About Iconic Harmony

An affordable housing development by Iconic Maison Sdn. Bhd. at Alma in Bukit Mertajam, strategically located near the junction of Jalan Rozhan and Jalan Alma, just about 1km from AEON Mall and within minutes’ drive of a wide range of essential amenities. The development comprises a 36-storey condominium featuring 751 affordable housing units, each with a standard built-up area of 900 sq ft.

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S P Setia Berhad (“Setia” or “the Group”) today broke ground on its 509-acre Setia Fontaines Industrial Park in Bertam, Kepala Batas, marking a major milestone in the Group’s growth strategy and reinforcing Penang’s position as a future-ready investment destination. The ceremony was graced by YAB Dato’ Seri Utama Anwar Ibrahim, Prime Minister of Malaysia, and YAB Chow Kon Yeow, Chief Minister of Penang.

The event also saw the exchange of a Memorandum of Collaboration (MoC) between Setia Fontaines and the Northern Corridor Implementation Authority (NCIA) to explore the supply of green energy to the park, strengthening its appeal as a sustainability-led destination for businesses and investors.

Part of the 1,691-acre freehold Setia Fontaines township, the industrial park offers light industrial, medium industrial and commercial lots for a wide range of occupiers, from small and medium enterprises (SMEs) to larger enterprises. Its location provides strong connectivity to Penang Island, Bukit Mertajam, Seberang Jaya and Kulim, with direct access to the North-South Expressway.

Datuk Zaini Yusoff, President and Chief Executive Officer of S P Setia, said, “The groundbreaking of Setia Fontaines Industrial Park is a landmark moment for S P Setia and a strong signal of our confidence in Penang’s future. More than an industrial development, it reflects our vision to build a next-generation economic hub with world-class infrastructure for advanced manufacturing, digital infrastructure and high-technology industries in the Northern Region.”

“More importantly, this development reflects Setia’s capacity to translate national aspirations into tangible outcomes on the ground. In advancing the aspirations of Ekonomi MADANI, Setia Fontaines Industrial Park is designed to support innovation-led growth, strengthen industrial competitiveness and create broader economic participation across the value chain. From SMEs to multinational corporations, this development opens up meaningful opportunities for businesses to grow within a sustainable, future-ready ecosystem, underscoring Setia’s commitment to shaping progress that is both high-value and inclusive,” he said.

Ready supply of green electricity

Under the MoC, Setia Fontaines and NCIA will explore a Corporate Renewable Energy Supply Scheme (CRESS), enabling Setia Fontaines Industrial Park and its tenants to access green electricity via the national grid from regional renewable energy developers.

The collaboration highlights the value of public-private partnerships in advancing sustainable industrial development, supporting Malaysia’s low-carbon ambitions and enhancing Penang’s attractiveness to high-value investors.

Datuk Zaini said, “Demand across our industrial developments is increasingly shaped by occupiers’ sustainability requirements. This collaboration reflects Setia’s commitment to integrating sustainability into our industrial strategy while enhancing long-term competitiveness and value creation.”

Dato’ Mohamad Haris Kader Sultan, Chief Executive of the Northern Corridor Implementation Authority (NCIA), said: “The Special Renewable Energy Economy Zone (SREEZ) under the Northern Corridor Economic Region (NCER) is a demand-driven ecosystem that integrates renewable energy supply with committed industrial offtake to support bankable green investments.

“Our collaboration with S P Setia positions Setia Fontaines Industrial Park as an anchor green consumer, strengthening demand certainty and project viability. This enhances NCER’s attractiveness as a hub for sustainable industrial growth and supports the attraction of investments requiring low-carbon energy solutions,” he said.

Pipeline of 640 Affordable Homes

Setia Fontaines and Lembaga Perumahan Negeri Pulau Pinang (LPNPP) exchanged Memorandum of Agreement (MoA) documents for Pangsapuri Pinang Setia, comprising 640 affordable homes targeted for completion in 2029. Each 650-sq-ft unit will have three bedrooms and two bathrooms, and will be priced at RM42,000.

Pangsapuri Pinang Setia reflects Setia’s commitment to ensuring that the purpose of delivering sustainable communities and enriching lifestyles reaches more families across the Group’s townships. Residents will also benefit from the wider Setia Fontaines lifestyle ecosystem, including 37 acres of central parks and 63 acres of manmade lakes.

The affordable homes will also enjoy proximity to educational institutions such as Pusat Kanser Tun Abdullah Ahmad Badawi Universiti Sains Malaysia (USM), Universiti Teknologi MARA, Maktab Rendah Sains Mara and Kolej Matrikulasi Penang.

Expected to reach a population of 30,000 by 2041, Setia Fontaines aims to set a new benchmark for integrated development in northern Penang.

