Setia Elara, a new residential development proposed by Kay Pride Sdn. Bhd., a subsidiary of S P Setia, in Jelutong. The development is situated off Lorong Slim, adjacent to Setia Sky Ville, which was completed in 2021. Located only a short drive away from high schools such as Heng Ee Secondary School, Penang Free School, and Han Chiang College.

This project will feature a 43-storey condominium, housing 268 residential units and 6 levels of car parking podium. The development will also include recreational facilities located on Level 1, Level 8, and the rooftop. Indicative prices start from RM1,129,000 onwards, with built-up sizes ranging from 1,058 sq ft to 1,652 sq ft.

Project Name : Setia Elara
Location : Jelutong
Property Type : Condominium
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: 1,058 sq.ft. – 1,652 sq.ft.
Total Units : 268
Indicative Price : RM1,129,000 onwards
Developer : Key Pride Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data at the time of publication. 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.

Penang is stepping up efforts to make homeownership more accessible for everyone through its Rumah MutiaraKu (RMKu) programme — part of the state’s ongoing “Housing for All” agenda under the Penang 2030 Vision to improve liveability and quality of life.

State Housing and Environment Committee chairman Datuk Seri S. Sundarajoo said the initiative focuses on three main targets under the state’s Strategic Initiative A1. The first goal, to deliver 220,000 RMKu homes by 2030, has already achieved 77.3% progress, with 170,175 units completed. The second target, to build 22,000 Rent-to-Own (RTO) homes, has reached 23.16% completion, with 5,096 units ready so far.

“The third initiative aims to help 3,000 families under the urban housing scheme, and we’ve identified six Urban Renewal (PSB) projects involving 6,837 existing residential units,” Sundarajoo shared at the Penang Affordable Housing and Property Expo.

He stressed that the RMKu programme is meant to help those who genuinely need a home — not as an investment or rental opportunity. “Any misuse of public housing will be dealt with, and units will be reclaimed to give priority to families with urgent housing needs,” he said firmly.

To help those unable to secure housing loans, the state government introduced the RTO scheme as a more inclusive option. Monthly rents range from RM90 to RM200, and tenants who complete 15 years of payments will gain ownership — without needing a bank loan. “This is a second chance for homeownership. We don’t want anyone to be denied a home just because they are poor,” he said.

Sundarajoo added that public housing also caters to families needing short-term accommodation. The rental period is typically two years, extendable to three if financial conditions haven’t improved, after which the unit must be returned to help another family in need.

He also addressed concerns that some higher-income residents were occupying low-cost housing units. “Is it fair for a family earning RM15,000 a month to stay in low-income housing? Enforcing the rules isn’t being harsh — it’s about fairness and ensuring resources go to those who truly need them,” he said.

The Housing Outcome Performance Committee (HOPE), chaired by Sundarajoo, meets daily to assess eligibility and review applications. Since he took office 27 months ago, 11,058 applicants have been offered homes of various RMKu categories.

The Penang Affordable Housing and Property Expo, now in its fourth year, gathered 29 exhibitors — including 13 RMKu developers, eight private developers, five banks, and three government agencies. During the event, 30 recipients received offer letters for RMKu units at Iconic Harmoni, Twinstar, Residensi Rambai Indah, Foreshore Residence, and Ideal Venice Residency.

Penang has introduced stricter sustainability requirements for new commercial and industrial buildings, marking a major step in its transition towards cleaner energy. Under the new guideline, at least 75% of a building’s roof area must be installed with solar panels, or the building must meet renewable energy sourcing targets according to its Tenaga Nasional Berhad (TNB) tariff category.

State infrastructure, transport and digital committee chairman Zairil Khir Johari said the move aims to boost renewable energy usage in line with the Penang Energy Framework (PEF) — the state’s roadmap towards its 2030 clean energy and efficiency goals. Depending on their energy category, buildings must source between 2% and 25% of their total consumption from renewable sources.

“Large commercial buildings with air-conditioned areas exceeding 4,000 square metres must also ensure that at least 2% of their energy comes from renewables,” Zairil said in his keynote address at the Penang Green Summit 2025, held at the Penang Waterfront Convention Centre on October 30.

He described the PEF as a “living document” designed to evolve with changing needs, policies, and technologies — while fostering behavioural change and energy-efficient practices across industries.

