Waterstone @ Tanjung Bungah, Penang
Two 40-storey towers holding 365 freehold homes, 118 m from the Tanjung Bungah market and 592 m from Tenby Schools Penang. Layouts run from 1,334 to 2,195 sq ft with no more than six homes on a floor. The whole permit band sits above Penang Island’s RM1,000,000 threshold, so non-citizens can buy here with state consent.
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Waterstone @ Tanjung Bungah, Penang at a glance
Every figure below comes from the developer’s own published material or the government register. Where neither has published something, it isn’t on this page.
- Development
- WaterstoneBy BSG Property · licence held by Prestige Origin Sdn. Bhd.
- Where it is
- Tanjung Bungah, Penang IslandDaerah Timur Laut (North-East District), 118 m from the Tanjung Bungah market
- Tenure
- Freehold‘Kekal’ on the developer’s advertisement filed with the register; residential title per the official site
- Building
- 2 towers · 40 storeys eachHomes on Levels 9 to 39, facilities on Level 8, served by 4+1 lifts
- Units
- 365182 in Tower A1 and 183 in Tower A2, up to six on a floor
- Layouts
- 1,334 to 2,195 sq ftTen types with three or four bedrooms; 62 of the 365 homes are four-bedroom
- Facilities
- Facilities deck on Level 8Swimming, hydrotherapy and wading pools, gymnasium, steam rooms, tea house
- Completion
- Expected December 2028The date on the filed advertisement · register shows 20.74% built, on track
- Government permit
- 30909-1/03-2028/0216(N)-(S)Valid 17 Mar 2025 to 16 Mar 2028
- Foreign buyers
- Eligible, with state consentThe whole permit band is above Penang Island’s RM1,000,000 strata threshold for non-citizens
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Waterstone in six points: four strengths, two things to check
Tanjung Bungah launches are rare, so this one gets compared closely. Here is what the official website, the filed advertisement and the government register actually say.
Freehold, with a residential title
The advertisement filed with the housing register records the tenure as ‘Kekal’ with no encumbrance on the land, and the official website describes a freehold residential-titled condominium. A residential title matters for utility tariffs, assessment rates and how a bank classifies the loan.
Large homes, at most six to a floor
The smallest layout is 1,334 sq ft and the largest 2,195 sq ft. Each tower has up to six homes on a floor and is served by what the developer calls 4+1 lifts. One home in six, 62 of 365, has four bedrooms; the rest have three.
Daily errands on foot
The Tanjung Bungah market and food court is 118 m from the site in a straight line, Tenby Schools Penang 592 m and Dalat International School 842 m. For a family with school-age children, that removes most of the morning driving.
A facilities floor with some character
Level 8 is the facilities deck. Beyond the usual pool and gymnasium, the developer lists a hydrotherapy pool, steam rooms in both changing rooms, a private dining room, a tea house with an outdoor tea garden and a yoga deck.
The delivery period has already been lengthened
The register shows the standard 36 months under Schedule H plus an approved 12-month extension, 48 months in all. The filed advertisement still gives December 2028 as the expected completion, but the latest date under the first agreement is 25 July 2029. Read the period written into your own agreement.
Details still to pin down
The land area is not published. The official site says 3 car parks while the filed advertisement says 2 to 3, so confirm the allocation for your unit type. Monthly charges are not published either, and Jalan Tanjung Bungah is the one coast road in and out, so test it at peak hour.
The whole development, decoded
Every number here is the developer’s own or the government register’s.
Facilities, level by level
As listed on the Level 8 facilities plan on the official Waterstone website. The grouping into three columns is mine; the items are the developer’s.
Water
- Swimming pool
- Hydrotherapy pool
- Wading pool
- Open pool deck
- Poolside dining
Fitness and wellness
- Gymnasium
- Outdoor gym
- Yoga deck
- Male changing room, washroom and steam room
- Female changing room, washroom and steam room
Gathering and family
- Private dining room
- Tea house
- Outdoor tea garden
- BBQ pavilion
- Games room
- Recreation area
- Kids’ playground
- Reading space
- Landscape
- Management office
Where the project is now
All 10 Waterstone @ Tanjung Bungah, Penang floor plans
Ten layouts, set out on the official website by position on the floor. Levels 9 to 32 carry the ‘2’ series and Levels 33 to 39 the slightly larger ‘1’ series. Unit 1 is always the four-bedroom home; Units 2, 3, 3A, 5 and 6 have three bedrooms. The drawings shown are the developer’s own, from the official website, each beside its key plan of where the unit sits on the floor: all ten layouts are here, the five ‘2’ series (E2, D2, C2, B2 and A2) and the five ‘1’ series (E1, D1, C1, B1 and A1).
