RM291,000 separates the entry prices of these two freehold condos — and that's not even the most interesting difference between them. Merione Residences (IJM Land, from RM1,578,000) buys you into The Light Waterfront masterplan in Gelugor, a precinct that is still being built around you. Waterstone (BSG Property, from RM1,287,000) buys you into Tanjung Bungah, a neighbourhood that finished becoming itself decades ago. Both are freehold, both clear the RM1 million foreign-buyer floor, and both are sold off-plan. Which one is right depends almost entirely on whether you're buying a future or a settled present.
Two very different products in the same broad price band. Merione Residences is advertised at RM1,578,000–1,943,000 (roughly RM1,500–1,600 psf) with 145 three-bedroom units of 1,055-1,206 sqft in a single 39-storey tower at The Light Waterfront, Gelugor — semi-furnished, 2029 completion, freehold with a title class worth confirming because the tower sits on a retail-commercial podium. Waterstone enters cheaper at RM1,287,000 (RM810-999 psf) with 365 units across two towers in Tanjung Bungah — layouts 1,334-2,195 sqft, freehold with confirmed residential title, 2028 completion. The trade is real: Waterstone gives you roughly 26% more space at the entry price and the international-school belt (Dalat and Tenby both a short drive away in Tanjung Bungah); Merione gives you a branded-precinct address and a deeper weekday tenant pool. Both clear the RM1M foreign floor, with an 8% stamp duty and 3-4 month state consent on either; the levy is 3% at Merione and 1.5% on Waterstone units up to RM1.5M. Short version: families and own-stay buyers → Waterstone; investors and precinct believers → Merione.
At a Glance
| Factor | Merione Residences | Waterstone |
|---|---|---|
| Developer | IJM Land | BSG Property |
| Location | The Light Waterfront, Gelugor | Jalan Loh Poh Heng, Tanjung Bungah |
| Tenure | Freehold (title class to confirm — mixed podium) | Freehold, residential title |
| Price from | RM1,578,000 | RM1,287,000 |
| PSF | ~RM1,500–1,600 (developer) | ~RM810–999 (current listings) |
| Units | 145, single 39-storey tower | 365, two towers |
| Sizes | 1,055–1,206 sqft (3BR only) | 1,334–2,195 sqft (3BR & 4BR) |
| Completion | 2029 | 2028 |
| Zac's rating | 3.9 | 4.7 |
The PSF gap is the number to sit with. At roughly RM1,500 psf and up, Merione asks a substantial premium over Waterstone's roughly RM810–999 psf — you are paying for the precinct, the IJM name and the waterfront masterplan, not for floor area. At Waterstone, RM1.287M buys a 1,334 sqft three-bedroom; at Merione, RM1.578M buys a 1,055 sqft one.
The Real Choice: A Masterplan's Future vs a Neighbourhood's Present
Merione is a bet on The Light Waterfront becoming what IJM says it will become. The residences occupy levels 11–39 of a single tower above a retail and commercial podium, with The Light Shopping Mall 500m away and Queensbay Mall 3km down the coast. When the precinct matures, you own an address inside a branded waterfront destination — I've written a full guide to The Light Waterfront on what's planned. The honest flip side: masterplans mature on the developer's timeline, not yours, and you'll live with construction activity around the precinct for years after your own key collection.
Waterstone is the opposite trade. Tanjung Bungah is a finished neighbourhood — the beach, the hillside, the schools, the morning market are all already there, and they'll look the same in 2035. What you give up is upside narrative: nobody is going to "discover" Tanjung Bungah, because everyone already has. You're buying a known quantity at a known price.
Neither answer is wrong. But be honest with yourself about which story you're actually buying, because the gap of roughly RM500–690 psf between them is the price of the Merione story.
When Can You Actually Move In (or Collect Rent)?
Neither project hands you keys this year. Waterstone targets completion in 2028; Merione targets 2029. On paper that's roughly a year's difference — a year of rent you collect (or rent you stop paying) at Waterstone before Merione owners get vacant possession.
For an investor, that year matters more than it looks. Progressive interest during construction is money out with nothing coming in; a 2028 completion versus 2029 shortens that dead period. For an own-stay buyer currently renting, the same logic applies to your own rent. Run your holding-cost numbers on our affordability calculator before you commit either way — and remember Merione only launched in September 2026, so its construction runway is still long.
