Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.50%.

This is the central bank’s third consecutive rate hike.

In a statement, BNM said that despite continued easing in global supply chain conditions, inflationary pressures have remained high due to elevated commodity prices and tight labour markets.

“Consequently, central banks are expected to continue adjusting their monetary policy settings, some at a faster pace, to reduce inflationary pressures,” it said.

In May, the central bank raised the OPR to 2% from 1.75%, reportedly the lowest on record, following a 25 bps cut in July 2020. In July, it raised the OPR by another 25 bps to 2.25%.

BNM said headline inflation has averaged at 2.8% year-to-date, and the extent of upward pressures to inflation will remain partly-contained by existing price controls, fuel subsidies, and the prevailing spare capacity in the economy.

“The inflation outlook, however, continues to be subject to domestic policy measures, as well as global commodity price developments arising mainly from the ongoing military conflict in Ukraine and prolonged supply-related disruptions,” it said.

“At the current OPR level, the stance of monetary policy continues to remain accommodative and supportive of economic growth.

“The MPC (Monetary Policy Committee) is not on any preset course and will continue to assess evolving conditions and their implications on the overall outlook to domestic inflation and growth.”

BNM said that while the global economy has continued to expand, although at a slower pace, it has been weighed down by rising cost pressures, tighter global financial conditions and strict containment measures in China.

However, global growth continues to be supported by improvements in labour market conditions, and the full reopening of most economies and international borders.

Going forward, the central bank said, global growth is expected to face challenges from the impact of monetary policy tightening in most economies, and pandemic management measures in China.

For the Malaysian economy, the transition to endemicity and policy measures have contributed to the stronger growth performance in the second quarter of 2022, it said.

It added that labour market conditions and income prospects remain positive, with unemployment and underemployment declining further.

Source: FreeMalaysiaToday.com

About Anggun Residences

Anggun Residences located beside Design Village Outlet Mall in Batu Kawan is the flagship residential project undertaken by PE Development (Penang) Sdn Bhd, a subsidiary of PANSAR Berhad in West Malaysia.

Designed as a condotel concept, these 496 units of spacious 3-bedroom apartments comes with maximised functional spaces that is column-free and beam-free. Corner units feature a very unique layout of having a master bedroom on one side and a junior master on the other side. The master bedroom even comes with a balcony facing the linear park.

Find out more about Anggun Residences

The state government, through the Penang Development Corporation (PDC), is now calling for the Request For Tenancy (RFT) for its Sia Boey Urban Archaeological Park.

Chief Minister Chow Kon Yeow, who is also the PDC chairman, said the primary goal of the RFT is to revitalise Sia Boey and to introduce new and exciting activities that would lure tourists to the area.

“The tenancy agreement period is 15 years, with five years for each renewal term.

“And the bidders are required to consult the George Town World Heritage Incorporated (GTWHI) to hold any activities suggested on-site.

“The RFT has already been advertised on the (PDC) official website at https://www.pdc.gov.my/index.php/my/ on Aug 16, and the closing date for the submission is on Oct 11 at noon.

“Taking this opportunity, I would like to encourage all interested parties to access PDC’s official website to get more information regarding the RFT.

“We are hopeful that Sia Boy’s revitalisation through this RFT will restore its appeal as an intriguing attraction for both locals and visitors in the heart of George Town,” Chow told a press conference announcing the matter in Komtar today.

The Sia Boey Urban Archaeological Park has a land area of approximately 4.69 acres and is located in George Town between Jalan Dr Lim Chwee Leong, Jalan Magazine, and Lebuh McNair.

Also present during the press conference were Pengkalan Kota assemblyman Daniel Gooi and PDC chief executive officer Datuk Aziz Bakar.

Aziz hoped that the RFT would be successful in finding a new tenant that is capable to transform the place.

“It is not for PDC to generate revenue. Instead, we want the place to be revitalised with interesting activities for Penangites and tourists to visit the park and enjoy themselves.

“And we hope we can get interested parties that have that passion for this project. It is located in a highly-sensitive zone with the existing Prangin Canal, Prangin Market Hall, and historic shop structures,” he said.

Source: Buletin Mutiara

Penang government has proposed a total of 10 priority projects in the state to be considered by the Ministry of Finance (MoF) for the national Budget 2023.

Chief Minister Chow Kon Yeow said these 10 priority projects, with an estimated cost of RM2.27 billion, could have a major impact on the development of the state.

