Amidst the pandemic, EcoWorld has sold 4,984 properties with a total sales value of RM3.5 billion, surpassing our FY2021 sales target of RM2.875 billion!

EcoWorld Malaysia announced a second interim dividend of 2sen per share. This, together with July’s 2sen dividend, brings total dividends for FY2021 to 4sen, double the amount declared for FY2020.

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Luxury waterfront development by Ideal Property Group at Bayan Bay with gross development value (GDV) of RM600mil. This development is located in front of BayStar Condominium, just stone’s throw away from Queensbay Mall.

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The Penang government will resubmit the environmental impact assessment (EIA) report for the development of three artificial islands under the Penang South Reclamation (PSR) project before March next year, said Chief Minister Chow Kon Yeow.

He said the state government and its project implementation partner SRS Consortium are updating the EIA report and social impact data to be submitted afresh to the Department of Environment’s (DOE) Appeals Board for the reapproval process.

“The state government hopes that the application will be approved to improve the liveability and quality of life as well as provide infrastructure to boost Penang’s resilience in facing economic challenges and changes in the investment climate.

“The state government will hold a one-month public display after the application is sent to the DOE for assessment,” he told reporters after attending the opening of the Local Fishermen Service Centre (PPSN) in Sungai Batu on Saturday (Dec 11).

Chow said engagement sessions held with industry players showed that they are keen on the proposed development of Island A (PSR) as a green technology park based on environment, social and governance (ESG) elements that are in line with the latest world regulations.

“If we do not apply ESG, investors will look for another location … Penang is celebrating 50 years of industrialisation next year, so we need to move forward with this green industry island,” he added.

On Sept 8 this year, the DOE set aside the approval for the EIA report, which was submitted in 2019.

The PSR project covering 17 sq km involves the development of three man-made islands covering an area of 1,700 hectares in the waters off Permatang Damar Laut, near Bayan Lepas, which was introduced as a funding module of the Penang Transport Master Plan worth about RM46 billion.

Chow said the failure to get EIA approval meant that the state government could not proceed with the Social Impact Management Plan (SIMP) scheme, which will benefit the community through the provision of ex gratia payments, boats and engines, skill training, education scheme for fishermen’s children, job and business opportunities, and housing aid.

“Under the SIMP, we also have plans to build four jetties and a 100-metre-long navigation channel for fishermen in Sungai Batu to venture to the sea regardless of whether it is at high or low tide.

“Now, during low tide, it is difficult for fishermen to go out to the sea … nevertheless, as long as the EIA is not approved, we cannot continue with this scheme,” Chow said.

The Sungai Batu PPSN, the third of its kind built, is a one-stop centre for the fishing community to get information and updates on the PSR.

Source: EdgeProp.my

Photo source: Bloomberg

Penang received an early reason for Christmas cheer following reports that pioneer investor Intel Corporation Limited is set to invest up to RM30 billion to upgrade its chip manufacturing facility at the Bayan Lepas Free Industrial Zone here.

Intel had set up its first production facility outside the United States on the island in 1972, becoming a major employer with 1,000 jobs created within the first five years.

The latest pledge by the electronics giant comes at a time when chip manufacturers are struggling to meet global demand due to disruptions to the worldwide supply chain caused by Covid-19 and the world’s rapid migration towards digitalisation.

“We are delighted that Intel Corp has decided to invest US$7 billion (RM30 billion) to expand its manufacturing capabilities in advanced semiconductor packaging technology in Penang,” Chief Minister Chow Kon Yeow tweeted today.

Intel chief executive officer Patrick Paul Gelsinger and Malaysian Investment Development Authority chief executive officer Arham Abdul Rahman plan to hold a press conference soon to disclose further details of the fresh investment.

Malaysia produces up to 13% of global chip packaging and testing. Some 7% of the world’s semiconductor trade passes through the country, with some value added at local factories where the chips are used in other products.

Last year, the country exported electrical and electronic products worth up to RM386.29 billion, accounting for 39.3% of Malaysia’s total exports in spite of Covid-19.

A software engineer here, Lincoln Lim, said that the fresh investments will create spillover effects, as besides new job opportunities, there will likely be bulk orders for Intel’s suppliers, namely the local small and medium-sized industries.

Lim said that Penang will consolidate its position as a player in the global supply chain for chips, which are now in high demand because of the growth in digitalisation, artificial intelligence, and the internet of things.

Source: TheVibes.com

About The Zen

A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop offices located at lower level. The residential component will feature 1,200 affordable units and 730 bigger open market units.

(Photos taken in Nov 2021)

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