Ideal Property Group
Maldives Residences
Jalan Sungai Tiram 6, Bayan Lepas
From
RM 498K
RM 460–580 PSF · Completion 2027
This development includes a Rumah MutiaraKu affordable allocation (RM300,000 tier, quota-restricted, not open to foreign buyers). The price shown is the open-market unit price.
Tenure
freehold
Title
residential
Total Units
1665
Completion
2027
- From
- RM 498K
- PSF
- RM 460–580
- Tenure
- freehold
- Total units
- 1665
- Status
- under construction
- Completion
- 2027
Price at a glance
Prices as at September 2026 — Developer prices basis. Last checked 2026-07-29. The project has not completed — no resale market yet.
| Unit type | Size (sqft) | Price from | PSF from |
|---|---|---|---|
| 2BR / Studio | 850–930 | RM428,000 | ~RM460 |
Zac’s Take
Zac Ong
Maldives Residences is Ideal Property Group's freehold mass-market condo on Jalan Sungai Tiram in Bayan Lepas — pitched at the FIZ (Free Industrial Zone) tenant pool and first-time own-stay buyers. Verdict: niche play that works specifically for FIZ-tenant landlords and first-home buyers under RM600K — not a luxury product despite the aspirational name. Location specifics: under 10 minutes drive to Bayan Lepas FIZ employer base (Intel, AMD, Dell, B. Braun), 15-20 minutes to Penang International Airport, Queensbay Mall 8km, SP Bayan Lepas 3km. Bus routes serve the area but most owners and tenants drive. Developer track record: Ideal Property Group is one of the most prolific Penang Island developers — they deliver volume, on schedule. Build quality is mass-market spec; you're paying for location and freehold tenure, not branded finishing. Unit configuration sweet spot: the 850-930 sqft 3-bedroom is the FIZ rental workhorse — small enough to rent affordably to engineers, large enough to live in. There's no large-unit play here; if you want 1,200+ sqft this isn't the project. Target buyer: FIZ-tenant landlord chasing 5-6% gross yield from engineer rental demand; first-time own-stay buyer who works in Bayan Lepas; investor under RM500K hunting freehold. Not for: luxury seeker (name is aspirational, product isn't); foreign buyer (most units fall under the RM1M Penang Island floor). Genuine concern: dense Bayan Lepas low-rise mass-market supply pipeline means rental rate increases will be muted. Mitigation: buy only if your math works at today's RM1,500-1,800/month rent, not a projected uplift.
Maldives Residences price list 2026
1 of 1 unit types have a published price · entry from RM428,000 · 1,665 units total · completing 2027
| Type | Size (sqft) | Price from | PSF (derived) | Units |
|---|---|---|---|---|
| 2BR / Studio | 850–930 | RM428,000 | ~460 | 1665 |
PSF is derived, not quoted — each row divides that type's price by its own square footage. Developers do not always state whether a published size is built-up or nett, and the two can differ by 20%. Ask for both in writing before you sign.
Developer price — the project has not completed, so there is no resale market to compare against, last checked 2026-07-29. Developers reprice between phases — confirm the current list before committing.
Every unit type here sits below the RM1M foreign-buyer minimum, so this project is open to Malaysian and PR buyers only.
Maldives Residences completion date
Maldives Residences is expected to complete in 2027. It is under construction now.
Read that as the developer's target, not a guarantee. What matters contractually is the vacant possession date in your SPA — 36 months from the sale and purchase agreement for a strata title under the Housing Development Act, with liquidated damages payable if the developer misses it. A launch year quoted in marketing and the VP date you can enforce are different things, so check the SPA schedule before you plan a move-in or a tenancy.
Building specifications
- Blocks
- 4
- Floors
- 46
- Total units
- 1,665
Facilities
What's nearby
🏥 Healthcare
- Penang International Airport3.0km
🛍 Shopping
- Queensbay Mall4.0km
Monthly Instalment Calculator
Monthly Instalment
RM 2,011
Total Interest
RM 396,626
Total Outlay
RM 894,626
Estimates only — not an offer, quotation, or representation of the developer's actual pricing or package. Actual instalments depend on the bank's approved rate, tenure and margin of financing.
📲 Discuss financing options with ZacOther projects in bayan lepas
All 14 others we track here, cheapest first — 4 of them still selling.
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- Havana Beach ResidencesRM400K
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- The AmareneRM630K
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Bayan Lepas — area snapshot
Full area guide →Bayan Lepas is the island's industrial and tech hub, home to the Free Trade Zone and Penang International Airport. Condo demand comes primarily from professionals working in the area.
Price range
RM 315K – RM 1.2M
asking prices in area
Active projects
4
selling or under construction
Subsale condos
10
completed projects
Total tracked
15
properties in this area
Total Cost Breakdown
Every cost you'll pay — stamp duty, legal fees, loan documentation, foreign levy. Real Penang numbers, not generic Malaysia estimates.
| Downpayment | RM 49,800 |
| SPA stamp duty (tiered 1–4%) | RM 8,960 |
| SPA legal fee | RM 6,225 |
| MOT stamp duty (at VP) Tiered 1–4% on transfer value. Paid at Vacant Possession stage. Buyer's cost — rarely absorbed by developer. | RM 8,960 |
| Loan stamp duty (0.5%) | RM 2,241 |
| Loan agreement legal fee | RM 2,241 |
| Valuation fee | RM 1,000 |
| Search, admin, misc | RM 1,000 |
| Gross upfront total | RM 80,427 |
New launch — typical developer savings
Toggle what the developer is absorbing. Confirm the actual package before signing.
Net upfront (after savings)
Based on typical 2026 new launch package
Estimates only, based on 2026 Penang state rules — not an offer, quotation, or representation of the developer's actual package. Actual costs vary by bank, lawyer, and case complexity. Confirm exact figures with Zac →
Frequently asked questions
How much is Maldives Residences Bayan Lepas in 2026?
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Is Maldives Residences a good investment for Bayan Lepas FIZ rental?
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Can foreigners buy Maldives Residences Penang?
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When will Maldives Residences be completed?
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What is the size of units at Maldives Residences?
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Substitutes worth comparing
Open full comparison →Same area family, same property type, similar price band — what most buyers actually cross-shop.
From
RM 498K
Maldives Residences