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PDC makes transformative approach with RM5b strategic plan

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As a pioneering state agency, the Penang Development Corporation (PDC) today unveiled three key measures to stay relevant, enhance competitiveness and boost the state’s overall economic performance.

The three measures include the launching of the PDC 2024 – 2028 Strategic Plan, Sustainability Initiative and GoDIGITAL PDC.

PDC chief executive officer Datuk Aziz Bakar said there are four key thrusts under the strategic plan, namely Land Innovation, Asset Innovation, Business Sustainability and Smart Professional, collectively referred to as LABS.

He added that there are 15 important strategies, representing these thrusts, that will effectively drive several key projects that have been planned, such as the land acquisition proposal, Linear Waterfront, Medi-City, The Coast, GBS@Technoplex, logistic and distribution hubs, among others.

“We are trying to streamline a complete ecosystem. In the pipeline, we plan to build a distribution hub to support the logistics industry near the Penang International Airport, following the Federal Government’s approval for expansion works.

“PDC has vowed to construct four workers’ hostels on the mainland, and once completed, they can potentially accommodate up to 30,000 workers.

“One of the four projects is currently undergoing construction at the Penang Science Park (north), slated for completion in August this year.

“Two more projects are pending construction approval by the authority, and they will be at the Penang Science Park (south) and Batu Kawan Industrial Park 3.

“Meanwhile, the last one has been awarded to a developer to design and build in Bandar Cassia.

“The main objective of these hostels is to support the booming economy in the state, address social issues, and attract more investors,” Aziz said in his speech during the launching ceremony of the initiatives at the PDC in Bayan Baru today.

It was learned that PDC has a proposal to acquire 3,000 acres of land either in the north Seberang Perai district, south Seberang Perai district or the central Seberang Perai district for industrial development purposes.

Relatively, Aziz stated that PDC is expected to spend around RM5 billion in the next seven to eight years on all the projects planned under its purview.

Meanwhile, Chief Minister Chow Kon Yeow, who was present to officiate the ceremony, has called for the management at PDC to work closely with one another to spearhead growth in the short and medium term.

“The private sector is equally competitive in developing industrial parks in Penang, and we have to receive and embrace the fact that they are also keen on attracting investors while creating job opportunities and boosting the state’s social economy.

“Participation by the state and Federal agencies is vital to assist PDC in its goals and objectives to materialise these projects,” Chow said in his speech.

As for sustainable initiatives, Aziz said PDC was proud to be the first state agency in Penang to implement the Environmental, Social and Governance (ESG) and Sustainable Development Goal (SDG) report and framework.

The four main thrusts are: Straightening the Basis of our Governance, Enhancing our Economic Sustainability, Protecting our Natural Ecosystem and Promoting Social Equity and Quality of Life (SEPP).

Earlier, Chow was invited to sign a smart board as PDC announced its GoDIGITAL initiative, featuring the use of digital signatures introduced in January this year.

It was learned that PDC became the first state agency in Penang to introduce this effort, which is aimed at a seamless and convenient workflow for all stakeholders.

Among others present during the event were Penang State Secretary Datuk Rosli Isa, state Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari and state Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu.

Source: Buletin Mutiara

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SITE PROGRESS: Terraces Condominium (Mar 2024)

Property News/ 24 March 2024 No comments

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About Terraces Condominium

A highrise residential development by IJM Land at Bukit Jambul, Penang. Strategically located on 9.32 acres of land next to INTI International College. It comprises a 34-storey condominium tower, featuring 410 residential units with two different design types to choose from.

Find out more about Terraces Condominium

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Groundbreaking of Batu Maung’s new landmark by Jayamas Property Group

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Jayamas Property Group, a prominent player in the Penang property market, marked a significant milestone with the groundbreaking ceremony and signing ceremony of the Ventus & Tradesmen development project in Batu Maung on Thursday. This event signifies an important collaboration between Jayamas Property Group and The Ascott Limited, heralding a new era of profound partnership.

The signing ceremony, held at 10:30 am on the aforementioned day, officially solidified a strategic partnership between Jayamas Pintar Sdn. Bhd. and The Ascott Limited. This collaboration heralds the arrival of a new era in upscale living, combining the renowned hospitality management of The Ascott Limited with the steadfast commitment of Jayamas Property Group.

