Property News


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

SITE PROGRESS: Queens Residences (Aug 2020)

About Queens Residences Luxury waterfront development by Ideal Property Group at Bayan Bay with gross development value (GDV) of RM600mil. This development is located in front of BayStar Condominium, just stone’s throw away from Queensbay Mall. Find out more about Queens Residences Register your interest here ... Read More

MPPP introduced ‘Early Commencement Work’ Initiative

The Penang Island City Council (MBPP) has announced its ‘Early Commencement Work’ initiative for the construction industry involving residential and commercial sectors. MBPP mayor Datuk Yew Tung Seang said the initiative was to stimulate the local economy which has been affected due to the Covid-19 pandemic. “The residential projects consist of ... Read More

Long-awaited Residential Tenancy Act to be tabled next year

The government is expected to table the much-anticipated Residential Tenancy Act next year to monitor the rental market and protect tenants and house owners. Deputy Housing and Local Government Minister Ismail Muttalib said currently, the rental market is not monitored by any particular agency. Instead, it is determined according to ... Read More