Magni-Tech Industries Bhd, best known for its garment manufacturing and packaging products, is making a bold pivot into property development with the acquisition of a prime 4.7-acre beachfront parcel in Tanjong Bungah, Penang, for RM133.33 million cash.

The 4.7-acre freehold site priced at approximately RM649 per square foot, sits adjacent to the Dalat International School and was previously used as a car park. According to a Bursa Malaysia filing, the purchase will be funded entirely through internally generated funds, with Magni-Tech’s wholly-owned subsidiary, Magni Land Sdn Bhd, signing a sale and purchase agreement with Neoh Choo Ee & Company Sdn Bhd which is an investment holding company controlled by the Neoh family.

The land transaction marks a striking jump in value. Originally acquired by the vendor in 1973, the site carried an audited net book value of just RM1.01 million as at December 31, 2025 — a testament to how dramatically Penang’s prime coastal property values have appreciated over the decades.

Magni-Tech described the location as highly attractive, surrounded by established hotels, resorts, and international schools, factors the company believes enhance both its appeal and development potential.

At the helm of Magni-Tech is 79-year-old Penang tycoon Tan Sri Tan Kok Ping, who serves as executive chairman and substantial shareholder, holding a direct 5.25% stake and an indirect 13.95% interest in the company.

The acquisition is expected to be completed in the second half of 2026, signalling a significant new chapter for the manufacturer-turned-developer.

Paya Terubong State Assemblyman Wong Hon Wai has flagged a disparity in construction progress along the new Air Itam–Tun Dr. Lim Chong Eu bypass, following a recent site visit to the elevated highway linking Farlim to Lebuh Tun Lim Chong Eu.

Wong, who has been monitoring the project closely, noted that work has shifted from ground level to the deck phase, with crews currently focused on diaphragm construction, deck casting, deck slab, and parapet works along Section 1 on the Farlim side.

During the visit, Wong accessed the highway via a ramp opposite Old Sunshine along Jalan Thean Teik — one of two access points from the Paya Terubong side — before driving all the way to Kingfisher Apartment in Seri Delima. It marked his first time traversing from the Farlim section into the adjoining stretch of the highway.

While progress at Section 1 in Farlim was described as on track, Wong expressed dissatisfaction with the pace of work at the other end of the project, calling it “far from satisfactory.”

He revealed that he has since raised the matter with Penang Infrastructure Corporation (PIC), the state-owned GLC overseeing the project, stressing that intervention from the state government is now necessary.

The Air Itam bypass is one of Penang’s most anticipated infrastructure projects, expected to significantly ease congestion along one of the island’s busiest corridors once completed.

Wong pledged to provide further updates as more information becomes available.

About A-Park

A-Park is a guarded light industrial park by Ancubic Industries Sdn. Bhd., strategically located along Jalan Perindustrian Valdor near Valdor Industrial Park and just five minutes from Batu Kawan Industrial Park. Surrounded by established SME factories, the development comprises 50 units of semi-detached and detached factories to be completed in multiple phases. Designed with security and convenience in mind, A-Park features dedicated security services, an advanced visitor management system, and direct owner access control.

Find out more about A-Park

Penang is quietly cementing its reputation as one of Malaysia’s most EV-forward states, and for property buyers and developers, that shift carries real implications.

According to data from the Malaysia Zero Emission Vehicle Association (MyZEVA), Penang has already surpassed its national EV charging deployment target, achieving 105% of its 600-charger goal as of March 2026, one of only two states in Malaysia to have done so, alongside Kuala Lumpur at 160%. Most other states remain at 50% or below.

Yet hitting a charger count target is only part of the story. A peer-reviewed study published in Energy Reports (2025), based on field surveys conducted across Penang last year, paints a more nuanced picture. While Georgetown leads with the highest charger density, the mainland corridor between Penang’s two bridges remains critically underserved, with just 8 public charging bays serving an estimated 480 registered EVs, translating to roughly 60 EVs per charger. Given that EV registrations have grown by over 100% year-on-year into 2026 while charging infrastructure has been built at a far slower pace, the actual ratio today is likely to be significantly worse than what the study recorded. Penang also currently has very limited ultra-fast chargers (350 kW and above), limiting the real-world advantage of higher-end EVs.

Chow acknowledged that while infrastructure numbers are growing, many users still face challenges with accessibility, connectivity, and waiting times, and that the EV transition requires more than statistics, it demands dependable infrastructure, reliable after-sales support, and a skilled workforce.

