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Penang’s five decades of industrial success

Property News/ 10 August 2022 1 comment
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Source: Facebook

The Malaysia Semiconductor Industry Association (MSIA) celebrated Penang’s 50th anniversary of industrial excellence via a gala dinner at the Eastern & Oriental Hotel Monday evening.

The event was attended by some 300 members of the industry.

Chief Minister Chow Kon Yeow said technology is expected to bring transformation to the industry in the next decades.

“As we all have witnessed, digitalisation was accelerated globally during the Covid-19 pandemic. In Malaysia, the digital economy is expected to contribute 23% of the country’s GDP and create over 500,000 jobs by 2025.

“With that in mind, Penang pledges to make great strides in developing the digital economy ecosystem.

“This includes the readiness of physical and digital infrastructure, availability of workforce and enhancing the livability stature.

“These are critical to sustaining our status as the Silicon Valley of the East,” Chow said during his speech at the dinner.

Chow shared that the state has undertaken various efforts related to STEM (Science, Technology, Engineering, Mathematics) to build a healthy talent pipeline to meet the industrial demands.

“I would like to ask for more industry support and partnership for our STEM initiatives to help cultivate an industry-ready talent pool in this fast-paced environment.

“The tripartite partnership (Public, Private and People) is critical in charting Penang’s path to become a high-income state as well as creating quality jobs.

“Together, we can make a huge leap forward, making the state shine on the world map of technology,” he added.

Chow said that Penang’s 50 years of industrialisation journey has impacted the local economy in terms of raising the state’s gross domestic product (GDP), uplifting the skill set of the local workforce, as well as having huge economic spill-over effects on the country.

He also added that the state government will be holding a grand dinner on Dec 2 to honour the industry pioneers who have laid the groundwork for Penang with regard to the E&E industry.

At the event, the launching of the MSIA ‘Silicone North’ map also took place.

Apart from that, several companies, namely TF-AMD, Motorola, Keysight Technologies, Intel Malaysia, Broadcom, Sanmina, and Agilent Technologies were recognised during the dinner.

Meanwhile, MSIA president Datuk Seri Wong Siew Hai lauded Penang for its successful 50 years of industrialisation journey.

“With the E&E powering the state for the past 50 years, the gross domestic product (GDP) has grown from RM964 million in 1972 to RM99 billion in 2021.

“This is equivalent to adding about RM2 billion every year to Penang’s economy for the past 50 years.

“The E&E ecosystem in Penang has been further strengthened by companies filling the gap in the E&E supply chain and existing E&E companies moving up the value chain,” Wong added.

The MSIA later contributed RM80,000 to Tech Dome Penang in supporting its STEM initiatives.

The mock cheque for the contribution was presented by Wong to Deputy Chief Minister II Prof Dr P. Ramasamy, who is also the Penang Human Resources, Education, Science and Technology Committee chairman.

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Image Credit: Malaysia Semiconductor Industry Association (MSIA)

Source: Buletin Mutiara

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UPCOMING: Batu Ferringhi / TGR Developments Sdn. Bhd.

Batu Ferringhi/ 9 August 2022 No comments

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A newly proposed beachfront hotel residence development by TGR Developments Sdn. Bhd. at Batu Ferringhi. Strategically located on approximately 4 acres of land along Jalan Batu Ferringhi, adjacent to Bayview Beach Resort. It is probably going to be the last hotel built along the stretch of Jalan Batu Ferringhi road before Teluk Bahang.

This development will see the construction of a 16-storey building, comprising a mix of hotel rooms and serviced residences with 4 levels of car parking podium. There will also be several commercial lots located at the ground level. Serviced residences will have their facilities located above level 11 whereas hotel facilities will be located at lower levels.

The project is still pending approval, more details to be available upon official launch.

Project Name: (to be confirmed)
Location : Batu Ferringhi
Property Type : Hotel and serviced residence
Total Units: 480 (serviced residence)
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer: TGR Developments Sdn. Bhd.

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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.

Good times ahead for industrial property sector

Property News/ 8 August 2022 No comments

BKIP

The demand for real estate in the industrial sector is leading the way to full economic recovery for the property sector in Malaysia.

