Penang sets up SPV to lead the implementation of PTMP

July 16th, 2020 No comments 中文版


The Penang government has announced the incorporation of a special purpose vehicle company, Penang Infrastructure Corporation Sdn Bhd, to lead the implementation of the mega projects under the Penang Transport Master Plan (PTMP).

Penang Chief Minister Chow Kon Yeow said the Penang Infrastructure Corporation was successfully incorporated on July 9 this year.

“The company will be working on the implementation of mega projects in the state, such as the Bayan Lepas LRT (BL LRT), Pan Island Link 1 and 2A (PIL 1 and PIL 2A) and the Penang South Reclamation (PSR) that have been entrusted to SRS Consortium as the project delivery partner.

“The Penang Infrastructure Corporation will also be working on the implementation of the three highways and the undersea tunnel projects that are entrusted to the Consortium Zenith Construction (CZC) Sdn Bhd as the design and built contractor.

“In addition, the Penang Infrastructure Corporation will be involved in the planning and development of the PSR, which include the topside development,” Chow told a press conference in Komtar yesterday.

Chow also gave status update of the projects under the PTMP during the press conference.

The board of directors for the Penang Infrastructure Corporation are Chow, Penang State Secretary Datuk Abdul Razak Jaafar and state Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari.

“The number of board members will be added from time to time, with the appointment of experts from certain fields. The first board of directors meeting has been scheduled at 5.30pm yesterday (July 15).

“Adhering to the CAT principles (Competency, Accountability and Transparency), the Penang government will ensure that the people have access to the latest information on the PTMP and its components throughout the construction period,” he said.

Chow added that the Penang Infrastructure Corporation would be working with SRS Consortium to study the financial architecture plan for the PTMP.

“We believe that the PSR and other components of the PTMP will be the crucial transformation products for Penang to achieve a competitive growth,” he said.

Source: Buletin Mutiara


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SITE PROGRESS: Vertu Resort Condominium (July 2020)

July 15th, 2020 No comments



About Vertu Resort Condominium

First resort-inspired high-rise development by Aspen Group at Batu Kawan, with a gross development value (GDV) of RM620mil. This is the second phase (and the first residential development) in Aspen Vision City.

Find out more about Vertu Resort Condominium.


Favourable outlook for industrial properties post-MCO

July 14th, 2020 1 comment


The outlook for Malaysia’s industrial property market is looking favorable as it is expected to see more inquiries, especially from manufacturers, said independent property consultancy firm, Knight Frank Malaysia.

Its Capital Markets executive director Allan Sim said manufacturers would be looking to take advantage of the tax incentives, adding that the industrial real estate market has remained resilient in the face of the Covid-19 pandemic.

“We also foresee more international e-commerce operators considering Malaysia as an important regional distribution hub within their network,” he said in a statement in conjunction with Knight Frank Malaysia latest research report, Real Estate Highlights — First Half of 2020.

Additionally, the firm said the Malaysian government’s move to provide generous tax incentives for foreign manufacturers under the National Economic Recovery Plan would help to position the country as a strong contender in attracting more overseas manufacturing operations to its shores.

“This is timely given the ongoing major restructuring of global supply chains arising from the aftermath of the pandemic, as well as the ongoing United States-China trade war,” it said.

Meanwhile, on the residential market segment, Knight Frank Malaysia managing director Sarkunan Subramaniam said he expected to see a slow uptick post-movement control order (MCO), backed by the government’s various stimulus, particularly the reintroduction of the Home Ownership Campaign (HOC).

“Moving forward, developers may also reconsider their product positioning and marketing strategies, including leveraging technologies and partnering with e-commerce platforms to improve their sales,” he said.

The full Real Estate Highlights — First Half of 2020 report is available at https://bit.ly/REH1H2020.

Source: Bernama


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UPCOMING: George Town / Serendipity Capital Bhd.

July 12th, 2020 No comments


A newly proposed high-rise commercial development by Serendipity Capital Berhad in the heart of George Town. Strategically located along Lebuh Noordin, adjacent to M Summit 191 serviced residence by M Summit Group and Cititel Express Hotel. It is only a short walk to KOMTAR and GAMA Departmental Store.

This development will see the demolition of existing buildings behind the shot lots at Lebuh Noordin, for the construction of a 28-storey commercial building. It will feature 69 units of resort suites with rooftop facilities, and some commercial spaces located at lower levels.

The project is still pending for approval. It is not known whether this will be opened for sale. More details to be available upon official launch.

Property Project : (to be confirmed)
Location : George Town
Property Type : Commercial
Tenure : (to be confirmed)
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units : 69 (suites)
Indicative Price: (to be confirmed)
Developer : Serendipity Capital Berhad

Register your interest here

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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SITE PROGRESS: Suasana @ Utropolis (July 2020)

July 10th, 2020 No comments



About Suasana @ Utropolis

The second phase of Utropolis development by Paramount Property in Batu Kawan, Penang. Strategically located on a 3-acres freehold land next to the UOW Malaysia KDU university college, about 5 minutes walk to Design Village outlet mall.

Find out more about Utropolis @ Batu Kawan:


Register your interest now to find out more

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)