The Penang government has called off the sale of a plot of industrial land in Batu Kawan to a private company, following a change in shareholding in the purchaser’s company.

State agency Penang Development Corporation (PDC) said it has since given Umech Land Sdn Bhd a three-month notice, following a board meeting yesterday.

“The change of majority stake in Umech Land Sdn Bhd, to an extent the controlling stake, without PDC’s prior approval is a serious issue that the PDC board is unable to accept,” it said in a statement.

The land sale became controversial following claims it was sold below market rate, with the company later being acquired by a major property developer.

PDC said it would now open up the land to be developed through a request for proposal (RFP) for the Batu Kawan Industrial Park 2 project, which would be advertised soon.

It also reiterated that the earlier land deal with Umech was above board, with its cash contribution and payment schedule evaluated as transparent as per PDC’s policies.

“The board also took note that the collaboration was feasible and would have a positive impact on PDC’s cash flow,” it said.

The controversy arose when the Penang Chinese Chamber of Commerce (PCCC) said the plot was sold below market value to Umech Construction Sdn Bhd. It also found the directly negotiated deal to be unacceptable.

PCCC also alleged that a property developer had taken control of Umech and is now offering to lease out parcels of the land at high rates.

Chief minister Chow Kon Yeow has since defended the deal, saying the land had to be sold through direct negotiations, since there were no interested parties and it was a piece of raw land next to a landfill.

He said the directly negotiated deal was nothing new, with other parcels of Batu Kawan land having been given up this way too previously.

It was also reported that on Sept 27, Sunway Bhd announced that Umech Land had inked a joint development agreement with PDC to co-develop a 558.96-acre (226.20ha) land in Batu Kawan into an industrial park with a gross development value of around RM3.5 billion.

Source: FreeMalaysiaToday.com

About Iconic Regency

A mixed development by Iconic Development Sdn. Bhd. at Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, next to SK Sungai Nibong. It is only 10 minutes walk to two future LRT Stations – Sungai Nibong & Pesta Stations. Featuring a 42-storey serviced suites with 268 fully furnished residential units.

Find out more about Iconic Regency

Taman Damai Harmoni, a small landed housing development by General Supreme Sdn. Bhd. (a subsidiary of Airmas Group) in Bukit Mertajam. Strategically located near Jalan Betek, diagonally opposite Harmoni Residensi gated and guarded community by the same company. With direct access to the ever-bustling Jalan Song Ban Kheng, an abundance of essential amenities are easily accessible within a mere minutes’ drive, which includes public schools, banks, markets, popular eateries and others.

This development comprises 26 units of 2-storey terrace and 4 units of bungalow houses.

The project is in planning stage, more details to be available upon official launch.

Project Name: Taman Damai Harmoni
Location : Bukit Mertajam
Property Type : Residential
Total Units: 26 (terrace), 4 (bungalow)
Built-up Size: 1,655 sq.ft. (terrace), 2,830 sq.ft. (bungalow)
Land Tenure : Freehold
Indicative Price : RM1,800,000 (bungalow), RM928,000 (terrace)
Developer: General Supreme Sdn. Bhd.

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.

The Real Estate And Housing Developers’ Association Malaysia (Rehda) expressed concern over the government’s plan to introduce a 4% flat rate for the stamp duty on memorandum of transfers (MOT) on purchases by foreign individuals and companies in Budget 2024, presented by Prime Minister and Minister of Finance Datuk Seri Anwar Ibrahim on Friday.

In the press statement, Rehda president Datuk NK Tong said the move may discourage homeownership and Malaysia My Second Home (MM2H) application for those looking to migrate to Malaysia.

Nonetheless, Tong welcomes the announcement to loosen requirements for the MM2H programme. He said: “We look forward to receiving more information about these requirements, and as one of the stakeholders, Rehda hopes to be included in engagements and discussions pertaining to MM2H.”
Meanwhile, he is wary of the decision to increase the service tax to 8% from 6% on selected industries and sectors, explaining that as a player of an industry that is still finding its post-Covid footing and struggling with increased development costs, he fears that this will directly or indirectly impact the livelihood and income of many stakeholders across multiple industries.

