Malaysia’s property market is on the road to recovery, as evidenced by improved volume and value in property transactions last year, says housing and local government minister Nga Kor Ming.

In his keynote address for the Real Estate and Housing Developers’ Association Malaysia’s (Rehda) Regional Housing Conference 2024, Nga said Malaysia witnessed 399,000 property transactions worth around RM200 billion in 2023, a 2.5% growth in volume and 9.9% in ringgit value.

He was quoted by Bernama as saying that since the Madani government took office, the number of completed but unsold properties, commonly referred to as an overhang, has decreased by over 40% with a drop from 37,066 units to less than 24,000 units.

“We expect steady performance in the property market in 2024. This will help boost our gross domestic product (GDP),” he said, adding that property stocks have appreciated, some by more than 600% in the last 12 months.

The minister also said Malaysia had become a magnet for expatriates, with the number of working permits issued by the immigration department to highly skilled foreigners rising to 154,115 in 2023 against 110,819 in 2022.

He said this 40% rise suggested that the influx of foreign direct investments had created more high-skilled job opportunities.

Source: FMT Online

Avion, a serviced residence development by Rackson Group at Bayan Lepas. Part of its maiden Penang Gateway project located just across Jalan Sultan Azlan Shah from Penang International Airport. There will be a link bridge connecting to the proposed Light Rail Transit (LRT) station at Penang International Airport and the airport’s future expansion.

This development will involve the construction of a 36-storey commercial building, comprising a total of 608 serviced suites with an 8-level car parking podium. The serviced suites range in size from single-bedroom units at 488 sq.ft. to 3-bedroom units of up to 1,328 sq.ft. Additionally, the same building will house the Le Méridien hotel.

Project Name : Avion
Location : Bayan Lepas
Property Type : Serviced residence
Total Units: 608
Built-up Area: 488 sq.ft. – 1,328 sq.ft.
Indicative Price: RM342,000 onwards
Developer : Rackson Group

The upcoming SJKC Kuang Yu is poised to embrace the Industrial Revolution 4.0 (IR4.0) concept upon the completion of its construction.

Bukit Tambun assemblyman Goh Choon Aik, who is also the school’s executive adviser, said the two-storey building would be designed with an IR4.0 concept, as the school operates within an Industry 4.0 ecosystem in Batu Kawan.

“The school is anticipated to attract many residing in the vicinity of the Penang Science Park and the Bukit Minyak Industrial Park.

“The facilities may differ from traditional schools, focusing on science, technology, and artificial intelligence (AI), adopting a smart school setup,” he told reporters after attending the groundbreaking ceremony of the school in Batu Kawan on Saturday.

Choon Aik said the establishment of this SJKC is essential.

“This is because, in this area, we already have SK Batu Kawan, SJKT Batu Kawan, SMK Batu Kawan, and two universities – UOW Malaysia KDU Penang University College and The Ship Campus.

“There is a gap in having an SJKC here. The relocation of SJKC Kuang Yu is timely,” he added.

The relocation of the 89-year-old SJKC Kuang Yu from Kuala Muda to Batu Kawan has been challenging.

Choon Aik said the cost to build the new school was RM22 million.

“A total of about RM15 million has been raised so far.

“SJKC Kuang Yu will continue its effort to raise funds for the establishment of the school.

“We look forward to the school being ready for classes by early 2027,” Choon Aik said.

Chief Minister Chow Kon Yeow said the SJKC Kuang Yu, now located in Penaga, has only 27 pupils.

“Therefore a decision was made a few years back to relocate the school.

“The Penang government and Penang Development Corporation (PDC) offered a six-acre land, designated for education purposes, for the relocation of the school from Penaga to Batu Kawan.

“The school committee is raising funds to construct the new school in Batu Kawan and it is expected to take two years to complete the building. This marks the beginning of a new ecosystem to continue the school’s role,” Chow said.

Choon Aik stated that upon the successful relocation of the school to Batu Kawan, both the land and the school building in Penaga would be returned to the Penang government.

On student enrollment, Choon Aik said that Batu Kawan, when fully developed by PDC, would have approximately 30,000 housing units.

“If we estimate that 10% of residents choose to enrol their children in SJKC Kuang Yu, we could potentially accommodate around 3,000 pupils,” he said.

After the groundbreaking ceremony, Eco Horizon Sdn Bhd also contributed RM500,000 in support of the development of SJKC Kuang Yu in Batu Kawan.

EcoWorld (northern region) general manager Datuk Chan Soo How presented a mock cheque to the school’s Board of Directors chairman Datuk Goh Kim Heong after the event.

The presentation was witnessed by Chow and Choon Aik.

Source: Buletin Mutiara

Two hundred and seventy housing applicants were overjoyed on Thursday after receiving offer letters granting them ownership of an affordable housing unit at the Foreshore Apartment in George Town.

The project, initiated by Tah Wah Group, consists of 321 units, each measuring 700sq ft, located in the heart of the city.

State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu shared the joy with the buyers as they were able to purchase the unit at the price of RM72,500.

“I believe this is the best ever gift for all of you here, as this Type B affordable housing unit is situated in a prime area, overlooking the city.

“This location is considered strategic, especially with the planned construction of an LRT station nearby. Hence, it is really a good buy for all of you.

“The developers have indeed incurred losses in constructing these units. Nevertheless, they have committed to this endeavour for the betterment of Penangites.

“As a state government, we pledge to ensure sufficient affordable housing units for Penangites in the future,” he said before handing over the offer letters to the recipients at Jalan C.Y. Choy.

According to Sundarajoo, the project is scheduled to be completed by mid-2027.

“We hope that those who have yet to apply for affordable housing units to do so by updating their records in the state Housing Information System.

“The system requires regular updates to ensure eligible applicants can promptly learn about their status,” he said, adding that a total of 2,765 applicants were approved by his office.

Meanwhile, Sundarajoo said trees, especially along Scotland Road and Macalister Road, are regularly pruned by both local authorities.

“This effort is to ensure the trees are well maintained to prevent incidents like the recent fallen trees in Kuala Lumpur,” he said.

Among those present during the ceremony were state Housing Board general manager Ainul Fadhilah Samsudi, Pengkalan Kota assemblyman Wong Yuee Harng, and Tah Wah Group managing director Datuk Hong Yeam Wah.

Source: Buletin Mutiara

Proposed hotel and residences development by Macrovest Sdn. Bhd. (VST Group) along the iconic and sea-facing promenade of Gurney Drive. Strategically located on the reclaimed land directly opposite Gurney Plaza, overlooking newly opened Gurney Bay, a seafront public recreational space including a skate park and retail areas,

This development encompasses a 69-storey condominium, set to become the tallest residential tower in Penang, housing 498 units and accompanied by a 10-level car parking podium. Alongside, a 28-storey hotel with 7-level car parking podium, featuring 217 rooms and suites, each boasting the renowned Heavenly® Bed.

More details of the project will be available upon official launch.

Project Name : Westin Hotel & Residences
Location : Gurney Drive
Property Type : Hotel and residences
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 498 (condo)
Indicative Price : (to be confirmed)
Developer : Macrovest Sdn. Bhd. (VST Group)

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.