The verdict
4.7/ 5Waterstone is BSG Property's freehold condominium on the hillside off Jalan Loh Poh Heng in Tanjung Bungah: two 45-storey towers with 365 homes and only six homes per floor, due in 2028.
- Price
- from RM1.29M
- Tenure
- Freehold
- Land title
- Residential
- Completion
- 2028
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.
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, where it is the only new launch selling in 2026.
If you're a family looking for space, or a long-hold buyer who wants freehold in an area where new build competition is 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 rare in 2026 new launches.
- Low density — 365 units across 2 blocks of 39 storeys, only 6 units per floor.
- Freehold + BSG track record — same developer as Marriott Residences, Mira Residence and 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 exact unit options before you view the sales gallery? WhatsApp me — I'll send the current stack of layouts with my 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 × 39 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 you're actually buying
Space, first and most importantly. The 1,334–2,195 sqft range across 3-and-4 bedroom layouts is family-scale in a way that most 2026 launches quietly aren't — developers have been compressing sizes to keep entry prices below buyer resistance points, and BSG has deliberately gone the other way here. If you have kids and a helper, or three generations who visit for weekends, this matters more than any marketing bullet.
Six units per floor across 2 blocks of 39 storeys. That's low density — 365 units total — and it shows up in the small daily things: shorter lift waits, quieter lobbies, better-maintained common areas over time. Not a headline feature but it's the difference between the building feeling like your home vs feeling like a hotel with too many guests.
The site sits between hillside and coast, which is Tanjung Bungah's whole thing. Higher floors on the sea-facing side should get proper straits views, but "should" is doing work in that sentence — always ask to see the exact unit you're being offered, not the marketing render. Some floors get compromised by adjacent hills, others get an unobstructed line to the water.
Three car parks per unit is generous by Penang standards (most new launches allocate one or two), and if you have teenagers or the extended family visits often, the third bay quietly earns its keep. Forty-plus facilities across three dedicated decks — infinity pool, sky gym, private dining pavilions — is the spec of a premium build, though facility counts always deserve a walk-through rather than a bullet count.
The BSG Property Track Record
For buyers unfamiliar with BSG Property, the track record is strong. BSG's Penang portfolio includes:
- Marriott Residences on Gurney Drive — branded residences, 294 homes, completed 2023
- Mira Residence — freehold Tanjung Bungah condominium, completed 2016
- Nineten @ Permai Village — 40 freehold semi-detached homes in Tanjung Bungah, completed 2013
- Middleton @ Minden Heights — Gelugor residential
- Codrington Residence and Cantonment Residence in Pulau Tikus — joint ventures with VST Group
BSG has consistently delivered premium freehold product in Penang Island's northern coast. For buyers evaluating developer risk, BSG's track record is noticeably cleaner than that of first-time or single-project developers.
Who this suits, honestly
The families I take here almost always share three things. They need actual space — usually because their current home has run out of it, or because a helper's room and a guest room and a study aren't optional. They're comfortable with a 10-year-plus horizon (this isn't a flip). And they want a freehold address in Penang's northern coastal belt without being pushed into RM2M+ Gurney branded territory. If that's you, Waterstone is a rational buy.
It also suits the buyer who's already been through BSG's previous work — Marriott Residences, Mira, Nineten @ Permai Village — and just wants their next thing. That's a real segment; BSG has a loyal following in Penang's northern coast because they deliver what they show in the sales gallery.
Foreign buyers looking for freehold Penang Island with hillside + sea-view potential and enough space to actually raise a family fit here cleanly. Every unit clears the RM1M foreign floor.
Who it doesn't suit — say it up front
If you're chasing yield percentages, Waterstone will disappoint. Tanjung Bungah gross runs 3.0–4.5%; on RM1.287M+ entry, that's moderate. Bayan Lepas commercial-title or Gelugor freehold will outperform on the yield line — go there instead. If your plan is Airbnb-first, this is a residential condo with residential house rules, not a suites/SOHO product, and even if STR were allowed the demand base here is thinner than Georgetown. See my foreign buyer STR guide if that's the play.
Walkable-urban daily lifestyle? Tanjung Bungah is coastal-residential, not that. You'll drive for groceries, F&B, and city amenities. Georgetown or Tanjung Tokong fit that brief better. And if you need to move in this year, Waterstone's 2027–2028 completion doesn't help — Nineten @ Permai Village, Mira Residence, Alila 2 are the completed sub-sale alternatives in the same area. Bargain hunters should also look elsewhere; Waterstone is priced for what it delivers, not for a discount.
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 at around RM1,000 PSF; 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.
Tenby Schools Penang and Dalat International School are both in Tanjung Bungah, a short drive away, and Uplands is further up the coast in Batu Ferringhi.
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 case.
- Do you 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 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.
Where Waterstone sits versus the natural alternatives
If a lower entry price on a different area matters more than staying in Tanjung Bungah, Crown Penang is the honest look — RM704K freehold (commercial HDA title) in Tanjung Tokong, different neighbourhood feel, closer to Straits Quay. If you like BSG and can't wait until 2027–2028, Nineten @ Permai Village — their earlier freehold semi-D in the same neighbourhood — is on the sub-sale market around RM3.2M. Different product entirely (landed vs high-rise) but the same hand behind it.
If you want brand licensing on top, that's a different area and a different tier — Marriott Residences in sub-sale or W Residence Gurney Bay new-launch, both on Gurney Drive. And if it's Tanjung Bungah + freehold + move-in-ready that you need, the sub-sale market has Mira Residence (BSG's earlier condo), Alila 2, and a handful of other established freeholds across the area worth a proper look.
Zac’s Take
Zac Ong
Waterstone is one of the cleaner buys I recommend in Tanjung Bungah for the 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.
The next 48 hours if this fits you
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 worth paying on some units and 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 area picture? Tanjung Bungah property guide 2026
- Comparing areas? 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.