Schools: This One Isn't Close
If you have school-age children, this comparison mostly ends here. Waterstone sits about 1km from Dalat International School, 1.5km from POWIIS Tanjung Bungah and 2km from Tenby Schools Penang — the heart of the northern international-school belt, which is precisely why Tanjung Bungah's expat rental market exists. I cover the area in the Tanjung Bungah property guide.
Merione's Gelugor location is a different ecosystem entirely: USM, the bridge, the tech belt, Queensbay. There isn't an international school on Merione's doorstep, and I won't pretend otherwise — families running a daily international-school commute from The Light would be driving against Penang's worst traffic areas twice a day. Gelugor's strengths are real, but they're employment-and-university strengths, not school-run strengths.
The Rental Profile: Depth vs Stickiness
Merione's rental case is about tenant depth. The Light Waterfront sits between the bridge and George Town, drawing professionals from the tech and medical sectors plus the USM ecosystem, inside a precinct with retail downstairs. A 145-unit single tower also means you're not competing with hundreds of identical landlords at handover — a genuine advantage over the mega-towers. All three layouts are three-bedroom (1,055–1,206 sqft), which targets sharing professionals and small families rather than the studio crowd.
Waterstone's rental case is narrower but stickier: expat families relocating for the schools sign multi-year leases and treat the unit as home. The catch is that Tanjung Bungah rental demand is thinner than Gelugor's on sheer volume — when a family tenant leaves, the next one takes longer to find. And 365 units across two towers means more neighbouring landlords than Merione's 145 when the building empties out each academic year.
For pure yield mechanics, Merione's precinct likely wins. For tenant quality and low churn, Waterstone.
The Foreign-Buyer Math
Both projects clear Penang Island's RM1,000,000 minimum for foreign buyers comfortably, so eligibility isn't a differentiator. The cost breakdown is identical in structure on either:
- Penang foreign-buyer levy: 1.5% for island condos between RM1M and RM1.5M, 3% above that. Waterstone's RM1,287,000 entry pays RM19,305; Merione's RM1,578,000 entry is above RM1.5M, so it pays 3%, or RM47,340.
- Stamp duty: flat 8% for foreigners (not the tiered 1–4% citizen scale) — RM126,240 on Merione at entry, RM102,960 on Waterstone.
- State consent: about 3–4 months, running alongside your purchase, on either project.
- Financing: expect around 70% LTV as a foreign buyer, not the 80–90% locals see.
So the entry-price gap of RM291,000 widens to roughly RM342,000 once levy and stamp duty are added. For a foreign buyer, that's a real difference.
The Catch on Each
Merione's catch is the title question plus the premium. The tower sits above a retail/commercial podium, and the land title class is not yet confirmed — residential, commercial and commercial-HDA titles carry different utility rates and rules, so get this confirmed in writing before you sign. And at roughly RM1,500 psf and up you're paying well above the Gelugor norm for the precinct story; if The Light matures slower than planned, that premium takes time to justify. My full Merione Residences review goes deeper.
Waterstone's catch is that it's a long seller with a quiet story. The project has been marketing for years, and Tanjung Bungah is an own-stay market with modest rental intensity — this is not where you buy for aggressive yield or a fast flip. Buyers should also ask the developer directly about current construction progress against the 2028 target. My Waterstone review covers the details.
Verdict: Who Should Buy Which
Buy Waterstone if you're an expat or MM2H family anchored to the international schools, an own-stay buyer who wants sea air and a finished neighbourhood, or anyone who measures value in ringgit per square foot — 1,334 sqft at RM1.287M against 1,055 sqft at RM1.578M is not a subtle difference.
Buy Merione if you're an investor who wants tenant depth and believes in The Light Waterfront's trajectory, or a buyer who wants the branded-precinct address at its lowest current ticket — Merione is the cheapest way into the precinct by a wide margin.
Skip both if you need keys in hand this year (look at completed sub-sale stock instead). And if your budget stops around RM1.5M, Merione is out of reach at its advertised prices; Waterstone isn't.
I've walked buyers through both projects. WhatsApp me and tell me which of the two stories above sounds like you — that usually settles it in one conversation.