Property News


Low interest rates one of the key reasons for a surge in demand

Property developer Paramount Corporation Bhd (PCB) remained bullish on the prospects for the second half of the year despite a rocky first half due to the Covid-19 pandemic and the Movement Control Order (MCO). “In a nutshell, for the first six months of the year, it’s a washout. But the ... Read More

SITE PROGRESS: QuayWest Residence (Sep 2020)

About QuayWest Residence Luxury residential development located next to Penang World City in Bayan Mutiara, Penang. This development comprises 1,235 condominium units in two 24-storey towers. Tower A offers 669 units with built-ups from 1,246 to 3,222 sq ft. Tower B comprises 566 units of various types, 253 units of which ... Read More

20 Most Active Projects in Penang (Jan – Aug 2020)

With the lifting of CMCO in early June, Google Search Trends report indicated that the search interest for property in Penang has rebounded to the pre-crisis level. Our website has recorded close to 1 million pageviews in the past 90 days (after CMCO), showing an increase of 3% traffic compared ... Read More

Pesta Pulau Pinang 2020 cancelled

This year’s Pesta Pulau Pinang has been cancelled due to the COVID-19 pandemic. Penang state financial officer Datuk Sarul Bahiyah Abu said the state executive council meeting had come to this decision on Aug 12. “Based on COVID-19 current developments in Penang, the state executive council has decided that this year’s edition of ... Read More

Tropicana and Marriott International launch Courtyard by Marriott in Penang

The first Courtyard by Marriott in Malaysia, and also the 17th Marriott International brand in the country, has opened its door to the public. The hotel is located at Tropicana 218 Macalister in Penang’s UNESCO World Heritage Site. In a press statement today, the developer of the hotel - Tropicana ... Read More

PSR project slated to start first quarter of next year

The works on the Penang South Reclamation (PSR) project are expected to begin first quarter of next year. Penang Infrastructure Corporation Sdn Bhd (PICSB) chief executive officer Datuk Seri Farizan Darus said the implementation works of Island A would be the first to start. “The scheduled reclamation works will be ... Read More

Convent Light Street will be turned into private international school

Convent Light Street (CLS), the country’s oldest convent school, will be turned into a private international school that teaches the British syllabus. The Sisters of the Holy Infant Jesus (SIJ) order, which runs the convent, said while the new school will retain its identity, it will function as a co-ed ... Read More

BNM seen making final 25bps OPR cut as early as September

Bank Negara Malaysia (BNM) is expected to make one final 25 basis point (bps) cut in the Overnight Policy Rate (OPR) as early as in the central bank’s next Monetary Policy Committee (MPC) meeting on Sept 10, 2020 in anticipation of an arduous economic recovery path ahead, DBS Group said ... Read More

SITE PROGRESS: GEM Residences (Aug 2020)

About GEM Residences GEM Soho, a commercial development by Belleview Group at Prai, Penang. It is part of the company's 6 hectares mixed development along Jalan Baru, diagonally opposite Megamall Penang. Next to it will be the upcoming largest mall in the northern region - GEM Mall, the tenant mix include ... Read More
Delayed housing projects due to MCO

Government seeks alternative ways to overcome property overhang

The Ministry of Housing and Local Government (KPKT) says it will find alternative ways to overcome the property overhang situation other than imposing a vacancy tax for developers who fail to sell their properties. Minister Zuraida Kamaruddin said a decision on the imposition of a vacancy tax on unsold units ... Read More