Commenting on the overall Budget 2024, Tong said that the concept of Madani continues to take centre stage in the development of the nation, which is reflected in the latest budget.

“Rehda continues to support the government’s Madani concept, as we have done for the past four decades, through cross-subsidising affordable housing for state governments in one form or another. For the housing industry, the various allocations for the B40 are much needed, [and] will allow more Malaysians to own homes, including RM546 million towards Program Perumahan Rakyat in Johor; RM358 million towards the development of 3,500 residential units under 14 Program Rumah Mesra Rakyat; and RM460 million towards the extremely underprivileged in rural areas to build or repair their homes,” he noted.

He added that the increase in the Housing Credit Guarantee Scheme of up to RM10 billion to benefit 40,000 borrowers is also much-welcomed news, which Rehda hopes will help increase homeownership amongst gig economy workers and those without a monthly income statement.

On the other hand, the association views with cautious optimism the announcement to reduce the majority consent for en-bloc sale from 100% to a level consistent with Singapore’s, which stands at 80% to 90%.

“This will better reflect the equity and voice of the people living in strata-titled properties. As Rehda and other stakeholders await more details on the announcement, we believe that should this come into fruition, it will lead towards a reformed urban regeneration landscape that will finally see Malaysia on par with other global nations in terms of urban sustainability,” he noted.

Source: TheEdgeMalaysia.com

Micron Malaysia yesterday has officially announced the opening of its second state-of-the-art smart manufacturing facility in Batu Kawan Industrial Park (BKIP).

It is located on the same site as its first plant in BKIP.

Micron Malaysia vice-president and country manager Amarjit Singh Sandhu said this expansion enables Micron Malaysia to boost production output and further strengthen its assembly and test capabilities.

“This expansion also reflects our unwavering dedication to advancing semiconductor development and manufacturing excellence.

“As a result, this will allow us to supply leading-edge NAND (flash memory), PCDRAM (phase-change random access memory) and solid-state drive (SSD) modules to meet the growing demand for transformative technologies such as artificial intelligence and autonomous or electric vehicles.

“The official opening of our new manufacturing facility in Batu Kawan also strengthens Micron’s global manufacturing footprint, enabling us to deliver quality products to our customers on time, with reduced cycle time and at scale,” Amarjit said in his speech before Chief Minister Chow Kon Yeow officiated the new facility today.

The opening ceremony also coincides with Micron’s 45th anniversary this year.

Also present were InvestPenang chief executive officer Datuk Loo Lee Lian, Malaysian Investment Development Authority (Mida) (investment development) deputy chief executive officer Lim Bee Vian and Micron Memory Malaysia director Ramamoorthy Ganapathy Iyer.

Amarjit said Micron previously invested US$1 billion on its facility in Penang and would commit an additional billion, including construction and full equipping of this new facility over the next few years. This expansion aims to increase the factory space to a total of 1.5 million sq ft.

He added that the operations for this new facility will also support Micron’s sustainability aspirations to achieve net-zero emissions by 2050, and zero hazardous waste to landfills by 2030.

Chow said this latest smart manufacturing facility is an expansion of Micron’s site in Batu Kawan reflecting Micron’s confidence in the capability of the state ecosystem to bolster the development of leading-edge technologies.

“Hence, this encourages us to further preserve and strengthen Penang’s semiconductor leadership.

“As Micron marks its 45th anniversary this year, I am pleased to note that we are also celebrating five years of Micron’s presence here in Penang.

“This expansion also underscores Penang’s appeal as a hub for cutting-edge semiconductor manufacturing.

“As we advance in this digital era, where technology plays a central role in economic growth, we eagerly anticipate continued collaboration with industry leaders such as Micron to promote innovation, sustainability, and collective prosperity,” he said.

Chow also thanked Mida and InvestPenang for their concerted efforts in enabling strategic investments that accelerate national competitiveness, attract investments, and create jobs of the future.

He also extended his appreciation to other state agencies for their role in ensuring business continuity and seamless operations in Penang.

Chow also congratulated Micron on this remarkable achievement and looked forward to a continued partnership with the company as the state strives to be an inspiration for the nation, fostering innovation, sustainability, and shared prosperity.

Source: Buletin Mutiara