Type E2 — 1,334 sq ft
Get this floor plan
Type D2 — 1,334 sq ft
Get this floor plan
Type C2 — 1,388 sq ft
Get this floor plan
Type B2 — 1,636 sq ft
Get this floor plan
Type A2 — 2,152 sq ft
Get this floor plan
Type E1 — 1,399 sq ft
Get this floor plan
Type D1 — 1,410 sq ft
Get this floor plan
Type C1 — 1,463 sq ft
Get this floor plan
Type B1 — 1,722 sq ft
Get this floor plan
Type A1 — 2,195 sq ft
Get this floor planInside Waterstone @ Tanjung Bungah, Penang
Where Waterstone @ Tanjung Bungah, Penang sits
Tanjung Bungah, in Daerah Timur Laut on the north coast of Penang Island, between Tanjung Tokong and Batu Ferringhi. The Tanjung Bungah market is 118 m away in a straight line and KOMTAR in George Town is 7.3 km.
Pinned to the coordinates filed with the national housing register for project 30909-1. The show unit is elsewhere, at Permai Galleria on Jalan Lembah Permai. Distances are straight-line from the project site.
- Tanjung Bungah market and food court118 mstraight-line
- Tenby Schools Penang592 mstraight-line
- Dalat International School842 mstraight-line
- SJK(C) Hun Bin2.3 kmstraight-line
- Lotus’s Tanjung Pinang2.7 kmstraight-line
- Straits Quay3.3 kmstraight-line
- Gurney Plaza3.9 kmstraight-line
- Island Hospital5.6 kmstraight-line
- KOMTAR, George Town7.3 kmstraight-line
On the government register it is project 30909-1: 365 units, 20.74% built
The housing developer’s licence is held by Prestige Origin Sdn. Bhd. (30909), the company BSG Property uses for this site. The register lists Waterstone as its only project, and the licence, 30909/11-2029/0252(N), runs from 18 November 2024 to 17 November 2029.
| Project code | Registered name | Advertising permit | Permit expires | Units | Bed / bath | Status |
|---|---|---|---|---|---|---|
| 30909-1 | Waterstone — flats / condominium, two 40-storey blocks (A1: 182 units, A2: 183 units) | 30909-1/03-2028/0216(N)-(S) | 16 Mar 2028 | 365 | 3–4 / 2–3 | 20.74% built · on track |
Swipe sideways to see the full table →
Read from teduh.kpkt.gov.my on 5 October 2026. Check it yourself: teduh.kpkt.gov.my/semakan-status-kemajuan?kodProjek=30909-1
365 on the register, 365 on the filed advertisement
The register files Waterstone as one component of 365 flats / condominium units in 40-storey buildings with three or four bedrooms. Its unit list splits them into Tower A1 with 182 homes and Tower A2 with 183, on 31 residential floors numbered from Level 9 to Level 39 (the numbering uses 12A, 12B, 23A and 33A). Units 1, 2, 3 and 3A appear on every floor; Units 5 and 6 are missing from one or two floors in each tower. On the day I read it, 135 homes were recorded as sold and 230 as not yet sold.
What the permit band means for a foreign buyer
The advertising permit records a minimum of RM1,287,300 and a maximum of RM2,515,800. That is the band on the advertising permit, not the price of any unit. Because the whole band is above Penang Island’s RM1,000,000 strata threshold, a non-citizen can buy with state consent. The state levy on approval is 3%, or 1.5% for island strata between RM1,000,000 and RM1,500,000, and resale is allowed only after 3 years. None of the 365 units is marked as a Bumiputera-quota unit on the register’s unit list.
