The verdict
4.7/ 5365 units is mid-sized — not boutique but not oversupplied either.
- Price
- from RM1.29M
- Tenure
- Freehold
- Land title
- Residential
- Completion
- 2028
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.
Here's the one thing that decides whether Waterstone is right for you before any of the marketing does its work: unit size. At 1,334 to 2,195 sqft on 3-and-4 bedroom configurations, this is family-scale space at a time when most 2026 launches have been quietly compressing sizes to keep entry prices below their comfort ceiling. Freehold. Six units per floor. Hillside sea-view in Tanjung Bungah — the corridor where the 2017 hillside-development freeze means new supply barely arrives at all.
If you're a family looking for space, or a long-hold buyer who wants freehold in an area where new build competition is structurally limited, Waterstone is the one to see. If you're chasing yield or short-hold appreciation, honest advice — this isn't your project. The rest of this review is why, walked through the way I'd walk you through it in person.
Key takeaways:
- Family-scale space — 1,334–2,195 sqft across 3-and-4 bedroom is genuinely rare in 2026 new launches.
- Low density — 365 units across 2 blocks of 45 storeys, only 6 units per floor.
- Freehold + BSG track record — same developer as Marriott Residences, Setia V, Mira Residence, Nineten @ Permai Village.
- Entry from RM1.287M, working out ~RM965 PSF — market-consistent for the tier, not a bargain.
- Foreign-buyer eligible — every unit clears the RM1M Penang Island floor.
- What it's not — not a yield play, not an STR/Airbnb project, not a walkable-urban lifestyle address.
Want me to walk you through the specific unit options before you view the sales gallery? WhatsApp me — I'll send the current stack of layouts with my honest read on which floors are worth the premium.
Waterstone at a glance — the specs that matter
| Feature | Detail |
|---|---|
| Developer | BSG Property |
| Location | Jalan Loh Poh Heng, Tanjung Bungah (beside Hillview Garden) |
| Tenure | Freehold |
| Structure | 2 blocks × 45 storeys |
| Total units | 365 (6 units per floor — low density) |
| Unit sizes | 1,334 sqft – 2,195 sqft |
| Configurations | 3-bedroom, 4-bedroom |
| Car parks | 3 per unit (varies by layout) |
| Price from | RM1,287,000 |
| Estimated PSF | ~RM950–1,100 |
| Facilities | 40+ across 3 dedicated facility decks |
| Foreign buyer eligible | Yes (clears RM1M threshold) |
| Estimated completion | 2027–2028 |
What Waterstone Actually Delivers
Freehold in an area that predominantly is freehold — but with generous unit sizes. Tanjung Bungah's active new launches are all freehold, but Waterstone stands apart on absolute unit sizes. The 1,334–2,195 sqft range gives buyers genuine family-scale space that is increasingly rare in 2026 new launches, where developers have progressively compressed unit sizes across most price points.
6 units per floor. Low density matters for real daily experience — lift wait times, lobby congestion, common area maintenance quality all improve at low density. Across 2 blocks of 45 storeys (365 units in total), Waterstone stays comfortably below the density levels of mass-market condominiums.
Hillside positioning with sea view potential. The site sits between hillside elevation and coastal proximity, which is the specific characteristic that gives Tanjung Bungah its lifestyle premium. Higher-floor units on the sea-facing side should deliver genuine straits views; buyers should verify the specific unit orientation before committing.
40+ facilities across 3 dedicated facility decks. The facility count and multi-deck configuration signals a genuine premium build, not entry-level positioning. Confirmed amenities include infinity pool, sky gymnasium, and private dining pavilions — buyers should walk through the full facility list in the marketing pack, not just the headline numbers.
3 car parks per unit (varies). For a family-format condominium, three car parks is generous and practical. Most Penang new launches allocate 1–2 parks per unit — three is a meaningful practical advantage.
