As of December 2022, the number of unsold completed residential properties has decreased to 27,746 units, worth RM18.41 billion, compared to 36,863 units worth RM22.79 billion at the end of 2021. Deputy Finance Minister Ahmad Maslan revealed that Johor has the highest number and value of unsold properties, with 5,258 units worth RM4.33 billion, followed by Selangor (3,698 units: RM2.74 billion) and Penang (3,593 units: RM2.74 billion).

According to Ahmad, residential properties priced between RM500,000 and RM1 million account for the highest number of unsold units, with 9,323 units valued at RM6.29 billion or 33.6% of the total unsold completed units. Unsold completed residential properties priced below RM300,000 stood at 6,509 units worth RM1.34 billion, while those priced between RM300,000 and RM500,000 stood at 8,128 units valued at RM3.29 billion.

Ahmad cited a report by the National Property Information Centre that showed many affordable homes, specifically those priced below RM300,000, are still available.

He added that the large number of unsold completed units can be attributed to the people’s low ability to purchase houses and the unpopular location of available units. Melaka is the only state that matches the ratio of affordable homes with the purchasing ability of buyers, according to Ahmad, who suggested that housing developers assess the people’s affordability in a particular state before embarking on housing projects.

Penang Development Corporation (PDC) is calling for a Request for Concept and Quotation for the Linear Waterfront Development in Bayan Lepas. It is seeking companies, consultants registered with a Professional Board, or consortiums of consultants, whether local or international, to participate in the tender. The project is aimed at creating a new development site to complement the Bayan Lepas industrial area, promising a substantial economic impact on the region.

The Linear Waterfront Development involves the reclamation and develops a 150-acre area off Free Industrial Zone (FIZ), stretching from Queensbay Mall roundabout towards Penang 2nd Bridge. This will be the longest sea-facing promenade in Penang, estimated to be about 8km long, for people to jog, exercise and cycle. The area will also be equipped with comprehensive infrastructures and facilities, as well as mixed-development projects

Interested parties can now obtain the tender documents from PDC’s Physical Planning and Land Development Division between 8:30 am and 4:30 pm until 2 June 2023. The documents can also be obtained via email after confirming registration with PDC. The deadline for submitting proposals is noon on 7 June 2023.

Residensi Pauh Armani is a condominium development project by Golden Village Properties Sdn. Bhd. at Permatang Pauh. Located adjacent to Residensi Pauh Harmoni and Residensi Permatang Pauh affordable housing projects, both are situated near Jalan Permatang Pauh. It is just a stone’s throw away from Butterworth-Kulim Expressway interchange, only a 3km drive to Sunway Carnival Mall and about 5 minutes to Butterworth town center.

This development will see the construction of a 13-storey residential building, housing 198 condominium units. Each unit will consist of 4 bedrooms, a minimum built-up size of 1,040 sq.ft., and will boast a tri-key concept.

Project Name : Residensi Pauh Armani
Location : Permatang Pauh
Property Type : Condominium
Built-up Size: 1,040sq.ft. onwards
Total Units: 198
Land Tenure: Freehold
Indicative Price: RM486,000 onwards
Developer : Golden Village Properties Sdn. Bhd.

My EG Services Bhd’s sub-subsidiary MY EG Lodging Sdn Bhd has secured a tender from Penang Development Corp for the setting up of a workers village and related facilities at Batu Kawan Industrial Park 3 in Seberang Perai Selatan, Penang.

In a filing with Bursa Malaysia, the group said the project is for MY EG Lodging to lease a land measuring 8.39 acres at a value of RM20.39mil for 30 years to build and operate the workers village and related facilities at its own cost.

The workers village, which is estimated to accommodate 7,500 foreign workers, will comply with Jabatan Tenaga Kerja Semenanjung Malaysia guidelines and will be certified with GreenRE.

The group said the project is expected to contribute positively to the group’s earnings per shares and net assets per share upon commencement of operations.

Source: TheStar.com.my

Proposed luxury development by Unicorn Solute Sdn. Bhd. in heart of George Town. It will be built on approximately 3.4 acres of land, located at the intersection of Lebuhraya Pykett and Jalan Westlands, directly across from the Penang Campus of Methodist College Kuala Lumpur (MCKL). The development is conveniently located within a 5-minute walking distance to Penang Plaza and less than a 5-minute drive from KOMTAR.

Back in 2009, the land parcel was under the ownership of Mah Sing Group and had been designated for the development of a high-end condominium. However, they sold the land last year. Now, Unicorn Solute Sdn. Bhd. has put forward a new proposal for the site, which involves constructing a 44-storey condominium with an 8-level car parking podium. The project will comprise of two towers, with a total of 596 condominium units, and facilities will be located on levels 9 and 10.

The project is still pending approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : George Town
Property Type : Condominium
Tenure : Freehold
Land Area: 3.38 acres
Built-up Area: (to be confirmed)
Total Units : 596
Indicative Price: (to be confirmed)
Developer : Unicorn Solute 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.