“Among the proposals are the Pan Island Link 1 (PIL 1) project – Phase 1A, to upgrade a two-lane single road to a four-lane dual carriageway on federal route FT006 from Bayan Lepas to Teluk Kumbar, the urban renewal study involving Rifle Range Flats (Phase 1), proposed construction of eco-friendly bicycle lanes (Ecodeck) along the coastal areas from Flamingo Hotel, Tanjung Bungah to Shangri-La Rasa Sayang Resort in Jalan Batu Ferringhi; and a health clinic (Type 2) (compact) Mak Mandin (replacement), Seberang Perai Utara with 42 units of class D, F and G integration quarters.

“Others include a construction of a replacement building for block B, pre-school, special rooms and other facilities in Sekolah Kebangsaan Mengkuang, Sanglang Flood Mitigation project (RTB Sanglang) in south Seberang Perai, the proposed construction of a ‘Cliff Walk’ bridge structure that connects two heritage bungalows, namely the Keretapi Bukit Bendera (KBB) bungalow and the Edgecliff bungalow in Penang Hill; and the upgrading project of the Penang Stadium in Batu Kawan.

“In general, all of these projects are very crucial and necessary needed by the state government because they will be a catalyst to achieve the Penang2030 vision of ‘A Family-Focused Green and Smart State that Inspires the Nation’.

“Thus, I hope the MoF will consider all the 10 priority projects that are presented today and approve the funds in the national Budget 2023,” Chow told Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz during an engagement session on the national Budget 2023 in Komtar on Saturday.

Zafrul said the MoF would consider all the 10 priority projects proposed by the Penang government to be included in the national Budget 2023.

“However, the priorities will be given to the health clinic, quarters’ project, and schools that need funds for repair and flood mitigation projects as they are in line with our Budget 2023 objectives.

“Nevertheless, we are committed to preparing a Budget that reflects the pulse of the people and for the benefit of the people,” he said.

Chow also thanked Zafrul and his delegation for being willing to have an engagement session with every state to get views and suggestions at the grassroots level, especially from the people, local industrial sector, as well as the state government.

“This is a good initiative to prepare a comprehensive Budget 2023 that will benefit the people as a whole.

“And also to ensure that the state’s development agenda is in line with the country’s development agenda.

“Thus, I hope that such approach will be continued in the future as the state government will continue to cooperate for the progress and well-being of all Penangites,” he said.

Source: Buletin Mutiara

The masterplan developer in Batu Kawan, Aspen Group, will be unveiling an upcoming project named Versa in Aspen Vision City.

With a price range starting from RM350,000 for its residential units, Versa offers comfort living at an affordable price tag and gives everyone the opportunity to own their first home. The residential units in the development come in two sizes, one is 703 sq. ft. (with or without a balcony) which features two bedrooms, and the other is 868 sq. ft. which features two bedrooms and a private terrace.

The President and Group Chief Executive Officer of Aspen Group, Dato’ M. Murly, is confident that this development will benefit homeowners massively due to its affordability.

The development will consist of two blocks of residential units with nine commercial units and various facilities including a leisure pool, a games court, a gym, a skating rink, a BBQ garden, a reflexology garden, and a multipurpose hall, among others.

“We aim to satisfy the lifestyle needs of residents by including a wide array of facilities in Versa,” Dato’ M. Murly explained.

Strategically located in the bustling metropolis of Aspen Vision City, Versa owners will be within walking distance to IKEA Batu Kawan and Klippa Shopping Centre. Also within its immediate radius are Columbia Asia Hospital – Batu Kawan, Penang Design Village, Peninsula College, UOW Malaysia Penang University College as well as Batu Kawan Industrial Park. Versa is a mere 1km drive away from Klippa Drive-Thru, which offers various F&B drive-thru options such as McDonald’s, KFC, Tealive, A&W, Coffee Bean & Tea Leaf, Kenny Rogers Roasters and Starbucks.

Versa is therefore, a good investment that promises viable returns and is a smart first step for aspiring real estate owners.

Touted as the best address in the North, Aspen Vision City boasts as a prominent township in Batu Kawan and strives to meet the state’s vision to develop Northern Region’s first smart eco-city. Aspen Vision City is filled with vibrant opportunities and lifestyle developments that befits its GBI-certified status as the region’s eco-metropolis. Jointly planned and developed by Aspen Group and IKANO Retail, the Aspen Vision City master plan is part of an exciting new ecosystem that will link more than six million people within its immediate catchment area. There are already many Fortune 500 companies located here that are attracting a large number of professionals to its research and development hub. Aspen Vision City brings together all the comforts of modern living in a place where business is thriving.

You can contact Aspen Group to find out more information at the website www.aspen.com.my.