Penang nine months investments hit RM6b, surpassing all of 2013

Property News/ 12 December 2014 Leave a comment

Property prices in Seberang Perai are still within an affordable range of between RM250,000 and RM500,000 for double-storey terrace homes.

Total investments in Penang hit RM6 billion between January and September this year, outpacing RM3.9 billion for all of 2013.

Chief Minister Lim Guan Eng, who announced the data at a press conference, said Penang also ranked third among all states for the highest amount of investments.

“Last year, Penang ranked sixth nationally for total investments with Johor topping the list and this year, up to September, we ranked third after Johor and Sarawak respectively,” he said.

The latest data is encouraging. Penang’s total investments slumped from RM12.2 billion in 2010 to RM2.5 billion in 2012 before recovering modestly to RM3.9 billion last year.

Lim said Penang is now more selective on the investors it brought in as the state wants to focus on high technology, high value added, knowledge intensive and information-based industries.

He said there is no point having a huge number of investments if it does not match with the state’s economic profile and advantages.

Traditionally, Penang has focused on the electronics and electrical manufacturing industry but it is now expanding into more knowledge -intensive industries such as business process outsourcing.

Source: The Malay Mail Online

  1. wf
    December 15th, 2014 at 16:42 | #1

    Good news to property market in Penang….perhaps.

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