Majestic Gen Strengthens Penang Presence with Strategic Jalan Anson Land Acquisition
Malaysia’s regional property landscape continues to evolve as developers diversify beyond Klang Valley, and Majestic Gen has taken a decisive step in this direction. The group has acquired three adjoining parcels of freehold land along Jalan Anson in George Town, Penang, for RM75 million, reinforcing its long-term expansion strategy in the Northern Region.
The acquisition was executed via Dynamic Gates Sdn Bhd, a special purpose vehicle formed under Paramount Corporation Bhd’s earlier securitisation exercise. Majestic Gen plans to develop a high-rise project on the site, marking a significant entry into integrated urban development on Penang island.
For observers tracking kl property trends, the move highlights how established regional markets like Penang continue to attract capital amid rising land scarcity and sustained urban demand.
A Vote of Confidence in Penang’s Long-Term Fundamentals
According to Hoo Kim See, the acquisition reflects Majestic Gen’s confidence in Penang’s resilience and long-term growth trajectory.
Penang has consistently demonstrated its ability to balance heritage preservation with economic progress, supported by a diversified base spanning manufacturing, education, healthcare, tourism and technology. These fundamentals have allowed the state to weather property cycles better than many secondary markets.
The Jalan Anson purchase price exceeded a RM70 million valuation conducted in mid-November, signalling the group’s conviction that the location offers enduring value beyond near-term market fluctuations.
Prime Location within George Town’s Established Urban Fabric
The Jalan Anson site measures approximately 295,508 sq ft in gross floor area and is currently occupied by UOW Malaysia KDU Penang University College. Situated within one of George Town’s most mature cultural and educational districts, the land benefits from:
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Strong road connectivity
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Established utilities and infrastructure
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Proximity to medical centres and commercial hubs
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Access to educational institutions and employment nodes
These characteristics make Jalan Anson particularly suitable for high-density urban development, where live-work-learn environments are increasingly sought after by both residents and investors.
Balancing Heritage Sensitivity with Urban Growth
Executive Director Ta Wee Dher noted that the acquisition allows Majestic Gen to plan its next phase of growth with foresight, while respecting the character of George Town.
This approach is especially important in Penang, where development must navigate heritage considerations alongside urban intensification. Projects that successfully integrate modern living with cultural context tend to enjoy stronger acceptance and long-term sustainability.
Such planning discipline mirrors best practices seen in mature kl property submarkets, where thoughtful integration often determines a project’s long-term success.
Part of a Broader Northern Region Expansion Strategy
The Jalan Anson acquisition does not stand alone. It forms part of Majestic Gen’s wider Northern Region strategy, which includes:
Residential and Commercial Development in Seberang Perai
In July 2025, the group launched Majestic Aman, a residential-commercial project in Taman Sungai Dua Utama, Seberang Perai Utara. The development comprises:
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73 terrace homes
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23 shopoffices
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GDV of RM66.8 million
This project strengthened the group’s footprint on the mainland side of Penang.
Industrial Growth via Northern TechValley
Separately, Majestic Gen is co-developing Northern TechValley, a 176-acre industrial park near the Butterworth–Kulim Expressway, through a joint venture with AME Elite Consortium Bhd. The project carries a projected GDV of RM1.3 billion and targets high-value industrial and logistics users.
Together, these initiatives illustrate a multi-segment expansion strategy spanning residential, commercial and industrial real estate.
Why Developers Are Returning to Penang Island
While Seberang Perai has seen rapid industrial and residential growth, land on Penang island remains limited and highly prized. Developers acquiring island land today are typically pursuing longer-term urban strategies rather than short-term turnover.
Key drivers include:
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Persistent demand for centrally located housing
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Strong rental market supported by education and healthcare sectors
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Lifestyle appeal rooted in heritage and coastal living
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Limited supply of sizeable freehold parcels
Majestic Gen’s Jalan Anson acquisition reflects this broader recalibration toward quality urban sites with lasting relevance.
Implications for the Property Market
The transaction carries several implications for the Penang and national property landscape:
1. Strengthening of island land values
Freehold sites in mature districts continue to command premiums, particularly when suited for high-rise development.
2. Shift toward integrated urban projects
Developers are increasingly favouring mixed-use and high-density formats that maximise land efficiency.
3. Spillover effects on surrounding districts
New urban developments often catalyse uplift in nearby residential and commercial properties.
4. Reinforcement of Penang as a core regional market
Alongside kl property hubs, Penang remains one of Malaysia’s most structurally resilient real estate markets.
Penang’s Role within Malaysia’s Urban Network
Penang’s continued appeal complements the Klang Valley rather than competing with it. Many investors view Penang and Kuala Lumpur as dual anchors within Malaysia’s urban network, each offering different lifestyle and investment profiles.
For buyers priced out of prime kl property locations, Penang island offers an alternative with strong fundamentals, albeit at increasingly competitive price points.
Conclusion: Jalan Anson Acquisition Signals Long-Term Urban Intent
Majestic Gen’s RM75 million acquisition of freehold land along Jalan Anson marks a significant step in its Penang expansion and reinforces confidence in George Town’s long-term urban relevance. By strengthening its island land bank, the group positions itself to participate in the next phase of Penang’s urban evolution.
As developers increasingly balance growth between Klang Valley and key regional cities, transactions like this highlight how Malaysia’s property landscape is becoming more diversified and interconnected.
For insights into urban development trends and opportunities across kl property markets and key regional cities, visit klproperty.cc.
