The Rise Collection 2 - also known as Chelliah Park City - keeps showing up in Penang property searches, and for a simple reason: it is one of the few large, genuinely affordable high-rise schemes sitting in central George Town rather than on the island's fringes.

What is The Rise Collection 2?

Developed by Zubicon under a Penang state housing scheme, the development comprises three leasehold blocks rising up to 43 storeys on Jalan S.P. Chelliah, with around 1,900 units completed in 2016. Units are compact condominiums in the 800 to 900 sq ft range - a practical layout for small families and working couples who want to stay close to the city centre.

Current asking prices and rents

Based on live Rummah listings as of July 2026, units at The Rise Collection 2 are being offered for sale from around RM360,000 to RM405,000. On the rental side, asking rents range from about RM1,100 to RM1,800 per month depending on floor level, furnishing and condition.

Put those numbers together and the gross rental yield works out to roughly 4 to 5 per cent - healthy by George Town standards, where older freehold condos nearer the seafront often trade at yields well below that. The trade-off is the leasehold tenure and the scheme's state-housing origins, which can come with resale eligibility conditions - always confirm the current requirements with your agent or lawyer before committing.

Who is it for?

The value case is straightforward: an own-stay buyer gets a city-centre address at a price point that barely exists elsewhere in central George Town, and an investor gets a deep rental pool of workers who want to live near town without paying seafront rents. Financing is also approachable - at these prices, a 90 per cent loan puts the monthly instalment in the same territory as the rent many tenants are already paying.

Check the actual numbers

Asking prices are only half the story. The Rise Collection 2 project page on Rummah shows the current units for sale and rent alongside recent transacted prices recorded by JPPH, so you can see what buyers actually paid rather than what sellers hope to get. If you are weighing up a purchase, run the numbers through our mortgage calculator and total-cash-needed tool first - at this price point the difference between a good deal and an average one is often just a few thousand ringgit of negotiation.