Eco Horizon at Batu Kawan, Penang

Tan Sri Syed Mokhtar Albukhary has acquired a substantial stake in Eco World Development Group Bhd and its sister company, expanding the tycoon’s portfolio of developers.

The shares in EcoWorld, equivalent to 30.1%, were sold by former deputy chairman Datuk Leong Kok Wah through a private vehicle, according to an exchange filing on Monday. The sale also resulted in Syed Mokhtar controlling a 33.28% stake in EWI Capital Bhd.

The transaction details were not disclosed. Based on May 15’s closing price, the stakes in EcoWorld and EWI Capital would’ve been worth over RM2 billion combined.

EcoWorld executive chairman Tan Sri Liew Kee Sin thanked Leong’s support as a shareholder over the past 13 years in a statement.

“We welcome Tan Sri Syed Mokhtar as the new substantial shareholder of EcoWorld, and we look forward to working with him to take EcoWorld to greater heights in the years ahead,” he added.

The acquisition comes at a time when Syed Mokhtar is reportedly considering an initial public offering (IPO) of its joint venture Australian developer Walker Corp. The IPO of WM Senibong Bhd could raise as much as RM500 million, according to an April Bloomberg report.

Syed Mokhtar’s property flagship is Tradewinds Corporation Bhd, which also owns hotels and resorts as well as invests in commercial properties.

Leong transferred all of his shares in Syabas Tropikal Sdn Bhd to Syed Mokhtar on May 15. Syabas Tropikal owns 100% of Sinarmas Harta Sdn Bhd, which in turn holds the EcoWorld shares. EcoWorld is also the holding company of Eco World Capital (International) Sdn Bhd.

Sinarmas and Eco World Capital hold direct shareholdings in EWI Capital. Leong similarly ceased to be a substantial shareholder in EWI Capital after the transfer of his shares in Syabas Tropikal.

EcoWorld owns more than 12,000 acres of land that could be developed into properties worth RM100 billion across Klang Valley, Johor, Penang and Negeri Sembilan. EWI Capital, formerly known as Eco World International Bhd, mainly develops properties in the UK and Australia.

Shares of EcoWorld closed up one sen or 0.48% at RM2.09 on Monday, giving the company a market capitalisation of RM6.7 billion ahead of the announcement. Meanwhile, EWI Capital closed unchanged at 19 sen, valuing it at RM456 million.

Source: TheEdgeMalaysia.com

About Penang Technology Park

Strategically located in Bertam, Penang Technology Park @ Bertam is an 880-acre freehold industrial development envisioned as a next-generation hub for technology, innovation, and advanced manufacturing. Developed by Ideal Property Group, the park is designed to support high-tech industries with infrastructure-ready industrial land, wide internal roads, high-speed 5G connectivity, utility infrastructure, and modern security systems. Its location, just 5km from the Bertam Toll Plaza, further enhances accessibility and connectivity for businesses and investors.

Winova Residences is a landed housing development at Alma in Bukit Mertajam.  Located on an approximately 9 acres of land near Jalan Kampung Manggis, just neighboring with Permatang Sanctuary by IJM Land. The surrounding neighbourhood is characterised by established residential enclaves, schools, and everyday conveniences, with easy connectivity to other parts of Seberang Perai Jalan Rozhan.

The project is planned across two phases, comprising a total of 115 residential units. Phase 1 includes 46 2-storey terrace houses across four layout types, 8 semi-detached units, and a single detached home, along with a community centre and land set aside for future commercial use. Phase 2 adds a further 59 double-storey terrace units, also divided into four layout variants.

Project Name: Winova Residences
Location : Alma, Bukit Mertajam
Property Type : Residential
Total Units : 115
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Winova Land

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.

Malaysia’s property market opened 2026 on a cautious note with moderate performance in the first quarter, but Penang bucked the national trend with price growth running at more than double the country’s average, according to the Property Market Report for Q1 2026 released by the Valuation and Property Services Department (JPPH) on 14 May 2026.

Malaysia at a Glance

Nationally, 89,966 property transactions were recorded in Q1 2026, an 8% decline from the same period last year, while total transaction value slipped marginally by 0.6% to RM51.09 billion. The Malaysian House Price Index (MHPI) nonetheless posted a positive gain of 1.7%, reaching 235.2 points, with the national average house price now standing at RM507,533 per unit.