Despite the rising concerns over inflation, property consultant Knight Frank said, the industrial property sector was already “flourishing” while demand for real estate in the retail sector across the Klang Valley, Penang, Johor Baru and Kota Kinabalu is “slowly recovering”.

In the industrial sector, the logistics segment is seeing growth, with third-party logistics and warehousing space showing the highest demand, Knight Frank said in a press statement release this morning.

In the Klang Valley alone, it said, 2,050 industrial properties worth RM9.21 billion changed hands in 2021, reflecting an annual increment of 20.2% in transacted volumes and 23% in value.

Allan Sim, executive director of land and industrial solutions at Knight Frank Malaysia, said that with more multinationals setting up new businesses and facilities in the Asean region, Malaysia is expected to benefit from the diversification and reshaping of the global supply chain.

Nonetheless, challenges remain. Sim said the main concerns among manufacturers and logistics players were rising transportation costs, shortage of labour and disruptions in the supply chain.

Institutional investors and real estate investment trusts are driving the demand for real estate in the industrial sector in Malaysia.

For instance, Sim said, the first industrial-related real estate acquisition by KIP REIT was a mixture of industrial land and facilities in Pulau Indah worth a total of RM78 million. KIP REIT is a real estate investment trust with a portfolio of community-centric malls.

In addition, Capitaland Malaysia Trust purchased a 5.11ha freehold industrial warehouse in Batu Kawan, Penang, for RM80 million, and IJM Corp partnered with China Harbour Engineering Company Ltd for their first industrial and logistics development in Kuantan.

Mark Saw, executive director at Knight Frank in Penang, said there is now an encouraging demand for logistics facilities to serve an expanding e-commerce sector.

“Batu Kawan Industrial Park will continue to be the main hotspot over the next three years,” he said.

However, Knight Frank cautioned, with the rise in the overnight policy rate to 2.25% in July and further potential hikes this year amid rising domestic and global inflationary pressures and the on-going geopolitical tensions, the growth momentum could be derailed.

Source: FMT Online

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SITE PROGRESS: Terraces Condominium (Aug 2022)

Property News/ 7 August 2022 3 comments

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About Terraces Condominium

A highrise residential development by IJM Land at Bukit Jambul, Penang. Strategically located on 9.32 acres of land next to INTI International College. It comprises a 34-storey condominium tower, featuring 410 residential units with two different design types to choose from.

(Photo taken in July 2022)

Find out more about Terraces Condominium

Register your interest here and we will keep you updated.

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Proposal to build workers’ quarters in Penang Tech Park shelved

Property News/ 5 August 2022 No comments

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The proposal to build a centralised workers’ quarters (CLQ) at the industrial area in Penang Technology Park in Bertam, Kepala Batas has been cancelled.

Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman said the developer decided not to go ahead with the project after taking into account the views of the various stakeholders.

“The stakeholders include local residents, local leaders, and other technical departments.

“We are delighted to receive information from the developer to not proceed with the development of CLQ.

“We will monitor the Penang Technology Park’s project to ensure it benefits the people in the state,” said Zakiyuddin, who is also the Penang Technology Park Monitoring Committee chairman during a press conference in Komtar today.

Zakiyuddin said the developer was now in the process of working alongside the industry.

“For the time being, the state is of the view that there is a need for the industry to manage the workers’ placement and encourage the industry to consider if it is necessary to develop the CLQ,” he said.

“We will be monitoring the situation from time to time.”

Meanwhile, the public is welcome to attend the Perkampungan Khaira Ummah 2030 (KAMPUNGKU2030) event in Masjid Ibadur Rahman, Kepala Batas, starting tomorrow until this Sunday.

“Those who attend the event can gain more knowledge of the state’s initiative in religious development,” he said, adding that Penang Governor Tun Ahmad Fuzi Abdul Razak is slated to launch the event.

On a separate matter, Zakiyuddin announced that the allowance for meeting attendance for the 375 Village Community Management Councils (MPKK) in the state would be increased from July 1 this year.

Source: Buletin Mutiara

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