Unwrap the magic of Christmas! Join Paramount Property to celebrate one of the most wonderful time of the year at Paramount Property Gallery at Utropolis Batu Kawan!

Make memories with loved ones enjoying the clay art workshop, test drive BYD to experience a new-generation EV, or take a look at SAVANA showroom and more, your call! Only from 9 to 10 Dec, 10am to 5pm.

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Jingle your way to Paramount Property Gallery!

Date: 9 & 10 Dec 2023
Time: 10am – 5pm
Venue: Paramount Property Gallery @ Utropolis Batu Kawan

For more enquiries, contact Paramount Property at 012 501 0733

The Penang state government is considering proposals to introduce additional commercial activities in Gurney Bay such as the Eye of Penang, Viewing Tower, floating ferry, Ferris wheel and theme parks, Penang chief minister Chow Kon Yeow revealed in the state legislative assembly on Thursday.

He said the additional commercial activities will be managed through the people, public, private partnership (PPPP) model.

“There is a proposal for all these projects to be implemented through an open tender or request for proposal process,” he said in his winding-up speech.

He said the total costs of the Gurney Bay project is RM221 million and the project costs were allocated annually starting from 2022.

A total of RM80 million was allocated to the project under the 2024 Budget.

Chow said the project will have a positive impact on the economy of the state.

“The Gurney Bay project is the state’s initiative to provide green recreational space in the Gurney area which is in line with the Penang2030 vision,” he said.

The Gurney Bay project comprises two water bodies; A which is 6.95 acres (302,742.00 sq m) and B which is 7.91 acres (44,559.00 sq m).

“Reclamation work for B is now in progress and is expected to be completed in the second quarter of 2024,” he said.

Reclamation works for water body A is scheduled to start in early 2024 and will take 18 months, he said.

He said there will be 800 car park lots in Gurney Bay with 238 motorcycle lots and 12 lots for buses.

“To reduce the carbon footprint, water taxi services will also be introduced in Gurney Bay,” he said.

He said both water bodies will be used as land banks as a way to generate revenue through the Gurney Bay project.

The land banks will be priced based on current market prices, the land value in the Gurney Drive area is estimated to be between RM900 per sq m for lands facing Gurney Drive near existing buildings and RM1,300 per sq m for land facing the coastal area, he said.

He said the land banks are mainly to cover the funds the state had invested in developing the project.

“The estimated revenue the state can generate from these two land banks is valued at RM800 million based on current market prices,” he said.

He said the land value will only be finalised after the reclamation work is completed and a detailed survey is conducted at the end of 2024.

On a suggestion to establish a new Special Vehicle Purpose (SPV) for Gurney Bay, Chow said the state will assess the need for this in the future.

Source: MalayMail.com

The Anton, a luxury residential development by Galaksi Bebas Sdn. Bhd. in Pulau Tikus. Strategically located within an upscale neighborhood, on 1.6 acres of land at the intersection of Jalan Cantonment and Jalan Biggs. It is just a stone’s throw away from St. Christopher’s International Primary School, less than 5 minutes drive to Gurney Drive.

This development will see the demolishment of the existing 2-storey bungalow houses, for the construction of a 13-storey luxury condominium. The building will feature 51 luxury residential units and two levels of car parking podiums. Resident facilities and swimming will be located at level 1.

Project Name: The Anton
Location : Pulau Tikus
Property Type : Condominium
Total Units : 51
Built-up Size: 2,702 sq.ft. – 5,360 sq.ft.
Land Tenure : Freehold
Indicative Price : RM4,068,000 onwards
Developer: Galaksi Bebas Sdn. Bhd. (Tamarins Group)

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

There are 2,947 property units categorised as “overhang” or unsold in Penang as of the third quarter of this year (3Q 2023), said state Housing and Environment Committee chairman Datuk Seri S. Sundarajoo.

According to the National Property Information Centre, 503 of the unsold units are priced below RM300,000, or 17 per cent out of the 2,947 overhang units.