The new residential launch segment was subdued, with only 9,112 units launched at a sales rate of just 11.5%. Unsold completed residential units surpassed 32,000, valued at RM16.37 billion, up 7.6% in volume from the previous quarter. The overhang remains one of the market’s key pressure points.

On the commercial side, retail occupancy in shopping complexes held steady at 79%, while privately owned purpose-built office occupancy nudged up slightly to 72.3% from 72% a year ago.

The government continues to underpin demand through Budget 2026 measures, including an expanded Housing Credit Guarantee Scheme (SJKP) of up to RM20 billion, and a full stamp duty exemption for first-time buyers purchasing homes priced up to RM500,000, extended until end-2027. Geopolitical headwinds from the Middle East conflict, however, are contributing to cautious investor sentiment globally, and Malaysia is not immune.

Penang Outperforming the National Trend

For those tracking the Penang market, the Q1 2026 data tells a more encouraging story. Penang’s overall house price index rose to 225.9 points in Q1 2026 (preliminary), up from 217.8 in Q1 2025, a year-on-year gain of 3.7% and more than double the national average of 1.7%. In ringgit terms, the average house price in Penang climbed from RM488,467 to RM506,616 over the same period, a gain of roughly RM18,000 in a year.

On a quarter-on-quarter basis, however, the index eased 0.8% from Q4 2025’s reading of 227.7, a mild pullback worth monitoring heading into Q2.

Terrace Houses Lead the Charge

Breaking down by property type, terrace houses were the standout performer in Q1 2026, with the index rising to 204.0, a solid 5.5% year-on-year increase that makes them not only the best-performing category in Penang but one of the strongest nationally.

High-rise units, which carry the heaviest weighting in Penang’s index at 52.2%, posted a more measured 3.4% year-on-year gain, with the index at 229.9. Semi-detached homes grew 2.7% to 265.0. The one weak spot was detached homes, which saw a marginal 1.1% year-on-year decline to 260.9, echoing the national trend.

Island vs Mainland: A Widening Divide

The most striking data point from Penang’s regional breakdown is the persistent divergence between Penang Island and Seberang Perai in the terrace house segment. As of Q1 2026, the terrace house price index on Penang Island stood at just 155.5, while Seberang Perai’s index reached 267.1, a gap that reflects the relative affordability and ongoing demand momentum on the mainland, where buyers priced out of the island have been quietly driving consistent growth.

For high-rise units, the dynamic flips. Penang Island dominates with an index of 233.2, against Seberang Perai’s 176.1, reflecting the concentration of condominiums and serviced apartments on the island.

What This Means for Buyers and Investors

Penang’s property market is holding its ground considerably better than the national average. The terrace home segment, particularly in Seberang Perai, continues to offer both growth momentum and relative affordability, a combination that has sustained strong end-user demand. Meanwhile, high-rise units on the island remain the go-to for investors seeking the premium Penang address.

That said, the slight quarter-on-quarter dip in Q1 2026 is a reminder that even outperforming markets are not immune to broader headwinds. Price growth is positive, but the pace is measured, and that is probably healthy for long-term market stability.

– Ken Lim
(Founder, PenangPropertyTalk.com)

The Penang state government is exploring the possibility of building a new third bridge connecting Penang Island to the mainland, positioning it as a potential alternative to the long-discussed undersea tunnel project.

State infrastructure committee chairman Zairil Khir Johari confirmed the development during his winding-up speech at the state assembly sitting yesterday, saying the study reflects the government’s commitment to ensuring any mega infrastructure project is “sustainable, practical and capable of delivering optimum benefits.”

The feasibility study for the undersea tunnel had already been completed and presented to the state government, receiving approval on April 5, 2023. The study covered a comprehensive scope including land surveying, technical and engineering assessments, preliminary design work, and professional consultancy services. The payment entitlement for the study phase stands at RM20 million, to be settled via a land exchange mechanism.

Notably, Zairil stressed that no cash payment has been made by the state government to date, and all outstanding claims remain under review pending clarity on the project’s direction.

The pivot towards studying a bridge option signals growing caution within the state administration over the tunnel’s financial and technical complexities. Zairil said the government is weighing technical feasibility, financial implications, public mobility needs, and long-term economic benefits before committing to any course of action.

Coordination with the Penang Port Commission is also ongoing, with marine navigation, logistics, and the state’s broader strategic development interests all factored into the deliberations.