Ongoing developments on Andaman Island by E&O

Eastern & Oriental Bhd (E&O) remains confident of achieving its RM1 billion property sales target for FY2027, following a strong start to the financial year.

The property developer recorded RM356 million in property sales for the first quarter ended June 30, more than double the RM? recorded a year earlier. Penang remained its key market, contributing 72% of quarterly sales, while the Klang Valley accounted for the remaining 28%.

Managing director Kok Tuck Cheong said the group expects continued economic and population growth in Penang to support property demand. He highlighted the state’s limited land availability and George Town’s role as a commercial, tourism and financial hub as key factors underpinning the outlook.

“Land scarcity” is also expected to encourage existing homeowners to upgrade, further supporting demand for E&O’s projects.

Penang accounted for 77% of the group’s RM1.72 billion unbilled sales as at June 30, with the Klang Valley contributing the remaining 23%.

Kok said E&O expects its performance to strengthen in FY2027 if the current momentum continues, following a record FY2026. The group is also expected to benefit from Malaysia’s economic expansion, growth in the northern corridor and a potential recovery in the global semiconductor industry.

For 1QFY2027, E&O’s net profit rose 28% year-on-year to RM58.1 million, from RM45.4 million previously, while revenue increased 53.4% to RM281.5 million.

The strong quarterly performance follows a record FY2026, when net profit climbed 31.2% to RM221.21 million, while revenue reached an all-time high of RM867.64 million.

E&O is also set to launch two new projects in FY2027. Senna & Fera Phase 5 will comprise 46 landed homes with an estimated gross development value (GDV) of RM197 million, while the first phase of Plot 16A-1 on Andaman Island will feature 440 serviced apartments with an estimated GDV of RM680 million.

About Avion Residence

Avion is a serviced residence project by Rackson Group in Bayan Lepas, located opposite Penang International Airport and part of the Penang Gateway development. It comprises a 36-storey commercial building with 608 serviced suites above an eight-level car park, with unit sizes ranging from 488 sq ft to 1,328 sq ft. The project includes a proposed link bridge to the future LRT station at the airport and will also accommodate a Le Méridien hotel within the same building.

Find out more about Avion Residence

Penang’s medical technology (MedTech) industry has evolved from a niche sector into an increasingly important pillar of the state’s high-value manufacturing ecosystem, driven by its strong electrical and electronics (E&E) heritage and advanced manufacturing capabilities.

Penang Chief Minister Chow Kon Yeow said the state’s more than 50 years of experience in E&E and semiconductor manufacturing has created a strong foundation for the production of high-precision medical devices, surgical instruments and implants.

“Penang did not build its MedTech ecosystem from scratch. It built on the industrial capabilities it had already developed and continued moving them into higher-value applications,” he said in his keynote address at the International Medical Device Exhibition and Conference (IMDEC) 2026 in Kuala Lumpur.

According to Chow, Penang’s established supplier ecosystem and highly skilled workforce in precision engineering and advanced manufacturing have further strengthened its position in the MedTech sector.

The state has attracted several major global medical technology companies. Malaysia is home to 12 of the world’s top 30 MedTech companies, with seven operating major facilities in Penang: Abbott, Boston Scientific, B. Braun, Smith+Nephew, STERIS, Dexcom and Intuitive.

Penang’s MedTech journey dates back to 1972, when B. Braun established its first manufacturing facility in the Asia-Pacific region in the state. The facility has since grown into one of the company’s largest manufacturing sites outside Europe.

Beyond multinational corporations, Penang is also developing a growing base of local MedTech companies. More than 20 homegrown companies currently produce MDA-registered medical devices, ranging from orthopaedic implants and surgical instruments to wound care, dental, urology and infection-control products.

Chow said cross-industry collaboration would be important for the next stage of growth. The newly launched Penang Automation, Test and Equipment (ATE) Campus, spearheaded by InvestPenang, could provide opportunities for MedTech companies to work with local firms on technology development, supplier localisation and supply chain strengthening.

The sector is also making a significant contribution to Penang’s investment performance. From 2021 to the first quarter of 2026, the state secured RM2.3 billion in approved manufacturing investments in scientific and measuring equipment, including MedTech, involving 40 projects and nearly 4,500 jobs.

