Penang

In a strategic move to fuel the development of its ambitious 760-acre Andaman Island project in Penang, property developer Eastern & Oriental Bhd (E&O) is finalizing discussions with banks to secure financing between RM1 billion and RM1.5 billion. According to Managing Director Kok Tuck Cheong, the second phase of this expansive project necessitates a total investment of RM2 billion, marking a...

The Penang state government has set an ambitious target to reclaim approximately 400 acres (161.87 hectares) of land each year for the Silicon Island project, with plans to commence construction on the first factory as early as 2026. Penang Chief Minister Chow Kon Yeow announced this significant development during his visit to the Penang South Island (PSI) on Sunday. Reclamation work for the Silicon...

The ban on short-term rentals in Penang has had an unexpected consequence: an increase in property values and rental yields. Eastern & Oriental Bhd (E&O) has reported these positive trends, noting that their property developments in Penang were never intended to be marketed primarily as investment opportunities. According to Datuk Tee Eng Ho, the executive chairman of E&O, properties without...

Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) has initiated a tender process to appoint a consultant responsible for conducting a comprehensive study on the Penang light rail transit (LRT) project. This study is expected to provide in-depth insights and crucial details about the proposed Penang LRT project. Zairil Khir Johari, the State Infrastructure and Transport Committee chairman, shared this...

The implementation of the Penang undersea tunnel project is set to be considered by the state government after the finalization of the North Butterworth Container Terminal (NBCT) Expansion Plan in December 2023. This update comes from Zairil Khir Johari, the State Infrastructure and Transportation Committee chairman. According to Khir Johari, the Penang Port Commission (SPPP) has emphasized the importance...

The Penang state government is taking steps to enhance its policies and stimulate the property sector in Seberang Perai, with a focus on attracting more developers to invest in the region. Seberang Perai, located on the peninsula, is currently experiencing an expansion phase, with the establishment of more factories providing increased job opportunities. One of the key policy changes being considered is...

TA Securities believes that the Penang Transport Master Plan (PTMP) will serve as a significant catalyst for Penang's construction sector, making the state an attractive destination for investors and developers. The research house is optimistic about Penang's residential property market, driven by the robust recovery of the medical and tourism sectors on Penang Island post-pandemic, as well as the thriving...

Prime Minister Datuk Seri Anwar Ibrahim's Budget 2024 announcement showcased substantial infrastructure allocations. One standout is the Penang Light Rail Transit (LRT) system, projected to cost RM10 billion, which will be developed in partnership with the private sector. Additionally, RM4.7 billion has been earmarked for the resurrection of five LRT3 stations, strengthening the Klang Valley's public...

The Penang state government is optimistic that all projects earmarked for the state in the 12th Malaysia Plan (12MP) will proceed as planned under Budget 2024, set to be tabled on October 13. Chief Minister Chow Kon Yeow conveyed his expectation for the implementation of all the listed projects, emphasizing that there are no specific requests or special requirements from the state. Penang has secured...

Former Finance Minister Lim Guan Eng has proposed the establishment of a special financial zone in northern Penang, similar to the one in Forest City, Johor. Lim, who is also the Member of Parliament for Bagan, believes that Penang's mature manufacturing industry base can drive development and stimulate growth in the service sector, benefiting not only the northern region but the entire country. In a...