Penang Retirement Resort is thrilled to announce its grand opening, marking a new era of luxurious retirement living in the heart of Malaysia. Situated amidst the serene landscapes of Penang, the resort offers a comprehensive range of living options to cater to the diverse needs of retirees, including independent living and assisted living, coupled with an array of world-class amenities.

Residents of Penang Retirement Resort have the freedom to choose between fully furnished apartments, where they can enjoy spacious and elegantly designed residences, or assisted living units, which provide additional support and 24-hour nursing care tailored to individual needs. Both options ensure residents can embrace their retirement years with comfort, security, and independence.

The resort boasts a multitude of facilities designed to enhance residents’ well-being and enjoyment of life. From the state-of-the-art physio studio for rehabilitation and wellness to the karaoke room for lively entertainment, residents can indulge in a variety of activities tailored to their interests. Additionally, the fully equipped gymnasium, salon, and spa offer opportunities for relaxation and rejuvenation, while the wellness centre promotes holistic health and vitality.

For those seeking social engagement, the recreation room, equipped with a variety of games, and Horseshoe Bistro offer vibrant spaces where residents can come together to enjoy delightful meals, engage in friendly competition, and forge lasting bonds in a warm and inviting atmosphere. With 24-hour security and concierge services available, residents can rest assured that their needs are met around the clock, ensuring peace of mind and a sense of security in Penang Retirement Resort.

“At Penang Retirement Resort, we are committed to providing retirees with a vibrant and fulfilling lifestyle, supported by unparalleled amenities and personalised care,” said Ms. Ooi, the General Manager. “Our resort is designed to be more than just a place to live; it’s a community where residents can thrive and enjoy every moment of their retirement.”

A new residential development proposed by Kay Pride Sdn. Bhd., a subsidiary of S P Setia, in Jelutong. The development is situated off Lorong Slim, adjacent to Setia Sky Ville, which was completed in 2021. Located only a short drive away from high schools such as Heng Ee Secondary School, Penang Free School, and Han Chiang College.

This project will feature a 43-storey condominium, which will house 268 residential units and 6 levels of car parking podium. The development will also include recreational facilities located on level 1, 8, and the rooftop.

The project is still in its planning stage and more details will be available upon official launch.

Project Name : (to be confirmed)
Location : Jelutong
Property Type : Condominium
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 268
Indicative Price : (to be confirmed)
Developer : Key Pride 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 Penang government plans to gazette as a “green lung” a piece of illegally reclaimed land in the seaside town of Tanjung Bungah, state executive councillor Zairil Khir Johari said yesterday.

“The illegally reclaimed land does not belong to any private party. It’s state land and the government plans to gazette it as a green lung,” he told FMT after residents complained about the state government’s failure to build a coastal park promised in 2018.

The Tanjung Bungah Residents’ Association (TBRA) had said earlier today that a five-storey wellness centre was being built on the reclaimed land in exchange for the developer bearing the cost of creating the park.

However, Zairil, who is the assemblyman for Tanjung Bungah, said the proposed wellness centre was on privately-owned land. The developer had been required to build a public park before being allowed to proceed with the project, he said.

“Residents get a coastal park and as for the state, we don’t need to spend (money). But the condition imposed is clear and the park has to come first,” he said.

Zairil said no development was taking place on the reclaimed land.

“The developer owns a small piece of land adjacent to the One Tanjong development, which is not part of the reclaimed land. That is a land to which they have rights,” he said.

Last month, TBRA president Zulfikar Abdul Aziz had staged a protest to urge the state government to fulfil its promise to build a public park at Tingkat Laut 1.

He said the chief minister then, Lim Guan Eng, had announced in April 2018 that the state government would build a 9,000 square meter green park, a boardwalk and an open concrete stage there but the promise had remained unfulfilled after five years.

Source: FMT Online

Malaysia’s central bank will keep its key interest rate unchanged at 2.75% for a third consecutive meeting next Wednesday (May 3) and for the rest of this year and next as inflation has cooled faster than expected, a Reuters poll of economists found.

