MIDF Research has placed a positive outlook on Mah Sing Group Bhd following the final approval given to the Penang South Islands (PSI) project by federal environmental regulators.

The research house yesterday maintained its “buy” call on the property development group, with a target price of 75 sen.

“We remain positive on Mah Sing as its strategy of quick turnaround and targeting first-time homebuyers will support new sales outlook,” said MIDF in its report yesterday.

Contributing to MIDF’s optimistic recommendation is Mah Sing’s Southbay project, which is located at the southern end of Penang island and stands to benefit from the upcoming PSI project, particularly the development of the Green Tech Park on Island A.

Southbay currently has 21 acres of remaining land, with a development period of eight to ten years. Its land parcels are earmarked for residential and commercial development.

“We gather that Mah Sing may revise the planning as necessary to mid to high-end residential development that is expected to complement the Green Tech Park,” the report suggested.

It also estimated that Southbay’s current gross development value (GDV) of RM1.4 billion will increase further following the potential revision of the project’s development plan, which will positively impact Mah Sing’s long-term earnings.

In light of this projection, MIDF has maintained Mah Sing’s earnings forecast for the 2023, 2024 and 2025 financial years.

“Overall, we are positive on earnings outlook for Mah Sing due to stable new sales outlook,” concluded MIDF.

Yesterday, Penang chief minister Chow Kon Yeow announced that the natural resources, environment and climate change ministry has granted the PSI project approval, which was attached with 71 conditions under an elaborate environmental management plan.

The project would involve the development of three artificial islands with an area of approximately 1,700 hectares in the waters of Permatang Damar Laut, near Bayan Lapas.

Reclamation works are expected to start in the third quarter of this year.

Source: FreeMalaysiaToday.com

The once upon a time buzzing Island Plaza in Tanjong Tokong is set to take the limelight once again after a Hong Kong businessman snapped up the iconic landmark and has vowed to make the place great again!

It will be renamed ‘Island 88’.

Since the emergence of new shopping malls in the state offered stiff competition with one another, Island Plaza was neglected despite being in the prime Tanjong Tokong area.

All is not lost though as the building is expected to go through redevelopment, re-design and major revamping on the road to becoming a preferred destination filled with exciting and fun activities once again.

Chief Minister Chow Kon Yeow said back in the late 1990s, Island Plaza was a hub of commerce, entertainment, and social interaction.

“It was, at the time, one of the major shopping complexes in Penang, after Komtar.

“But as we all know, competition from other malls which emerged later took its toll on this grand structure that used to be Penang’s most glamorous shopping mall decades ago.

“All is not lost though, and with the new management taking over, it’s time to give it a much-needed new lease of life.

“The rebirth of Island Plaza into what shall be known as Island 88 is a testament to our commitment to preserving Penang’s heritage while embracing modernity and progress.

“This would not have been possible without the commitment of Paul Law and Philip Law from the management (Hong Kong), as well as their team’s tireless efforts and dedication to ensure that this project is kickstarted with the highest standards of quality and safety.

“Your unwavering dedication towards your vision of what Island 88 should be is similar to the values that make Penang a great place,” Chow said in his speech during the groundbreaking ceremony of the new project at Island Plaza in Tanjong Tokong yesterday.

The refurbished Island 88 will be a sight to behold, a modern, state-of-the-art facility that will provide our people with world-class shopping, dining, and entertainment options.

“It will be a source of pride for Penang, a reflection of our unwavering commitment to progress, and a clear indication of our resilience in the face of adversity,” Chow added.

Source: Buletin Mutiara

The Environmental Impact Assessment (EIA) report of the Penang South Islands (PSI) project has received conditional approval from the Department of Environment (DoE) under the Ministry of Natural Resources, Environment and Climate Change.

Chief Minister Chow Kon Yeow said the approval includes 71 conditions to be complied with.

“The Penang State Secretary received a letter on April 11 informing the state government of the EIA approval.

“The 71 conditions include the implementation of the Social Impact Management Plan (SIMP) and the Ecology Offset Master Plan (PEOM).

“Following the EIA approval, the Penang government through its project delivery partner (PDP) for the PSI project is now in the process of applying for the Environmental Management Plan (EMP) approval from the DoE.

“The EMP report contains the plans to comply with the conditions of the EIA approval,” Chow told a media conference at his office in Komtar yesterday.

Chow said the approved EIA was for the entire PSI project, involving the reclamation of three islands – Islands A, B and C.

The tri-islands (Islands A, B and C) will be located at the south-end of the Penang island, measuring a total of 4,500 acres in land size. Island A will be 2,300 acres in size, Island B will be 1,400 acres and Island C will be 800 acres.

“Land reclamation works will only start after the PSI project receives the EMP approval from the DoE. It will begin with Island A.

“A portion of the 2,300-acre Island A has been designated as a Green Tech Park to fulfil the needs of the industry.

“Land reclamation works are scheduled to begin in the third quarter of this year,” he said.

Chow was quoted that Penang would become an even more well-rounded regional industrial hub with the realisation of the Green Tech Park on Island A.

He had said that the state was looking at niche upstream value chain activities, including product research, as well as design and development investments for the Green Tech Park.

“Such investments would emphasise creating top-notched working environments which would, in turn, attract talents,” he added.

Separately, after the media conference, Chow said the Penang government recognised that the climate change crisis is real.

“We must be ready for a new paradigm shift and look at how roads, towns or mitigation works are planned and implemented.

“The government and professional bodies must recognise the threat of climate change,” he said.

Chow spoke about the collective effort of addressing the long-term effect of climate change and its impact on public health via the Penang Nature-Based Climate Adaptation Programme (PNBCap).

PNBCap is a multilateral initiative to enhance urban resilience and reduce human and ecosystem vulnerability to climate change impacts and extreme weather events through the implementation of nature-based solutions.

Source: Buletin Mutiara

Proposed mixed development by Metrio Jaya Development Sdn. Bhd. (Metrio Group) near Batu Kawan. This is part of Metrio Group’s 35.3-acre mixed development projects along Jalan Batu Kawan, the proposed serviced residence is situated next to Vortex Business Park. It is conveniently situated just a few minutes’ drive away from Bukit Tambun Toll Plaza, as well as less than a 10-minute drive to BKIP.

The first plot of land in this development is earmarked for the construction of a 28-storey serviced apartment, which will consist of 398 residential units and an 8-level car parking podium. The other two plots of land are currently planned for future development.

This project is still pending approval. More will be made available upon official launch.

Project Name: (to be confirmed)
Location: Batu Kawan
Property Type: Mixed development
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units: 398 (serviced residence)
Indicative Price: (to be confirmed)
Developer: Metrio Jaya Development 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.

A reasonable cement price will be offered to housing developers who develop affordable housing under the RM300,000 category, Prime Minister Datuk Seri Anwar Ibrahim said.

“This will benefit the B40 and the M40 groups as it will see a maximum reduction of RM5,000 in the house price depending on the type and the price of the house,” he told a press conference last week.

He said the government in collaboration with the Malaysian Cement and Concrete Association (C&CA) and private housing developers will offer the cement price at a reasonable rate for the benefit of affordable housing developers.

Taking into account the reduction in the cement price compared to the market price, Anwar said it involved a total of RM120 million in private incentive given by cement suppliers to home buyers through housing developers.

“This private incentive is adequate for the construction of up to 24,000 units of affordable houses,” he said, adding that the incentive was also part of the Unity Government’s aspiration to provide affordable housing for the people.

Source: Bernama