As of late 2024, Malaysia recorded a total of 23,149 completed residential units worth RM13.94 billion that remain unsold, according to the 2024 National Property Market Report released recently.

A significant portion of these units—over 60%—comprise condominiums and apartments, while 13.8% are double-storey terrace houses. In terms of pricing, the highest number of unsold homes fall within the RM200,000 to RM300,000 range (5,374 units), followed by those priced between RM300,000 and RM400,000 (3,863 units), and RM500,000 to RM600,000 (2,902 units). In contrast, only 789 homes priced below RM100,000 remain unsold.

Penang ranks fourth among all states, with 2,796 unsold residential units. Kuala Lumpur tops the list with 4,234 units, followed by Johor (2,964) and Perak (2,844). Other affected states include Selangor (2,075), Negeri Sembilan (1,623), Sabah (1,524), and Sarawak (1,512).

Former Valuation and Property Services Department director-general Professor Mohd Khairudin Abd Halim stressed that the issue of unsold homes must be addressed through housing policy reforms. He believes this situation could benefit the younger generation if proper support is in place. “They should be encouraged to buy homes early, as property is a lasting asset unlike many others that depreciate,” he said.

Prime Minister Datuk Seri Anwar Ibrahim also urged for a more people-centric approach in housing development. He directed the Housing and Local Government Ministry to provide monthly updates on major developments, with a strong emphasis on affordable housing, efficient project approvals, and local government accountability.

The Ideal Property Group has dismissed allegations circulating on social media claiming the investigation and arrest of its group executive chairman in connection with the authorities’ investigation into the scam linked to MBI International Group (MBI).

Ideal Property Group, in a statement today, stressed that the group operates with strict adherence to the law and ethical business principles, while the organisation is committed to maintaining the highest levels of professional integrity and operational transparency.

“Recently, Ideal Property Group has come across fake news and false postings on uncredited social media, falsely alleging the investigation and arrest of our group executive chairman in connection with the authorities’ investigation into the MBI Group.

“Ideal Property Group strongly refutes the false and malicious allegations and categorically denies these baseless and defamatory statements,” according to the statement posted on Facebook.

To address this, Ideal Property Group has lodged a report with the Malaysian Communications and Multimedia Commission (MCMC), the police and will take immediate legal action to protect its reputation.

The group also pledged to continue to exhibit solid operational performance and maintain its unwavering focus on executing current projects and fulfilling all obligations to its various stakeholders with excellence.

On April 22, police arrested five more individuals, including two bearing the titles Tan Sri and Datuk Seri, believed to be proxies and business associates involved in a Ponzi-type investment scam linked to MBI.

Head of the Criminal Investigation Team on Money Laundering (AMLA) under the Inspector-General of Police’s Secretariat (USKPN), Datuk Muhammed Hasbullah Ali, said that besides arresting the five individuals, police have also seized three durian orchards spanning nearly 900 acres, valued at RM223,624,167, located in Raub, Pahang; Jawi, Penang; and Tasek, Kedah.

Inspector-General of Police Tan Sri Razarudin Husain was previously reported to have said that eight individuals were arrested and assets worth RM3.17 billion were seized in connection with the fraudulent scheme.

Razarudin said the arrests were part of a cross-border operation launched following information obtained via an Interpol Red Notice.

Source: Bernama

South Korean semiconductor giant Simmtech Holdings Inc., through its Malaysian subsidiary Sustio Sdn Bhd, has marked another major milestone with the completion of its second operations facility at the Batu Kawan Industrial Park (BKIP), Penang. The RM326 million phase two expansion features cutting-edge printed circuit board (PCB) technologies that support the development of smaller, faster, and more powerful electronic devices, meeting global demand driven by artificial intelligence (AI) and next-generation computing.

Since entering Penang three years ago, Simmtech has invested approximately RM750 million in its local operations, establishing Southeast Asia’s first advanced facility of its kind. The expansion has created 1,400 high-value jobs, further reinforcing Malaysia’s vital role in the global semiconductor supply chain.

Semtech Co. Ltd CEO Jeffery Chun highlighted the company’s long-term commitment to Penang, sharing that plans are already in place for a third facility at the current site and that Simmtech has secured an additional 10 acres for a future Building 4. “With Sustio’s cutting-edge capabilities, we are not only supporting global technology demands but also empowering local economic development,” he said.

Penang Chief Minister Chow Kon Yeow, who officiated the launch, congratulated Simmtech on its rapid growth and praised its confidence in Penang’s ecosystem. He noted that the new facility will double Sustio’s high-density interconnection (HDI) manufacturing capacity, positioning the company to meet future demand in AI, smart devices, and advanced electronics.