To expand renewable energy generation despite limited land availability, Zairil revealed that Penang Water Supply Corporation (PBAPP) is studying the feasibility of floating solar systems on several dams. “Floating solar offers a viable and innovative way to harness clean energy,” he said.

He added that renewable energy will also play a central role in the upcoming Penang Silicon Island (PSI) development. Its Green Tech Park will be fully powered by solar energy in the first phase, supported by rooftop panels and off-site renewable procurement.

Zairil said Penang’s clean energy initiatives are aligned with national policies, particularly the Federal Government’s Solar ATAP programme, which encourages businesses to invest in solar solutions. “The journey forward requires innovation, investment, and collaboration — the government alone cannot achieve this transition,” he said.

Chief Minister Chow Kon Yeow, who officiated the summit, reaffirmed the state’s commitment to supporting Malaysia’s National Energy Transition Roadmap (NETR), which targets net-zero emissions by 2050. He said the Penang Green Summit has evolved into a collaborative platform uniting policymakers, industries, academia, and communities in advancing low-carbon growth.

Chow added that since the launch of the PEF in November 2024, local councils — Majlis Bandaraya Pulau Pinang (MBPP) and Majlis Bandaraya Seberang Perai (MBSP) — have already begun integrating renewable and efficiency criteria into their building approval processes.

Solar Voltech, a subsidiary of the Penang Development Corporation (PDC), has been appointed to spearhead renewable upgrades for public buildings, while the Penang Green Council (PGC) is developing an AI-assisted energy data platform for more informed and efficient planning.

The summit also witnessed the signing of a Memorandum of Understanding (MoU) between the state government and Alliance Bank Malaysia Berhad to establish the Climate Mitigation Fund (CM Fund) — Malaysia’s first state-level blended financing initiative to help SMEs transition towards sustainable, ESG-driven operations.

Malaysia’s path towards sustainable urban growth took centre stage as PropertyGuru Malaysia and iProperty Malaysia convened more than 121 developers and 350 delegates at the FutureBuilt Summit 2025.

In collaboration with Green Building Index, GreenRE, and People Systems Consultancy, the one-day summit brought together developers, policymakers, financiers, engineers, and sustainability experts to discuss how the property ecosystem can accelerate the nation’s transition toward greener, smarter, and more resilient cities.

As Malaysia aims for net-zero emissions by 2050, the property sector is increasingly recognised as a key driver of sustainable growth. According to a recent study of 91 Malaysian-listed property firms, stronger ESG performance has been linked to improved profitability and higher market valuations, underscoring the business case for sustainability in real estate development. This reinforces the view that developers who integrate robust ESG practices can contribute to the country’s decarbonisation goals, while creating measurable value for shareholders and stakeholders alike.

Dr. Lee Nai Jia, Head of Real Estate Intelligence at PropertyGuru Group

At the heart of the discussions were insights from Dr. Lee Nai Jia, Head of Real Estate Intelligence at PropertyGuru Group, who shared findings on how economic conditions, government policies, and lifestyle shifts are reshaping Malaysia’s homebuying landscape. According to PropertyGuru’s proprietary data, housing demand began recovering in April 2025 after a brief slowdown, reflecting buyers’ adaptability despite uncertainty. Non-landed home prices in Kuala Lumpur, Selangor, Johor, and Penang also continued to grow year-on-year, showing steady market confidence.

Dr. Nai Jia noted that younger buyers, especially Gen Z and Millennials, are becoming more selective and value-driven, prioritising trust, branding, and sustainability when choosing developers. He said developers who are transparent and responsible will stand out in today’s cautious market. This is supported by a study, which found that 84% of Gen Z Malaysians prefer high-rise homes for their proximity to workplaces, public transport, and amenities, and by another research, which showed that Millennials are more likely to buy green homes when they see fair pricing, good value, and understand eco-friendly features.

Kenneth Soh, Country Manager of PropertyGuru & iProperty Malaysia

Kenneth Soh, Country Manager of PropertyGuru & iProperty Malaysia, said, “The FutureBuilt Summit’s focus on ESG and technology reflects two key forces shaping Malaysia’s property landscape. Under the 13th Malaysia Plan and Budget 2026, we’re seeing stronger alignment around sustainability, digitalisation, and affordability, with RM6.09 billion allocated to improve liveability and an expanded RM20 billion Housing Credit Guarantee Scheme to help more Malaysians own homes. Our data shows that demand is strongest for homes below RM300,000, especially in Kuala Lumpur, Selangor, Johor, and Penang. Affordability now goes beyond price as it includes connectivity, comfort, and sustainability. These changes present a chance for the industry to create developments that are more inclusive, responsible, and future-ready.”