The Prime Minister toured the township’s 100-acre Heritage Park, home to the largest Musical Fountain in Northern Malaysia, interconnected islands with jogging and cycling tracks, and a Waterfront Lifestyle Centre.

Envisioned to drive socio-economic growth and create jobs, Setia Fontaines is set to contribute to both state and national aspirations of positioning Penang as a hub for investment and sustainable development.With a track record of delivering high-quality developments for more than 50 years, Setia is committed to its purpose of building sustainable communities with enriching lifestyles, showcased through sustainable homes and wide, open spaces across its townships.

Penang strengthened its position as a leading semiconductor and advanced manufacturing hub with the official opening of MKS Inc’s Super Center Factory at Bandar Cassia Technology Park in Batu Kawan.

Prime Minister Datuk Seri Anwar Ibrahim officiated the opening ceremony alongside Chief Minister Chow Kon Yeow, Deputy Investment, Trade and Industry Minister Sim Tze Tzin, MKS Inc president and chief executive officer John T.C. Lee, and other dignitaries.

Built on a 17-acre site, the 350,000 sq ft facility represents MKS Inc’s largest manufacturing investment since the company was founded in 1961. With an investment exceeding RM400 million, the project is expected to create more than 1,000 high-value jobs upon completion of all phases.

According to Chow, the new facility marks another milestone in Penang’s evolution as a global centre for semiconductor innovation and advanced manufacturing. He said the project reflects the state’s strong industrial fundamentals, including its skilled workforce, mature supply chain ecosystem and well-established infrastructure.

MKS technologies currently support more than 85% of the world’s wafer fabrication equipment applications and over 70% of key processes in package substrate and printed circuit board manufacturing, positioning the company as an important contributor to Penang’s growing semiconductor ecosystem.

Chow highlighted Penang’s strong investment performance, noting that the state secured RM4.9 billion in approved manufacturing investments in the first quarter of 2026, with foreign direct investments accounting for 70% of the total. The electrical and electronics (E&E) and machinery sectors contributed RM3.6 billion, representing 74% of approved investments.

He added that Penang remained Malaysia’s top exporting state in 2025, contributing 38.1% of the nation’s exports valued at approximately RM610 billion, driven largely by integrated circuits and other E&E products.

The chief minister also pointed to strategic initiatives supporting the industry, including the Penang Silicon Design @5KM+ ecosystem and the newly launched Penang ATE Campus, which aims to strengthen automated test equipment capabilities and nurture local talent.

Prime Minister Anwar said the opening of the MKS Super Center Factory reflects continued confidence among global companies in Malaysia and Penang. He attributed this to clear policies, efficient administration and efforts to reduce unnecessary bureaucracy.

Meanwhile, John Lee said Penang was chosen because of its vibrant semiconductor ecosystem, strategic proximity to customers and suppliers, robust infrastructure and highly skilled workforce.

“The facility represents more than an expansion of operations. It will strengthen supply chain resilience, support local economic development and create opportunities for collaboration with universities and institutions to develop future talent,” he said.

The investment further reinforces Penang’s status as a key node in the global semiconductor supply chain and highlights Malaysia’s growing appeal as a destination for high-tech manufacturing.

Eastern & Oriental Bhd (E&O) has teamed up with Cengild Medical Bhd and Skyspring Sdn Bhd to develop a multi-disciplinary tertiary private hospital within the Gurney Green district of Andaman Island, Penang.

The proposed facility, with an estimated development cost of RM350 million, will be built in two phases and is expected to accommodate about 240 beds upon completion. The project is targeted for completion by the fourth quarter of 2029.

E&O said its wholly-owned subsidiary, KCB Holdings Sdn Bhd, has entered into a conditional joint venture agreement with Cengild Medical and Skyspring for the development. Under the arrangement, KCB Holdings will hold a 30% stake in the joint venture company, while Skyspring and Cengild Medical will own 45% and 25% respectively.

The joint venture company will establish a wholly-owned operating entity to oversee the development, establishment and operation of the hospital.

Cengild Medical, known for its expertise in digestive system and abdominal health, will contribute clinical, operational and strategic management support to the project and future hospital operations.

E&O managing director Kok Tuck Cheong described the collaboration as another significant milestone in the transformation of Andaman Island into a vibrant waterfront township.

He said healthcare is an essential component of a sustainable community, adding that the proposed hospital will enhance the overall ecosystem of Andaman Island and strengthen its long-term appeal as a destination for families, professionals and retirees seeking a high quality of life.

About Maldives Residences

A residential development by Ideal Property Group at Bayan Lepas. Strategically located along Lorong Sungai Tiram 6, just across the road from Havana Beach Residences. It is conveniently connected to Jalan Tun Dr Awang, less than 2km away from Penang International Airport. This development comprises 46-storey building with 4 residential towers. It features a mix of affordable and upgraded units, with a built-up size of 850sq.ft. onwards.

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