Chow reaffirmed the state government’s commitment to supporting high-tech industries, through enhanced infrastructure, improved utilities, and talent development initiatives. “Your continued investment underscores Batu Kawan’s emergence as a premier destination for advanced electronics manufacturing,” he said.

The opening ceremony was attended by South Korean Ambassador to Malaysia Yeo Seung-bae, MIDA Penang director Muhammad Ghaddaffi Sardar Mohamed, InvestPenang CEO Datuk Loo Lee Lian, Simmtech chairman Simon Chun, and MSIA president Datuk Seri Wong Siew Hai.

With this expansion, Simmtech continues to elevate Penang’s position as a regional technology powerhouse — often referred to as the “Silicon Valley of the East.”

Prime Minister Datuk Seri Anwar Ibrahim has called for a shift in urban development priorities, stressing that government projects must focus on uplifting the general population, not just serving luxury interests.

Speaking at the groundbreaking ceremony of the Rumah Belia Madani and affordable housing project in Kuala Lumpur, Anwar said development must be people-centric and benefit those most in need. He directed the Housing and Local Government Ministry to provide monthly updates on all major development projects, with special emphasis on affordable housing.

“Development is not about iconic towers or luxury projects. It’s about how much it uplifts the people, especially the underprivileged,” Anwar said.

He highlighted the need for city mayors and local councils to operate with integrity and efficiency, particularly when it comes to approving development proposals. “Mayors and local councils must explain approval processes from time to time, ensuring they are quick and efficient,” he added.

Anwar emphasised that the government’s people-first development policy, introduced in 2022, must now deliver visible outcomes. He criticised planning trends that overlook the daily realities of most Malaysians, noting that over 80% of urban residents rely on modest homes and affordable eateries—yet these are often neglected.

“If most people eat at food stalls, why are these places often rundown? Clean and functional facilities should be the standard,” he remarked.

He also stressed the urgent need for more affordable housing in high-cost urban areas, pointing out that while the wealthy can afford million-ringgit homes, the government has a duty to ensure liveable, dignified housing for the rest.

“There must be a clear policy among leaders and civil servants to prioritise affordable housing. Without it, development approvals will only enrich the wealthy and marginalise the poor,” he said.

Anwar concluded by urging elected representatives to stay connected to the people’s struggles. “Go back to your constituencies. Observe the conditions of schools, mosques, and homes. Understand the people’s burdens,” he said.

Pekatra Indah is an exciting new residential development located in the rapidly growing area of Simpang Ampat, Penang. Designed to cater to modern families seeking comfort, functionality, and affordability.

Prime Location with Easy Highway Access

• Alma, Bukit Mertajam – 7km
• Juru Toll Plaza – 12km
• Kulim – 13km
• Nibong Tebal – 15km
• George Town – 27km

This ideal location is surrounded by daily conveniences, education centres, shopping malls, healthcare facilities, and recreational attractions.

Nearby Amenities

• Education: SMK Jit Sin II (3km), GEMS International School (3km)
• Public Facilities: Mountain View Golf Resort (5.4km), North-South Highway (8km), Second Penang Bridge (10km)
• Healthcare: Bukit Mertajam Hospital (3km)
• Shopping: Pearl City Mall (3.5km), Lotus’s Bukit Mertajam (5km), Aeon Bukit Mertajam (7km), Design Village (13km), IKEA (14km)

Functional Home Design

Pekatra Indah features Type A single-storey bungalow with a built-up area of 1,528sf. It comes with:

• Land size 4000 sq ft
• Individual Title
• 3 Bedrooms & 3 Bathrooms
• Spacious living room
• Open layout concept
• Duo Master Bedroom*
• Dining & Kitchen with private garden view
• Private Garden for catering to a variety of preferences and lifestyles.
• Park up to 4 cars
• Prices start from RM6xxK*

The layout is designed for both growing families and investors looking for a valuable asset in a high-potential location.

Construction Progress

Construction works at Pekatra Indah have now entered Phase 2, continuing the success of Phase 1. The homes in the first phase have been fully completed, and the focus has now shifted to the development of the second phase to meet the growing demand.

Whether you’re a first-time homebuyer or seeking a strategic property investment in Southern Penang, Pekatra Indah offers a rare combination of affordability, accessibility, and lifestyle potential.

Contact OIB Group via whatsapp http://www.wasap.my/60124010246/Pekatra_Indah_Bungalow or visit https://oibgroup.com

Project Name : Taman Pekatra Indah (Phase 2)
Location : Seberang Prai Selatan, Pulau Pinang
Property Type : Single Storey Bungalow
Tenure: Leasehold
Land Area: from 4,000sf
Built-up Size: from 1,510sf
Total Units : 90
Indicative Price : (to be confirmed)
Developer : Robert Fullerton Realty (Tasek) Sdn Bhd