Chow said Penang recorded RM238 billion in exports of optical, measuring, precision, medical and surgical instruments from 2021 to the first half of 2026, accounting for an average of 64% of Malaysia’s exports in the category.

With a combination of global industry leaders, local manufacturers, engineering expertise and an established supply chain, Chow said Penang is well positioned to strengthen its role as a leading offshore medical device manufacturing hub alongside established centres such as Puerto Rico, Ireland and Costa Rica.

He also invited global investors and MedTech companies to participate in Penang’s next phase of growth, saying the state is ready to support the development and manufacturing of the future of global healthcare.

A 3.607-acre open space at Lorong Belatuk 3, Taman Belatuk, will be upgraded into a safer, more inclusive and better-equipped Taman Madani, with a new skate park planned for local youths.

Penang State Executive Councillor for Local Government and Town and Country Planning, Jason H’ng Mooi Lye, said the project aims to enhance recreational facilities and provide residents with a more comfortable and meaningful space for leisure, exercise and community activities.

The site comprises Lot 1685 and Lot 2178, both of which have been gazetted as open spaces. Existing facilities include integrated and individual playground equipment, exercise equipment, pedestrian walkways, a gazebo and a plaza used by residents for recreational activities and morning exercise. OKU-friendly facilities are also provided.

The new skate park was proposed following engagement sessions between MBSP and the local youth community. Once completed, it could become one of the first skate parks in the South Seberang Perai area.

The RM467,896 upgrading project, implemented by the Seberang Perai City Council (MBSP), began following the site possession date on 5 August 2026 and is scheduled for completion by 19 January 2027. The project is being carried out by Insa Kirana Enterprise.

Works include the construction of the skate park, pedestrian and maintenance walkways, two play-area plazas, entrance features, cast-in-situ benches, bollards and motorcycle barriers designed according to Universal Design principles. Landscaping works, including grass planting and soil filling, will also be carried out, together with the removal of selected existing structures and site cleaning.

The project is funded under the Taman Madani Programme (BP01) through the Ministry of Housing and Local Government (KPKT), which provides up to RM500,000 for each Taman Madani.

MBSP said the upgrading is intended to create a more active and welcoming recreational space for children, youths, adults, senior citizens and the OKU community. It is also expected to encourage physical activity, healthier lifestyles and greater social interaction among residents.

Mooi Lye also urged the community to help maintain the upgraded facilities, stressing that cleanliness, safety and proper upkeep are a shared responsibility between the local authority and residents.

A home is more than just a place to live. It is where families grow, memories are made and communities come together.

This weekend, Paramount Property is bringing its buyers and the wider community together for a special Community Appreciation Day at its Paramount Property Gallery @ Utropolis Utama, Batu Kawan.

Taking place on 29 and 30 August 2026 (Saturday and Sunday), from 10am to 5pm, the two-day event is Paramount Property’s way of saying thank you to its valued buyers who have been part of its journey.

Existing Paramount Property buyers can look forward to an Exclusive Rebate Voucher as a special token of appreciation. But you don’t have to be a Paramount Property buyer to join the celebration, the event is open to the public too.

Families with children can enjoy a fun and creative DIY Clay Art Workshop, while visitors can also take a break with Oriental Kopi (华阳茶室) Signature Coffee & Pastries.

A Celebration for Everyone

So, whether you are already part of the Paramount Property family or simply looking for a fun weekend activity with the kids, you’re warmly invited to drop by.

Come and enjoy a wonderful day with:

• Oriental Kopi (华阳茶室)Signature Coffee & Pastries
• Exclusive Rebate Voucher specially prepared for our valued buyers
• DIY Art Workshop for a little creativity and fun

Event Details

Date: 29 & 30 August 2026 (Saturday & Sunday)
Time: 10.00am – 5.00pm
Venue: Paramount Property Gallery @ Utropolis Utama, Batu Kawan

Spaces for the activities may be limited, so visitors are encouraged to register in advance.

RSVP Here

Come along, enjoy some family time, get creative and celebrate the community with Paramount Property – The People’s Developer™.