The summit brought together thought leaders and policymakers to discuss sustainable financing, ESG adoption, and the role of technology in smarter urban planning. Speakers included Ar. Sarly Adre Sarkum, CEO of Green Building Index, who spoke on sustainability and innovation in Malaysian developments, and Nur Fateha Jamaluddin, Senior Manager of GreenRE, who highlighted the long-term value of ESG. Panels led by Green Building Index, GreenRE, Think City, and The Institution of Engineers Malaysia explored ESG-focused development, urban planning, and the needs of younger homebuyers. The event concluded with a CEO Roundtable by Think City and Triterra, reinforcing a collective vision for sustainable and inclusive communities.

Cécile Corda, Head of Sustainability at PropertyGuru Group

Cécile Corda, Head of Sustainability at PropertyGuru Group, said “The market is leaning toward sustainable, inclusive living, and PropertyGuru is responding with practical solutions. By arming property seekers and industry partners with tools to make informed and responsible choices, we’re helping shape resilient, inclusive cities and driving meaningful shifts across the housing landscape.”

Cécile also shared insights from PropertyGuru’s 2024 Sustainability Report, noting that 83% of Malaysians would pay a premium for homes with sustainable features, while 77% already consider climate risks in their property decisions.

At the FutureBuilt Summit 2025, industry leaders underscored a new growth mindset that redefines success beyond profitability, one that priorities long-term value for people, communities, and the environment. As Malaysia’s property sector enters a crucial decade shaped by urbanisation, climate change, and evolving buyer expectations, the summit highlighted the urgent need for public-private collaboration to drive the transition towards sustainable, resilient, and inclusive cities. Achieving this vision, leaders agreed, will require data transparency, innovative financing, and stronger policy alignment to translate ESG ambitions into tangible action.

The summit reflects PropertyGuru’s commitment to building a more sustainable, innovative, and inclusive property sector in Malaysia. By uniting industry leaders, policymakers, and developers, PropertyGuru continues to drive responsible growth and future-ready communities.

The Ministry of Housing and Local Government (KPKT) is taking serious steps to tackle one of Malaysia’s long-standing housing issues — abandoned private projects. On November 20, the ministry will be announcing five new reforms aimed at completely wiping out such projects by 2030.

Housing Minister Nga Kor Ming said the changes are part of a bigger plan to tighten governance, improve financial management, and give homebuyers better protection. One of the main goals is to shift the industry from the usual “sell then build” (STB) system to the “build then sell” (BTS) model, which offers more security for buyers.

Under the 10:90 BTS scheme, buyers only pay 10% upfront, and the rest — 90% — is paid after the project is completed and certified. Nga said this method greatly reduces the risk of projects being abandoned or leaving buyers with unfinished homes. “The government supports the BTS model because it protects buyers and makes sure developers deliver as promised,” he said in Parliament.

Still, the government won’t make the BTS model mandatory for now. Nga explained that not all developers have the financial strength or resources to take on BTS projects, and forcing it could hurt smaller players in the market.

To support the shift, KPKT is updating the Housing Development (Control and Licensing) Act 1966 (Act 118). The amendments will focus on improving financial management, tightening developer regulations, and strengthening homebuyer rights. Nga also reminded that developers need solid financial backing to carry out BTS projects smoothly.

On top of that, developers are now required to put down a 3% deposit of their project’s gross development value (GDV) into a housing development account. For example, a project worth RM1 billion would need a RM30 million deposit — a move to make sure there’s enough cash flow to keep construction going.

Nga also shared some good news: the ministry’s taskforce on abandoned projects has managed to revive 1,600 developments so far, benefiting around 163,000 homebuyers nationwide. “This is part of our effort to not only fix abandoned projects but also prevent them from happening again,” he said.

With these new reforms, KPKT hopes to create a stronger, more transparent housing industry — one where buyers can finally feel confident that the homes they’ve paid for will actually be completed.