After reaching a peak of 4.7% in August, inflation dropped to a nine-month low of 3.4% last month, approaching the top of the central bank’s target range of 2%-3%. That provides space to assess the impact of four consecutive rate hikes in 2022.

Over 80% of economists, 21 of 25, in the April 24-27 Reuters poll expected Bank Negara Malaysia (BNM) to keep the overnight policy rate unchanged at 2.75% at its May 3 meeting. The remaining four forecast a 25 basis point rise.

“Malaysia’s moderating inflation path, as seen from the slowdown in both headline and core inflation for March, should be a relief to policymakers, even though inflation remains elevated vs. history,” wrote Chua Han Teng, economist at DBS.

“We expect Malaysia’s economic growth to slow in 2023 amid global external headwinds, and therefore BNM, being cognizant of downside risks, would also aim to keep the monetary policy stance supportive of growth.”

Malaysia’s economic growth rate was expected to more than halve to 4.0% this year from 8.7% in 2022 and was projected to recover only marginally to 4.6% next year, according to a separate Reuters poll. That may discourage the central bank from implementing further rate hikes.

While the median forecast showed rates would remain unchanged at 2.75% until at least the end of 2024, a significant minority — nine of 22 economists — predicted at least one more hike this year.

“Backed by sticky core inflationary pressures, still positive domestic growth momentum and domestic financial stability, we continue to see room for Bank Negara Malaysia to further normalise its monetary policy back to pre-pandemic level,” noted Julia Goh, senior economist at UOB.

Source: TheEdgeMarkets.com

Developers in Penang will delay some new residential projects in the state this year as labour and materials costs continue to rise.

Real Estate and Housing Developers’ Association (Rehda) Penang branch chairman Khoo Teck Chong said the number of new launches this year could be up to 60 per cent lower than in 2019.

He said the pace of new launches in the last two years had already been slower due to the pandemic, but buyers have remained cautious even as Malaysia was transitioning out of the pandemic.

“Not many developers are keen to launch new projects now especially with rising labour costs and material costs,” he said in an interview with Malay Mail.

He added that property developments have already slowed even further since early this year.

He said labour and material costs have increased by almost 30 per cent since the pandemic, affecting many developers.

He said there was now a lot of uncertainty in the housing sector and many developers felt the market would not be able to handle more property launches.

Developers will be monitoring the industry, especially the labour and materials costs, and adjust their plans accordingly, Khoo said.

“We hope that the prices of materials will stabilise by the third quarter of this year and maybe after that, developers will consider launching new projects that have been put on hold,” he said.

According to statistics from the National Property Information Centre (NAPIC), Penang topped the list in new residential launches with 2,560 units as at the third quarter of 2022.

However, Penang also had the second-highest number of overhang or unsold residential properties of 5,222 units valued at RM3.48 billion in the same period.

About 55 per cent of the overhang residential units in Penang were those priced below RM500,000; 30 per cent were properties priced between RM500,001 and RM1 million; while the rest were properties priced above RM1 million.

In 2021, Penang’s residential unit overhang was 5,493 homes.

Khoo said the slowdown in new property launches may affect the supply of affordable housing in the state.

“Rehda has proposed that the state government take over the construction of low cost and low medium cost housing instead of expecting the private sector to build it as part of its contribution,” he said.

He said developers would make the required contributions to the state for the state to build low cost and low medium cost housing.

“It is most ideal to build low cost and low medium cost housing this way, the state identifies a suitable location, the private sector makes the necessary contributions and the state can build using the contributions and allocate it to those eligible,” he said.

Napic statistics showed that out of the 5,222 unsold residential units, a total 1,121 units (21.5 per cent) were affordable housing units priced below RM300,000.

Khoo said affordable housing units should be built only in locations that are in high demand instead of being built in unsuitable locations.

“The state needs to identify where affordable housing is needed and build it in those locations so that there will be higher uptake,” he said.

Source: MalayMail.com