For the property sector, these developments matter more than ever. EV readiness is fast becoming a key consideration for homebuyers, particularly those purchasing high-rise residences, serviced apartments, and integrated developments. Properties that offer dedicated EV charging facilities, whether within car park podiums or residential lobbies, are increasingly perceived as future-proof investments. Developers who embed EV charging infrastructure into their projects at the planning stage, rather than retrofitting it later, stand to differentiate themselves meaningfully in a competitive market.

The research paper also highlights a particular challenge relevant to Penang’s dense urban landscape: many condominiums and high-rise buildings lack the electrical infrastructure for individual charger installation. As EV ownership grows, this gap will become more pronounced, and developments that proactively address it, through shared charging hubs, dedicated EV bays, and smart charging management will hold a tangible advantage.

Penang Chief Minister has emphasised that solutions are needed not just along major highways, but within residential areas, commercial centres, and high-density developments where daily charging convenience matters most. That vision aligns closely with what progressive property developments should be delivering today.

The broader message is clear. EV infrastructure is no longer a nice-to-have feature in Penang’s property landscape, it is becoming a baseline expectation. As the state continues to position itself as a model for sustainable urban living, properties that are EV-ready will be better placed to attract quality tenants, command stronger values, and remain relevant in the years ahead.

– Ken Lim
(Founder, PenangPropertyTalk.com)

Since its initial preview in February this year, The Fount has continued to attract encouraging market attention, achieving a remarkable take-up rate that reflects strong buyer confidence in both the value proposition and the quality of the development.

Positioned as the final and most refined chapter within The Sanctuary enclave in Batu Uban, The Fount has resonated strongly with discerning homebuyers seeking a balanced lifestyle, one that harmonises modern urban convenience with the calming presence of nature.

Balance Between Nature and City Convenience

One of the strongest reasons buyers are drawn to The Fount is its unique setting, offering the calming presence of Penang’s hills and coastline while remaining closely connected to the island’s key destinations.

Modern homeowners increasingly value environments that promote wellbeing and peace of mind. The Fount delivers exactly that – a residential sanctuary where residents can retreat from the noise and density of urban living without sacrificing accessibility.

This balance between serenity and connectivity has become increasingly difficult to find in Penang’s property landscape, making The Fount a compelling choice for both owner-occupiers and long-term investors.

Low Density Living Is Becoming More Valuable

Today’s buyers are placing greater emphasis on privacy, comfort, and spaciousness. As many new developments continue moving toward higher-density configurations, low density residences are becoming increasingly sought after.

The Fount appeals strongly to buyers who appreciate a more exclusive environment with fewer neighbours, reduced congestion, and a more peaceful lifestyle atmosphere. For some families, these qualities translate into a better daily living lifestyle experience.

For working professionals, it offers a calmer retreat after work.

For investors, it creates stronger long-term desirability in the resale and rental market.

Low-density developments within mature island locations are limited and increasingly difficult to replicate.

Buyers Are Prioritising Lifestyle Quality

Property purchasing decisions today are no longer based solely on square footage or pricing. Buyers are increasingly investing in lifestyle quality, choosing homes that positively influence how they live, rest, and spend time with family.

The Fount’s environment has been carefully envisioned to create that elevated lifestyle experience. Landscaped spaces, greenery, resort-inspired ambience, and calming surroundings all contribute to a living experience that feels more intentional and restorative.

This emotional connection is one of the key reasons why the project has resonated strongly with discerning purchasers.

Confidence in Long-Term Value

The positive take-up rate also reflects confidence in developments that offer sustainable long-term value rather than short-term market excitement.

Homebuyers today are paying closer attention to:

• Location fundamentals
• Development planning quality
• Developer reputation
• Future growth potential
• Liveability and practicality

The Fount stands out because it addresses these considerations holistically. Buyers recognise that well-planned freehold developments in strategic island locations remain highly resilient over time, particularly when supply is limited.

As Penang’s southern corridor continues to evolve with infrastructure upgrades and economic expansion, demand for quality residential addresses within established neighbourhoods is expected to remain strong.

Why The Fount is chosen?

Many buyers are also attracted to The Fount because it offers something increasingly rare in modern developments: “a sense of timelessness”.

Rather than chasing temporary design trends, the project embraces a refined and understated character that prioritises comfort, elegance, and everyday practicality. This creates a home environment that owners can continue appreciating for years to come.

Read more about The Fount: A refined finale at The Sanctuary.

Owning The Fount is not simply about owning a property; it is about owning a space that continues to feel meaningful over time.

Visit the latest show unit today to experience the development first-hand.

• Runnymede Group of Companies Sales Gallery 554 Jalan Sultan Azlan Shah, 11700 Gelugor, Penang
• Call 04-659 8899 / WhatsApp on www.wasap.my/60194155881
• Website: www.thefount.com.my

More information on the Group’s future developments can be found at www.runnymede.com.my.