Same developer, same hillside, same six homes per floor, and yet you can pay several hundred thousand ringgit more for one than the other. Waterstone and Mira Residence are both BSG Property buildings in Tanjung Bungah, about ten years apart. The question isn't which is better built. It's whether a brand-new home and two years of staged payments are worth the premium over a finished one you could move into this year.
Key takeaways: Mira Residence (completed 2016) has two 32-storey towers with homes from about 1,352 sq ft, with listings from about RM850,000. Waterstone (due late 2028) has 365 homes from 1,334 to 2,195 sq ft, from about RM1.29M. For a similar three-bedroom home, Mira is roughly a third cheaper. Choose Waterstone if you want new and can wait; choose Mira if you want value and to move in soon.
The two at a glance
| Waterstone | Mira Residence | |
|---|---|---|
| Developer | BSG Property | BSG Property |
| Status | Under construction, due late 2028 | Completed 2016 |
| Location | Off Jalan Loh Poh Heng, beside Hillview Garden | Jalan Lembah Permai |
| Towers | Two, 39 storeys | Two, 32 storeys |
| Homes | 365, six per floor | 376, six per floor, five lifts per tower |
| Sizes | 1,334, 1,600 and 2,100–2,195 sq ft | 1,352 to about 3,642 sq ft |
| Price guide | from about RM1.29M (4-bed from about RM1.8M) | about RM850K–2.15M |
| Foreign buyers | Every home qualifies | Units at RM1M+ (any unit for MM2H buyers) |
| Rent (furnished, late 2026) | No record yet | about RM4,500–4,800 for 1,635 sq ft |
The price gap, in plain numbers
Compare like with like. Waterstone's smallest home is a 1,334 sq ft three-bedroom from about RM1.29M. Mira's comparable 1,352 sq ft three-bedroom-plus-study homes were listed from about RM850,000 in late 2026. That's a difference of roughly RM400,000, about £75,000 at RM5.45 to the pound, for a home of the same size from the same developer.
What does the premium buy? A brand-new building with a defects warranty, new lifts, pipes and finishes, modern layouts, and the chance to pay in stages over two years rather than all at once. For some buyers that's well worth it. For others, the RM400,000 would rather go on renovating a Mira home exactly as they like it and keeping the rest.
Where Waterstone wins
It's new. You get a fresh building and a defect liability period in which the developer fixes problems, rather than inheriting ten years of wear.
Payments are staged. Instead of paying the full price at completion, you pay as the building goes up, which suits buyers who are still selling a home in the UK or elsewhere.
Every home qualifies for foreign buyers, and entry homes priced up to RM1.5M pay the reduced 1.5% state levy.
Several of my UK clients have chosen Waterstone.
Where Mira Residence wins
It's cheaper, by a wide margin, for the same space.
It's finished. You can stand in the exact home, see the actual view, talk to residents and read the management accounts before you commit. And you can move in within months, not years.
Its homes feel big. Ceilings of about 10 ft make the rooms feel larger than their floor area, and the 1,635 sq ft three-plus-one layout suits most families. The largest homes, up to about 3,642 sq ft duplexes, have no equivalent at Waterstone.
It has a rental record. Furnished 1,635 sq ft homes were listed at about RM4,500–4,800 a month in September 2026, mostly to families at Tenby and Dalat.
The catches
Waterstone: you're buying something you can't yet stand in, so check the floor plan, facing and floor carefully. You'll need somewhere to live until late 2028. Staged payments are in ringgit, so if you earn or save in pounds, currency moves change what each payment costs you. And new buildings take a year or two to settle, with defects to chase and a management committee to form.
Mira Residence: at ten years old, ask for the management accounts and the sinking fund balance (the savings pot for major repairs). Views vary a lot between units. Some smaller homes are priced below RM1M, so foreign buyers need to filter by price, unless they're on MM2H, where the minimum is RM500,000 (residential, up to two homes). And the duplexes are usually sold bare, so budget for fitting them out.
Which one I'd suggest
Choose Waterstone if you're planning two or more years ahead, want everything new, and like the idea of paying in stages.
Choose Mira Residence if you want to move in soon, want the most space for your money, or would rather spend the difference on a renovation done your way.
If you'd like more space and greenery than either, Alila 2 is the third building to see in Tanjung Bungah; the three-way comparison sets all three side by side. Full reviews: Waterstone and Mira Residence. Project pages: Waterstone and Mira Residence.
Zac’s Take
Zac Ong
This is really a new-versus-finished decision rather than a building-versus-building one, because the developer is the same. For a buyer moving in within the year, Mira Residence gives you more home for your money. For a buyer planning a move around 2029 who wants a brand-new home and to spread the payments, Waterstone is the natural choice.
Average response: under 1 hour, 9am–7pm Mon–Sat.
📲 Compare current units at bothSources: Waterstone details from BSG Property material and EdgeProp's 2026 coverage; Mira Residence details from BSG material and portal building pages. Asking prices and rents from PropertyGuru, EdgeProp, iProperty and Mudah listings in September–October 2026. Foreign-buyer rules from the Penang state schedule and Budget 2026; short-term rental rules from Penang's Private Homestay By-Law 2026.