The BSG Property Track Record
For buyers unfamiliar with BSG Property, the track record is genuinely strong. BSG's Penang portfolio includes:
- Marriott Residences on Gurney Drive — first Marriott Residences in Southeast Asia, 55-storey, 294 residential units, completed 2023
- Setia V Residences — established premium Gurney condominium
- The Marin — waterfront-adjacent residential
- Nineten @ Permai Village — freehold 3-storey semi-D in Tanjung Bungah, 40 units, completed 2013 (currently active in sub-sale market)
- Mira Residence — freehold Tanjung Bungah completed premium condominium
- Middleton @ Minden Heights — Gelugor premium residential
- Quin — BSG Property completed project
BSG has consistently delivered premium freehold product in Penang Island's northern corridor. For buyers evaluating developer risk, BSG's track record is materially cleaner than that of first-time or single-project developers.
What Waterstone Is Good For
Family own-stay buyers wanting genuine space. The 1,334–2,195 sqft units at 3-bed/4-bed configurations are family-scale in a way most 2026 launches are not. If you're buying to actually live in as a family, this is where Waterstone shines.
Long-term hold freehold investors. Freehold + BSG track record + low density + premium build should support long-term capital preservation. This is not a flip play; it's a 10-year+ hold thesis.
Sea-view lifestyle buyers wanting hillside positioning. The site's hillside elevation is what gives Tanjung Bungah's premium address its distinctive character. Buyers who value views and elevated positioning over urban walkability get what they came for.
BSG loyalists. For buyers who have followed BSG's Penang portfolio and want the developer's next premium residential product, Waterstone is that project.
Foreign lifestyle buyers. All units clear the RM1M foreign threshold. Buyers wanting freehold Penang Island hillside with sea-view potential and family-scale unit sizes find Waterstone fits the brief cleanly.
What Waterstone Is NOT Good For
Pure yield investors chasing high gross yield percentage. Tanjung Bungah gross yields typically run 3.0–4.5%. At RM1.287M+ entry with corresponding rental rates, the yield math is moderate. If you're optimizing for yield percentage, Bayan Lepas commercial-title or Gelugor freehold can outperform.
STR / Airbnb-first investors. Waterstone is a residential condominium, not a suites-format or SOHO product. House rules will almost certainly restrict short-term rental, and even where allowed, Tanjung Bungah's STR demand is thinner than Georgetown's. See my foreign buyer STR guide for STR-permissive alternatives.
Buyers who need walkable urban lifestyle daily. Tanjung Bungah is coastal-residential, not walkable-urban. Grocery runs, F&B, and city amenities all require driving. If you value daily walkability, Georgetown or Tanjung Tokong are better fits.
Buyers who need immediate vacant possession. Waterstone's estimated 2027–2028 completion means 2–3 years of building period. Buyers needing to move in soon should look at Tanjung Bungah sub-sale — Nineten @ Permai Village (BSG's earlier landed) or established freehold condos like Mira Residence, Alila 2, Nineten condominium.
Bargain-hunters. Waterstone is not a value play — at RM1.287M+ it is priced for what it delivers on space, tenure, and developer quality. Buyers chasing a lower entry price in Tanjung Bungah are looking at the sub-sale market, not new launch stock.
The Realistic PSF Positioning
At an entry price of RM1.287M for approximately 1,334 sqft, that works out to roughly RM965 PSF. Larger units at the RM2.4M ceiling on 2,195 sqft work out closer to RM1,090 PSF.
Comparable Tanjung Bungah context:
- Nineten @ Permai Village (BSG's earlier landed) sub-sale ~RM3.2M for semi-D (different product type)
- Mira Residence freehold sub-sale ~RM1,000–1,100 PSF
- Alila 2 and premium sub-sale hillside condominiums ~RM1,000–1,300 PSF
Waterstone's PSF slots at market-consistent positioning for the tier. Not a bargain, not overpriced — priced for what it delivers.