“Most of these unsold units are due to the applicant’s failure to obtain financing from financial institutions,” he said during the winding up session of the state’s 2024 Budget at the Penang state legislative assembly sitting here yesterday.

Sundarajoo added that the state government is always committed and serious about the housing agenda, as set out in the Penang Vision 2030 and the Penang Unity Government Manifesto 2023.

He said the state government will continue to ensure housing development in Penang will be provided in a balanced manner and developed holistically taking into account the needs of the local community.

“The state’s Rumah Mampu Milik (RMM) initiative is a subsidised housing programme borne by the state government or private developers who want to develop housing in Penang.

“Thus, to enable a development to be implemented holistically, there are also costly housing components that need to be taken into account to provide cross-subsidies to RMM housing projects,” he said.

Touching on the implementation of the state’s urban regeneration projects, Sundarajoo said the state government through the Housing Board is ensuring that the supply of RMM can continue, in line with providing ergonomic and comfortable housing to the people of the state.

He said the urban regeneration projects are a strategic step to increase land use and improve the quality of life.

“Five urban regeneration pilot projects will be implemented under the urban renewal guidelines, while other schemes can be applied to the state government through the Housing Board to study their feasibility,” he said.

Source: Bernama

Battery manufacturer INV New Material Technology (M) Sdn Bhd is committing a remarkable RM6.4 billion investment to establish its first-ever manufacturing plant in Penang.

The Penang Technology Park@Bertam in Kepala Batas witnessed a significant groundbreaking ceremony yesterday, marking the commencement of this state-of-the-art facility.

The parent company, Shenzhen Senior Technology Material Co Ltd, globally renowned for lithium battery separators, is overseeing this monumental project.

INV New Material Technology’s chairman Chen XiuFeng proudly declared the strategic importance of the new plant, asserting that it would be the first lithium separator factory in the ASEAN region.

With a comprehensive investment of RM6.4 billion, the project will unfold in two phases.

“The first phase is expected to be completed in 2026, and the second phase is expected to be completed in 2028.

“Once operational, the plant is designed to produce an astonishing four billion square metres of coated and wet-type separators annually,” he said at the groundbreaking ceremony yesterday.

Chen also provided insight into the magnitude of the project.

“Spanning over 66 acres with a total building area of approximately 400,000 sq m, INV is poised to become the largest production base for low-carbon separators in ASEAN and aspires to become a key player in the global supply chain for the industry.

“As a leading enterprise in the separator industry, we will further intensify our efforts in developing the ASEAN market, laying a solid foundation for global development, bringing intelligent manufacturing beyond our borders, and injecting new vitality into the economic development of the ASEAN region,” he added.

Penang Chief Minister Chow Kon Yeow, officiating the ceremony, congratulated INV and Shenzhen Senior Technology Material Co Ltd for achieving this significant milestone.

Chow expressed Penang’s honour in being chosen as the location for INV’s groundbreaking plant, highlighting the state’s well-developed industrial ecosystem.

“The lithium-ion battery separator industry, known for its dynamism, aligns seamlessly with Penang’s core economic activities.

Chow emphasised the state’s commitment to continuous improvement.

“To cement Penang’s position as a hub for advanced manufacturing, the state government has placed a special emphasis on attracting companies with strong commitments in developing cutting-edge technologies and sustainable investing.

He also commended INV for its commitment to environmental responsibility.

“The lithium-ion battery separator industry, with its ties to renewable energy and electric vehicles, aligns perfectly with Penang’s goals for a greener and more sustainable future,” he said.

Chow concluded with an assurance of continuous facilitation and support for strategic investments in both state-developed and private industrial parks.

“We will elevate Penang’s liveability stature and remain dedicated to developing future-proof infrastructure and ramping the talent supply. All of which are poised to ensure a sustainable investment ecosystem in Penang,” Chow concluded.

Source: Buletin Mutiara