According to a news report from TheStar newspaper, Industrial property transactions and prices in Penang are predicted to experience a significant rise of approximately 10% in 2024 due to the growing demand for industrial properties. One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan has stated that the current pricing, ranging from RM65 per sq ft to RM90 per sq ft, is likely to be adjusted upwards to meet the increasing demand.

Referring to a report by the National Property Information Centre (Napic), the number of industrial property transactions in Penang has already seen an increase, with 522 transactions in 2022 compared to 464 in the previous year. Furthermore, the value of transacted industrial properties also rose from RM1.61 billion in 2021 to RM1.62 billion in 2022. Chandra Mohan Krishnan expects the number of industrial property transactions to surge by 10% in 2024.

The report also highlights the emerging site for new industrial investments, the Northern Seberang Prai (SPU). In 2022, SPU recorded 77 industrial property transactions valued at RM67.39 million, compared to 70 transactions in 2021 worth RM73.7 million. Chandra explains that the decrease in transaction value was due to the sale of large tracts of land, which typically leads to a decrease in pricing.

In the first quarter of 2023, Penang witnessed a rise in industrial property transactions, with 142 properties transacted compared to 110 in the corresponding period of the previous year. Central Seberang Prai (SPT) and South Seberang Prai (SPS) also experienced an increase in transactions, with 260 and 107 transactions in 2022, respectively, compared to 224 and 95 in 2021.

The sales of industrial properties in Ideal Capital Bhd’s Penang Technology Park @ Bertam have been strong since its launch in March 2023. Approximately 30% of the first phase of PTP@Bertam has been sold, thanks to its accessibility to the North-South Highway Bertam Toll and Butterworth-Kulim Expressway, as well as its proximity to surrounding housing estates and educational institutions.

The industrial sub-sector in Malaysia as a whole has seen significant growth, with 8,082 transactions worth RM21.16 billion in 2022. Compared to 2021, this represents a 44.5% increase in volume and a 24.8% increase in value. The overhang situation in the industrial sector remained manageable, with a decrease in overhang volume and value compared to the previous year.

Penang, along with Sarawak and Johor, accounted for a notable share of the industrial overhang. However, Penang’s appeal as an alternative manufacturing site to China remains strong, especially in the electronics and electrical industry. The industry plays a significant role in Malaysia’s economy, accounting for 38% of total exports and attracting high levels of investments.

To support the growing demand for industrial land in Penang, the Penang Development Corp (PDC) is developing the infrastructure for 800 acres of land in East Batu Kawan, which is expected to be completed by 2028. This development aims to cater to the strong demand from multinational corporations (MNCs) from various countries seeking alternative investment destinations.

Hunza Properties Berhad started the second half of 2023 with a bang as they successfully broke the ground for Phase 2 of Penang International Commercial City (PICC) here at the doorstep of the soon-to-be-completed MUZE at PICC.

PICC was first unveiled to the public back in 2018 in conjunction with the Group’s 40th Anniversary. With a massive gross development value (GDV) of RM7.5 billion and long-term real estate investment value of RM2.5 billion on a 43-acre freehold land, it is expected to create more than 15,000 job opportunities upon its complete manifestation. The first phase, MUZE at PICC, was launched shortly after in 2019 to a great reception from both the local and international markets.

After more than four years-and despite the onslaught of the pandemic from 2020-2022-MUZE at PICC will finally be completed within the next few months to the title of “Tallest Smart Residential Building in the Northern Region of Malaysia”. The penthouse component, MUZE Signature VI, which was designed by the world-renowned YOO from the UK will also be launched shortly.

In time for its 45th anniversary, Hunza Group will embark on the next phase of PICC which comprises PICC Commercial Hub and SENZE at PICC. The PICC Commercial Hub will be at the heart of the entire development with a shopping mall, a 5-star hotel, a Global Business Services (GBS) hub, and high-grade office spaces in the mix. More details on the hotel and the mall’s anchor brands will be revealed across 2024.

“The combined long-term investment value for our PICC Commercial Hub will be around the range of RM1.3 to RM1.5 billion. The different components will also bring about 15,000 job opportunities to the state of Penang,” said Dato’ Khor Siang Gin, the Group Managing Director of Hunza. He also said that the Group commits to creating positive ripple effects to the surrounding communities through external infrastructure upgrades that will involve approximately RM130 million on top of job creation and the establishment of a vibrant social hub for the township of Bayan Lepas.

The other half of Phase 2 – SENZE at PICC – will be Hunza Group’s biggest endeavour to date. With 1,680 furnished units of serviced residences spread across 3 towers, the Group intends to present a brand-new living experience amidst the metropolitan setting of PICC. The project will be officially launched with more details in the coming months.

Earlier on, YB Jagdeep Singh-the Penang State EXCO for Housing, Local Government, and Town & Country Planning – delivered his speech with much optimism for the upcoming Phase 2. “When Phase 2 is completed down the road, I believe it will be able to rival those landmark developments we often see in capital cities around the world,” said YB Jagdeep. He also mentioned that the Penang Housing Board is collaborating with Hunza Group for the former’s first RMMPg (Rumah Mampu Milik Pulau Pinang) – The Millennia at Bukit Gedung.