For comparison, Gurney Drive premium (W Residence Gurney Bay) runs up to approximately RM1,700 nett PSF; Tanjung Tokong new launch (Crown Penang) runs from RM955 PSF (no confirmed ceiling); Waterstone's RM1,287,000 entry over a 1,334 sqft unit works out around RM965 PSF — the most accessible of the three, below both, while still offering hillside sea-view positioning.
Location Realities
Tunku Abdul Rahman University College is close by, which supports a modest student and academic rental pool (not the dominant demand driver but worth noting for yield calculations).
Hillview Garden neighbouring residential established character supports the area's positioning.
Dalat International School and Uplands International School are 8–15 minute drives — accessible for school-catchment families but not walking-distance.
Straits Quay marina and Tanjung Tokong lifestyle infrastructure are 8–12 minutes drive.
Pulau Tikus hospital cluster (Gleneagles, Island Hospital, Loh Guan Lye) is 20–25 minutes.
Beach access — Tanjung Bungah has some sea-facing walking paths, though defined beach infrastructure is stronger at Batu Ferringhi (further north).
The Decision Framework I Use With Buyers
When a buyer asks whether they should buy Waterstone, I run through these questions:
- Is your primary use own-stay family living? If yes, Waterstone is strong.
- Do you value freehold + generous unit sizes over PSF savings? Waterstone delivers both.
- Is your hold horizon 10+ years? Freehold plus BSG plus low density should support long-hold thesis.
- Do you specifically want Tanjung Bungah's hillside sea-view lifestyle? Waterstone captures it well.
- Are you a BSG follower who trusts the developer's track record? Track record is genuinely clean.
If most answers are yes, Waterstone is the right buy. If your priority is short-hold flip, pure yield percentage, STR income, or walkable urban lifestyle, look elsewhere.
Comparable Alternatives Worth Weighing
If you want new launch freehold at a lower price with different location: Crown Penang — RM704K freehold (commercial HDA title) Tanjung Tokong. Different area character, closer to Straits Quay walkable amenities.
If you want completed BSG product for immediate vacant possession: Nineten @ Permai Village — freehold 3-storey semi-D by BSG, sub-sale ~RM3.2M in Tanjung Bungah. Different product (landed vs high-rise) but same developer's earlier work.
If you want the branded residence premium: Marriott Residences sub-sale or W Residence Gurney Bay. Different tier entirely, Gurney Drive rather than Tanjung Bungah.
If you want completed freehold Tanjung Bungah for immediate move-in: Sub-sale Mira Residence (BSG's earlier condominium), Alila 2, or established freehold condos across the area.
Zac’s Take
Zac Ong
Waterstone is one of the cleaner buys I recommend in Tanjung Bungah for the specific buyer profile it fits — family own-stay, long-term hold, freehold-first, BSG-trust. What I tell buyers who ask honestly: this is not a project that will double in five years. It's a project that will preserve capital, deliver a great daily-life experience, and hold its resale positioning steadily. If you want to buy something you'll live in for a decade, invite family to stay in, and eventually sell to another family who values the same things you did, Waterstone is exactly that product. If you're looking for aggressive appreciation or high yield income, be honest with yourself — that's a different property in a different area.
What to do next
If Waterstone sounds like the right fit — family-scale space, freehold hillside, long-hold — the next practical step is picking the right unit, not just the right project. High-floor sea-facing lines command a premium that's genuinely worth paying on some stacks and genuinely not worth it on others. That's the conversation to have before you book.
- WhatsApp me for the current unit stack — I'll send the available layouts, tell you which floors are the smart buy and which to skip
- Want the wider corridor picture? Tanjung Bungah property guide 2026
- Comparing corridors? Tanjung Bungah vs Batu Ferringhi and Gurney Drive vs Tanjung Bungah both frame the choice
- Weighing yield instead? Best condos in Gelugor or Bayan Lepas alternatives might fit better
Sources: Project spec, tenure, land title and developer track record verified against developer materials by Zac Ong, REN 64593. Sub-sale asking prices from current live portal listings. Foreign-buyer rules per Penang state policy — see the RPGT calculator. Verify final figures with me at booking.