Following the signing ceremony, Jayamas invited guests to witness the groundbreaking moment. Located in Batu Maung, Ventus & Tradesmen is a mixed development project comprising hotel suites, co-living units, and serviced apartments, totaling 397 meticulously crafted units ranging from 409 sq.ft. to 1,238 sq.ft. Prices for this project range from RM457,000 to RM1.73 million. The hotel suites will be managed by The Ascott Limited, promising to redefine luxury living in Penang.

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DOSH Penang takes steps to ensure safety at construction sites

Property News/ 21 March 2024 No comments

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The Department of Occupational Safety and Health (DOSH) Penang has issued 49 stop-work orders and 11 improvement notices through the Construction Site Operation (OTP), which was carried out at several construction sites statewide between Feb 27 and March 6.

Besides that, they also issued 13 seizure notices, 11 warning letters and 38 compound recommendations for various offences and violations.

“Our team conducted surprise visits to 14 construction sites throughout this OTP.

“This is to ensure compliance with the Factories and Machineries Act 1967 and the OSH Act 1994 as well as monitor the effectiveness of the preventive measures taken by contractors in ensuring the safety and health of all workers.

“Following checks, we issued 49 immediate stop work orders, 11 improvement notices, 13 seizure notices, 11 warning letters and 38 compound recommendations,” it said today.

DOSH Penang also said that the operation this time centred on management of OSH at construction sites, the responsibilities of project managers, the establishment of the Safety and Health Committee and management and regulation of work activities at high places as well as pits and open edges.

“We hope that the operation this time and the actions that have been taken can bring about a sense of awareness to employers and employees to comply with the requirements and regulations in ensuring that the workplaces, especially construction sites, are in a safe condition at all times,” it added.

DOSH Penang has continuously taken stern actions to ensure safety of workplaces.

Source: NST Online

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Malaysian household debt at RM1.53 trillion

Property News/ 20 March 2024 No comments

household-debt

With Malaysia’s household debt reaching RM1.53 trillion, the country and its households are poised to encounter significant challenges during times of hardship.

Centre for Market Education chief executive officer Dr Carmelo Ferlito said the household debt figure was concerning from both micro and macro perspectives.

“The economy proceeds via fluctuations, with ups and downs, booms and busts. If a household is highly in debt, it is likely to suffer during a moment of difficulty, whether it’s a general economic downturn or a personal situation, such as illnesses or a loss of job,” he said.

“From a macro perspective, a financially fragile private sector will suffer more because it does not possess the resources to face such hardships, such as the Movement Control Order.”

Ferlito said addressing household debt and financial strain required long-term solutions rather than quick fixes.

He added that ongoing financial literacy initiatives tailored to individual circumstances should be part of the solution.

“Financial literacy initiatives may help households make more informed decisions. Each step needs to be proportional to the leg length. This will always be true.

“Even with higher wages, without proper financial education, people may make financially unsound decisions.

“In the long run, what is needed is a growth strategy centred on the promotion of entrepreneurship, investments, and the creation of added value,” he said.

Prime Minister Datuk Seri Anwar Ibrahim yesterday revealed that Malaysia’s aggregate household debt stood at RM1.53 trillion at the end of last year.

Housing loans constituted the largest portion of the country’s aggregate household debt at 60.5 per cent, followed by vehicle loans at 13.2 per cent and personal financing at 12.6 per cent.

He said the annual growth rate in household debt from 2018 to 2023 was 5.1 per cent.

The aggregate household debts for previous years were RM1.45 trillion in 2022, RM1.38 trillion in 2021, RM1.32 trillion in 2020, RM1.25 trillion in 2019, and RM1.19 trillion in 2018.

Ferlito said he had consistently highlighted over the years that discussions on home ownership should also focus on household debt and not just home ownership rates.

He said with the home ownership rate close to 80 per cent and the household debt-to-GDP ratio at 90 per cent, the real emergency was household debt rather than home ownership.

Deputy Finance Minister Lim Hui Ying, during the question-and-answer session, said Bank Negara Malaysia was taking a cautious approach to risks associated with household debt to ensure they will not have a negative effect on the country’s financial system.

Apart from ensuring that individuals borrow based on their ability to repay within the stipulated period, she said BNM wasworking to improve the public’s financial literacy level and encouraging households with substantial borrowings to follow the Credit Counselling and Debt Management Agency’s online financial education programme.

Source: NST Online

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