In his congratulatory remarks, YAB Chow Kon Yeow, who is the Chief Minister of Penang and Guest of Honour at the event, said: “PICC will be an embodiment of what Penang aspires to be for the future: vibrant, integrated, metropolitan, forward-looking, and powered by technology. With the myriad of commercial components at play in Phase 2, it will further exemplify Penang’s potential as a major economic gateway as well as amplify the variety of job opportunities in the State.”

The construction of Bandar Baru Air Itam to Tun Dr Lim Chong Eu Expressway (Package Two) bypass is now at 35.14%.

Project director Nasfiza Mokhtar, who was from the Public Works Department and currently with Penang Infrastructure Corporation (PIC), said the project was behind schedule by about 2%.

She said, however, the project completion deadline remained Jan 31, 2025.

“We thank the authorities and all involved for the cooperation given.

“Most land acquisition matters have been resolved, and we look forward to addressing the remaining soon. Similarly, utility-related challenges have also been successfully managed,” she said during her short presentation at the construction site at Bukit Gambir here, yesterday.

The briefing was part of the site visit ceremony of the 5.7km Bandar Baru Air Itam to Tun Dr Lim Chong Eu Expressway (Package Two) bypass project. Chief Minister Chow Kon Yeow and state Transport and Infrastructure Committee chairman Zairil Khir Johari inspected the project which included several elevated and at-grade sections.

The estimated cost of the dual carriageway project is RM851.04 million.

It was reported that Package Two will comprise three interchanges – Interchange One (at Lebuhraya Thean Teik), Interchange Two (Jalan Bukit Gambir-Jalan Sultan Azlan Shah) and Interchange Three (at Tun Dr Lim Chong Eu Expressway, which will involve a left in-left out junction and an elevated U-turn.

The project contractor is Consortium Zenith Construction (CZC), and the implementing agency is PIC.

CZC project director Razif Ahmad Ahmad Khan said when Chow first visited the site on Jan 7 last year (2022), the work progress on only about 8%.

“Today, we are proud to announce that we have achieved 35%. We understand the heavy responsibility of providing a good highway network for the people,” he said in his speech.

PIC chief executive officer Datuk Seri Farizan Darus said the project was being monitored by PIC.

“The Chief Minister has been briefed and taken on a tour to check out the work progress. He was able to understand the project status through this site visit,” Farizan said.

Chow said two twin land tunnels would be built along the Package Two alignment.

“Initially there were three, but after revision, there will be two (twin land tunnels).

“Each tunnel is about 300m to 400m-long. And it is only about 600m between the two tunnels,” Chow replied to a question by a journalist after the event.

Earlier in his speech, Chow said the site visit helped him to understand the implementation of the project better.

“In the past, Datuk Lim Hock Seng (now Penang Economic Planning Division transport chief) and I objected to the Penang Outer Ring Road (PORR) proposal as it will involve burdening the people with tolls for using the expressway.

“Today, the Penang government is able to implement this (Package Two) project without imposing any toll on the road users. It will be a toll-free highway which will connect Air Itam to Tun Dr Lim Chong Eu Expressway.

“Penang government is committed to addressing traffic issues in the state,” he said.

Source: Buletin Mutiara

First-time house buyers will continue to enjoy a 100 per cent stamp duty exemption for purchases not exceeding RM500,000 via the Malaysian Home Ownership Initiative (i-Miliki) as provided for under Budget 2023, said the Finance Ministry (MoF).

It said a 75 per cent stamp duty exemption will also be given for first-time home ownership for houses priced at between RM500,000 and RM1 million under the i-Miliki initiative.

“This stamp duty exemption applies to sale and purchase agreements executed from June 1, 2022, until Dec 31, 2023,” the ministry said in a statement on Friday.

It said the exemption comes under the Home Ownership Programme (HOPE), where first-time buyers are given stamp duty exemption on transfer documents and loan agreements.

The move is aimed at encouraging home ownership among the people, the statement said.

The MoF also said the stamp duty on instruments of transfer of ownership of real estate by way of love and affection between parents and children, and between grandparents and grandchildren, is also fully exempted, limited to the first RM1 million of the property’s value.

“The remaining balance of the property’s value is subject to the ad valorem duty rate with a 50 per cent remission of the stamp duty chargeable.

“This stamp duty exemption applies to real estate transfer documents executed from April 1, 2023,” it added.

Source: Bernama

About Celesta Residency

Mixed development by Red Blue Development Sdn. Bhd. (TGB Group) in the established township of Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, diagonally opposite three public schools, namely SRJK(C) Kwang Hwa, SRJK(C) Shih Chung and SMK Sungai Nibong. It features a mix of residential and commercial components.

(Photo taken in May 2023)

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