Schedule H: 36 months, extended to 48
The agreement is Schedule H (strata). The register shows the original 36-month period, an approved extension of 12 months and a new period of 48 months. The first agreement is dated 25 July 2025, which moved the latest delivery date under that agreement from 25 July 2028 to 25 July 2029. Ask which period is written into the agreement you would sign.
20.74% built, and an older filing you may come across
The latest 7(f) return puts the work at 20.74% and ‘lancar’ (on track); no completion certificate or vacant possession is recorded yet. The developer’s filed advertisement gives December 2028 as the expected completion, which is a target. A search also brings up an earlier filing for the same site, 8571-9 under Taman Sri Bunga Sdn. Bhd., as 32-storey blocks with a 2021 to 2022 permit; it shows no sale agreement and its permit is recorded as cancelled. The live record is 30909-1.
About BSG Property
BSG Property is the property development division of Boon Siew Group, founded by the late Tan Sri Dato’ Loh Boon Siew. Its website says the group has been in property since the 1950s, holds a large land bank mainly in Penang, and builds everything from affordable homes and commercial buildings to high-rise condominiums and townships.
Tanjung Bungah is home ground. The developer’s track record page lists Yorkshire (2004), Taman Tanjung Permai (2005), Permai 32 (2007), Permai Jaya (2008) and Casa Permai 1, Bella Permai and One Permai (2009) in this suburb, and the Waterstone show unit sits in its own Permai Galleria on Jalan Lembah Permai. Its most recent completed high-rise on the corporate site is Middleton at Minden Heights: 220 units in twin 26-storey blocks, completed in 2019.
For Waterstone the licence is held by Prestige Origin Sdn. Bhd., whose only project on the register is this one. The filed advertisement names Majlis Bandaraya Pulau Pinang as the approving authority, building plan reference MBPP.OSC-PB644/2024, and LTay Architect as the architect.
A fair caution: most of what BSG Property lists as completed is landed housing, and Waterstone at 40 storeys is taller than Middleton. The 12-month extension to the delivery period is already on the register while the building is about one-fifth done. Neither point is a verdict, but both are reasons to read the delivery and late-delivery clauses in the agreement with care.
Frequently asked questions
How many units and towers does Waterstone have?
365 homes in two 40-storey towers. The register’s unit list shows 182 in Tower A1 and 183 in Tower A2.
Homes are on Levels 9 to 39 with up to six on a floor, and the shared facilities are on Level 8.
Is Waterstone freehold?
Yes. The advertisement the developer filed with the housing register records the land tenure as ‘Kekal’, meaning freehold, with no encumbrance, and the official website describes it as a freehold residential-titled condominium.
Your solicitor’s title search at signing remains the final confirmation.
What sizes and layouts are available at Waterstone?
Ten types from 1,334 to 2,195 sq ft. On Levels 9 to 32: E2 and D2 at 1,334 sq ft, C2 at 1,388, B2 at 1,636 and the four-bedroom A2 at 2,152. On Levels 33 to 39: E1 at 1,399, D1 at 1,410, C1 at 1,463, B1 at 1,722 and the four-bedroom A1 at 2,195.
The B types have three bedrooms and three bathrooms; the C, D and E types have three bedrooms and two bathrooms. All ten official drawings are shown on this page, each beside the developer’s key plan.
Can foreigners buy at Waterstone?
Yes, subject to Penang state consent. The permit band starts at RM1,287,300, above the island’s RM1,000,000 strata threshold for non-citizens, and no unit on the register’s list is marked as Bumiputera quota.
Budget for the state levy on approval (3%, or 1.5% for island strata between RM1,000,000 and RM1,500,000), the flat 8% stamp duty that applies to non-citizens on residential property, and the rule that resale is only allowed after 3 years.
When will Waterstone be completed?
The developer’s filed advertisement gives December 2028 as the expected completion. In October 2026 the register shows the project 20.74% built and on track.
Contractually, the register shows a 48-month delivery period after an approved 12-month extension. The first agreement is dated 25 July 2025, so the latest date under that agreement is 25 July 2029.
Which tower, floor and unit position should I choose?
