Prai · Subsale Market
GEM Residences Subsale — Prai, Penang
Current asking prices, Zac's honest take, and what to check before you buy. Ask for the current shortlist on WhatsApp.
GEM Residences is a completed freehold condominium in Prai, Penang, completed in 2024 by Concrete Idea Sdn. Bhd.. It has 978 units. Subsale asking prices currently run about RM797 per sq ft (from roughly RM 371K).
Price at a glance
Prices as at November 2026 — Subsale asking prices basis. Last checked 2026-10-09.
| Unit type | Size (sqft) | Price from | PSF from |
|---|---|---|---|
| All units | 441–1,445 | RM371,000 | RM797 |
Zac’s Take
Zac Ong
GEM Residences is a freehold, 38-storey development in Prai on a 5.3-acre site, with 978 homes from about 441 sq ft one-bedroom suites to 1,445 sq ft four-bedroom units, completed in 2024.
Resale prices run roughly RM371,000 to RM573,000, with a 1,050 sq ft three-bedroom listed around RM508,000, and rents are commonly RM2,300–3,300 a month.
It's well placed for the Prai industrial area, Seberang Jaya and the Penang Bridge. With nearly a thousand homes, expect competition when you sell or let, so condition and view matter. Portals also list SOHO-style suites under the GEM name, so check exactly what type of unit and title you're looking at.
Available Listings
No listings currently on file. Zac may have off-market units available.
Ask Zac about availabilityWhy buy a GEM Residences subsale (vs a new launch elsewhere)
Immediate occupancy
Move in within months, not years. Most resales complete in four to six months, a little longer if you need state consent as a foreign buyer.
Verified surroundings
Prai's noise levels, traffic, neighbour mix, and JMC quality are known quantities at GEM Residences.
Established maintenance
The building has a track record. Ask for the management accounts, sinking fund balance and recent meeting minutes before you commit.
5 things to check before signing the GEM Residences SPA
- 1.Sinking fund health — Confirm the current balance and whether any special assessment is pending in the next 12 months. A thin sinking fund on an ageing building means you inherit the bill.
- 2.Last 3 maintenance billings — Verify payment is up to date and no dues are outstanding from the seller — arrears transfer with the unit, not the person.
- 3.JMC minutes (last 12 months) — Look for recurring complaints, structural concerns, or planned major works. This is the single most revealing document most buyers never ask for.
- 4.Common-area condition — Physically walk the pool deck, lifts, lobbies, gym and parking ramps. Photograph anything concerning — it is negotiation leverage.
- 5.Management track record — Ask who manages the building and how long they have held the contract. Frequent turnover of managing agents usually signals a difficult JMB.
GEM Residences price 2026
What GEM Residences trades at on the sub-sale market, last checked 2026-10-09.
| Asking from | RM371,000 – RM573,000 |
| PSF | RM797 |
| Built-up | 441 – 1,445 sqft |
| Completed | 2024 |
| Units | 978 |
Verified sub-sale asking prices. Asking is not transacted — expect movement between the two.
The building is 2 years old. Still young. The defects liability period has long expired, so anything outstanding is now the management corporation’s problem and, through the sinking fund, partly yours. Check what was actually rectified.
A foreign buyer can purchase here — the RM500,000 minimum is cleared by the larger units, though not at the entry price. Add the state levy, a flat 8% stamp duty and 3–4 months for state consent.
Selling rather than buying? The RPGT rates and the 21B retention decide what you keep — and if you are near the five-to-six-year line, the date matters more than the price.
GEM Residences for sale & for rent
Asking rents at GEM Residences ran from about RM2,300–3,300 a month in 2026, for most homes. Rents depend on the floor, view and furnishing, so message Zac for what is actually available to buy or rent today.
GEM Residences key facts
- Developer
- Concrete Idea Sdn. Bhd.
- Area
- Prai, Penang
- Type
- condominium
- Tenure
- freehold · residential
- Completed
- 2024
- Total units
- 978
- Asking PSF
- RM797
- Price from
- RM 371K
Prai — area snapshot
Prai is an industrial and port-linked area on the mainland. Residential development here serves the industrial workforce segment.
Price range
RM 511K – RM 736K
asking prices in area
Active projects
1
selling or under construction
Subsale condos
1
completed projects
Total tracked
3
properties in this area
Other projects in Prai
Other projects in Prai
All 2 others we track here, cheapest first — 1 of them still selling.
- Elevate @ GravitasRM511K
- Altus ResidencyRM736K
GEM Residences subsale — common questions
What is the price of GEM Residences?
GEM Residences runs RM371,000 to RM573,000. These are verified sub-sale asking prices, not transacted figures — expect movement between the two. That works out to about RM797 per square foot. Checked 2026-10-09.
Is GEM Residences freehold or leasehold?
GEM Residences is freehold, on a residential title. Those are two separate facts and only the first usually appears in marketing.
Can a foreigner buy at GEM Residences?
Yes, on the larger units. Seberang Perai sets a RM500,000 minimum for foreign buyers of strata property, which the entry price does not clear. Add the state levy, a flat 8% stamp duty, and 3–4 months for state consent.
How much is the rent at GEM Residences?
Asking rents ran from RM2,300 to RM3,300 a month in 2026, for most homes. These are asking rents on the main property portals, not signed leases. Short-term holiday letting isn't allowed in condos on Penang Island, so think in one- or two-year tenancies.
When was GEM Residences completed?
GEM Residences was completed in 2024 by Concrete Idea Sdn. Bhd., so homes here are bought from existing owners.
How big are the homes at GEM Residences?
Homes range from about 441 to 1,445 sq ft. There are 978 homes in total. With that many, expect plenty of similar units on the market when you come to sell.
Who is the developer of GEM Residences?
GEM Residences was developed by Concrete Idea Sdn. Bhd.
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