
Density is real. 572 units means shared amenity feels busy at peak hours. If quiet building feel is important, boutique alternatives in the area (Fettes at 195 units, 18 East at 210) fit that brief better at a higher psf.
Zac’s Take
Zac Ong
City of Dreams is Ewein Zenith's 572-unit twin-tower freehold-on-commercial-HDA product inside Seri Tanjung Pinang — RM700K–3.26M asking, 670-2,370 sqft layouts. My view: this is the accessible-tier commercial-title entry into the STP precinct, and for the right buyer profile (working couple who values precinct integration over title-class cleanness, or MM2H applicant at the RM1M+ threshold layouts) it's a rational buy. The commercial-HDA classification is the piece to understand before signing — commercial utility tariff and assessment rate compound noticeably over 15-year hold. Best-fit alternative if you want residential title at similar area: Fettes Residence at RM1.14M+ or 18 East @ Andaman at RM1.1M+.
What it rents for
Asking rents at City of Dreams in the listings I tracked in September–October 2026 ran from about RM3,300 to RM6,500 a month for homes of about 1,097–1,335 sq ft; larger units list higher. Furnishing, floor and view move the number a lot, so treat this as a range to test against the specific unit, not a promise.
Current details and listings are on the City of Dreams project page.
What to do next
Send me on WhatsApp your budget ceiling, foreign or local status, and whether commercial-HDA is a hard-no or acceptable-trade for your ownership plan. I'll filter to what actually fits before we look at anything.
Area context: Best condos in Tanjung Tokong 2026 for the ranked shortlist, The Tamarind review for the E&O serviced-apart alternative at similar ticket, Straits Quay Suites review for the boutique E&O commercial alternative. For foreign-buyer costs, see the foreign buyer guide.
Sources: City of Dreams project spec, tenure, land title classification, unit count, layouts and current subsale asking checked against Ewein Zenith Sdn. Bhd. materials and portal listings September 2026. Asking prices move, so check the live price of the unit you like before you commit. Asking rents from listings I track (September–October 2026).