Start with the position. Unit 1 is the four-bedroom corner on every floor; Unit 3A is the larger three-bedroom with a third bathroom; Units 2, 3, 5 and 6 are the compact three-bedroom homes. From Level 33 upward every type gains some floor area.
Then the outlook. The developer’s key plan puts Units 1, 2, 3 and 3A in a row along the side it labels ‘Sea view’, and Units 5 and 6, either side of the lift lobby, on the side it labels ‘Hill view’. With 230 homes still recorded as unsold when I read the register, there was a wide choice; I will check what remains.
What is the price and the maintenance fee at Waterstone?
The only public price information is the government permit band, RM1,287,300 to RM2,515,800, which is the band on the advertising permit, not the price of any unit. I will not repeat figures from property portals.
The developer has not published the monthly service charge or sinking fund. Message me and I will send the current price list, the available units and the charges in writing.
How does Waterstone compare with The Marin in Batu Ferringhi?
The Marin, 3.6 km up the coast, is a completed freehold building of 149 homes with four on a floor and layouts of 1,750 and 1,850 sq ft. Waterstone is under construction, more than twice the size at 365 homes, with a wider range from 1,334 to 2,195 sq ft.
Choose The Marin if you want to inspect a finished unit and live at the resort end of the coast. Choose Waterstone if you want a new building within walking distance of the market and the international schools.
Is Tanjung Bungah good for families and for renting out?
For families the case is the schools: Tenby Schools Penang at 592 m and Dalat International School at 842 m, with SJK(C) Hun Bin 2.3 km away for Chinese primary education. The wet market and food court is 118 m from the site.
Those same international schools bring expatriate and relocating families to the suburb, which is where tenant demand for three- and four-bedroom homes comes from. I do not quote rental figures; ask me what comparable homes are asking today.
Get the current price list and unit availability
Developer pricing moves, and the good stacks go first. Tell me your budget and whether you’re buying to live in or to let — I’ll send back the units that actually fit, not a generic brochure.
No agent fee payable by the buyer on new developer launches
Louis Koh
11 years in Malaysian property · Johor Bahru, Kuala Lumpur & Penang new launches · English & 中文
I work with cross-border buyers from Singapore and further afield, and with local investors. I’ll tell you when a project isn’t right for you — that’s usually worth more than the brochure.
Published 2026-10-05 · Last verified 2026-10-07 against The official Waterstone website, BSG Property’s corporate website, the developer’s advertisement filed with the housing register, and the KPKT housing register. Unit availability, pricing and completion dates are set by the developer and subject to change. This page is marketing information, not an offer or a contract.
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Developer: BSG Property (2 developments on this site)
Where it is: Tanjung Bungah, Penang
The unit mix, the permitted price and how far up it is
None of this table is the developer’s account of itself. It is what the Ministry of Housing and Local Government records from the 7(f) returns: unit type, bedrooms and bathrooms, built-up area, unit count, the price range on the permit, and the certified percentage complete. A brochure price can be revised; the price on the permit was filed. A brochure need not mention progress; the percentage is certified. The status vocabulary is theirs too: Lancar (on schedule), Lewat (behind), Sakit (sick), Terbengkalai (abandoned).
30909-1 · WATERSTONE
Overall status: Lancar — on schedule
| Component | Bed / bath | Built-up | Units | Price on the permit | Complete |
|---|---|---|---|---|---|
| Rumah Pangsa/Kondo 40 storeys Lancar | 3, 4 / 2, 3 | — | 365 | RM1,287,300.00 – RM2,515,800.00 | 20.74% |
Swipe the table sideways for the rest of the columns.
This is the document the developer had to file, and the housing department had to approve, before it was allowed to advertise at all — served from the ministry’s own host. It normally carries the location plan, the developer licence and building-plan approval references, the expected completion date, the encumbrance position, and the unit count and price floor and ceiling for each type. The brochure a salesperson hands you can be reissued. This one cannot.
Read from teduh.kpkt.gov.my on 2026-10-08, project code 30909-1. Re-read weekly.
What to do with the number. Read it against the delivery date in your own agreement, not against what a salesperson says. A project with a year left on its statutory clock and a third of the building up is telling you something the brochure will not.
How does that compare? Every development on this site, grouped by register status — cancelled, abandoned and behind schedule first.