Penang

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...

Eastern & Oriental Bhd (E&O) is gearing up to concentrate on their Andaman Island township development in Penang for this year, planning to launch two new projects with an estimated combined gross development value (GDV) of RM1 billion. These projects are set to launch within the financial year concluding on March 31, 2024. According to managing director Kok Tuck Cheong, the demand for the...

Penang Port Sdn Bhd (PPSB) has announced new ferry fares, offering passengers remarkably affordable rates for one-way trips. These fares will be effective starting tomorrow, providing affordable transportation options for individuals traveling between the island and the mainland. The new ferry fares are as follows: Individuals or pedestrians aged 12 and below: RM1 fare. Adult passengers or those...

Penang, a popular tourist destination in Southeast Asia, has taken a bold step by becoming the first state in Malaysia to impose a ban on short-term holiday rentals, including Airbnb and similar platforms. This move, aimed at tackling issues related to the behavior of tourists, is part of a wider trend seen in various global cities. Initially announced on May 30, the ban was introduced to address concerns...

NCT Alliance Bhd is fortifying its presence in Penang, launching its newest residential project, Ion Vivace Residences in Batu Kawan. This is a significant step in the company's expansion strategy. Ion Vivace Residences is poised to redefine contemporary living, embodying NCT Alliance's ambition to craft cutting-edge, superior quality properties. This freehold serviced apartment complex, stretching over...

It has now dawned on tourists of Penang that the state authorities have imposed a ban on almost all types of short-stay accommodation. This came into force on May 25. “Housing premises, be it in the form of landed properties (housing estates) or strata (high rise) properties, are not allowed to operate as short-term rental (STR) accommodation,” Penang mayor Rajendran Antony said in a...

Airbnb announced that it has shared “detailed feedback and policy recommendations” with the Penang government’s executive committee in light of the state’s plan to regulate local short-term rental accommodation (STRA). Aimed at empowering local residents, these recommendations are focused on a balanced and simple approach towards regulating STRA, and are shaped by regulations that have been...