Penang’s Light Rail Transport (LRT) dream will begin to take shape in December with a groundbreaking event, with the first station to be built in Lebuh Macallum.

Transport Minister Anthony Loke is said to have approved a date to get the 29km Mutiara Line landmark project off the ground.

The alignment starts from Penang Sentral on the mainland before crossing the channel to Lebuh Macallum.

From there, the multibillion-ringgit line will pass through Komtar, Bandar Sri Pinang, Sungai Pinang, East Jelutong, The Light, Gelugor, Jalan Universiti, Sungai Dua, Sungai Nibong, Bukit Jambul, SPICE, Jalan Tengah, the Free Industrial Zone, Free Industrial Zone South, Sungai Tiram, the Penang International Airport, Permatang Damar Laut and Silicon Island, which will serve as a depot.

A component of the Penang Transport Master Plan, the Penang LRT will have 20 stations, including two interchange stations at Komtar and Penang Sentral in Butterworth, with completion slated for 2030.

It was reported recently that project developer Mass Rapid Transit Corp Sdn Bhd (MRT Corp) might opt for a rubber-tyred metro system to save on operations and maintenance costs.

With annual ridership projected at between five million and 42 million passengers, the Penang government is counting on the mammoth project to ease chronic traffic congestion in the state.

The Gamuda-led group SRS Consortium is currently finalising terms and conditions for the civil works package, which will cost about RM7.6bil.

Gamuda is planning to bid for the electrification and signalling works, worth about RM1.2bil.

The project has three main components: civil construction works for Segment 1, covering the alignment of Silicon Island to Komtar; Segment 2, which covers the line from Komtar to Penang Sentral, and a turnkey contract for system and carriage (coach) works.

Small and Medium Enterprises Association honorary national secretary Yeoh Seng Hooi said the LRT project would also provide more jobs, with skilled locals to benefit.

“The spillover effects will benefit subcontractors and those providing goods and services for the project.

“Infrastructure development, which reduces transport costs and travel time, will boost foreign and domestic investments,” he said.Transport analyst Abi Sofian Abdul Hamid said incorporating support networks like shuttle services and parking facilities would ensure the LRT system’s efficacy.

He said transit-oriented “last-mile” development around LRT stations would contribute to green transportation and lower carbon emissions.

In June, Loke said he hoped that physical work could commence before the year’s end.

He also revealed that the LRT’s alignment had been finalised.

He said this was done after discussions with all parties and that the Penang government agreed with the alignment proposed by MRT Corp, with the passenger station starting from Bayan Lepas to Komtar and one line to Penang Sentral.

On March 29, Loke announced that the Federal Government had taken over the Penang LRT project from the state government, with MRT Corp appointed as developer and asset owner.

Source: TheStar.com.my

Dato’ Goh Teng Whoo, COO of Ideal Property Group

Real estate developer Ideal Property Group has launched the next phase of its industrial project “Ideal Business Hub“, which has a gross development value (GDV) of RM260mil, in Bertam Penang.

Ideal Business Hub is an exciting new light industrial park situated in the North Seberang Perai District (SPU). This 28-acres freehold development offers a total of 88 bungalows, semi-detached and cluster-type factories.

Ideal Property Group Chief Operating Officer Dato’ Goh Teng Whoo said Ideal Business Hub is located within the parcel 2 development of the 880-acres Penang Technology Park @ Bertam, aims to create a complete business ecosystem, and provides an opportunity for businesses to access their supply chain network conveniently.

The column free design factories feature a spacious layout with a 9.15m high ceiling, thus allowing for all types of storage racks, and able to accommodate large machineries for the majority of light industry usage/demand. Full length glass windows across the modern facade, offers the interior never ending natural lights.

“Each unit comes with 200 to 300 AMP power supply, with the floor capacity of 1.5 ton/m2 and a dedicated loading bay. All aspects aim to enhance productivity and maximize efficiency for all type of businesses.”

Dato continues, being part of Penang Technology Park @ Bertam brings more opportunities to collaborate with top industry leaders and at the same time fuel the business growth.

“What differentiates us from other business parks is that we provide a one-stop industrial solution for business owners, including dealing with authorities and various licensing agencies, department of Environment assessments, and applications for government incentive programs.”

Ideal Business Hub is located within the vibrant and bustling heart of Bertam, Penang, surrounded by the vibrancy and amenities of a matured and growing township.

It is situated just 23 kilometres from the Penang Port in Butterworth and a mere 42km from the Penang International Airport.

The 88 units offer an innovative flexi-space concept that caters to manufacturers specializing in warehousing, packaging, processing, logistics and light production.

“Ideal Business Hub’s unique design and layout emerged from extensive discussions and engagements with industrial operators and end users,” said Dato.

Construction of Ideal Business Hub will begin in November this year and is targeted to be completed in 2026.

Penang Technology Park @ Bertam’s first phase, is now approximately 50% taken up by local and foreign companies in various sectors, including semiconductor, lithium battery and automobile electronic manufacturing, electronics assembly, medical devices, trading, warehouse, and logistics.

Malaysia’s property sector saw over RM100 billion in sales in the first half of 2024, exceeding the government’s full-year target. Housing and Local Government Development Minister Nga Kor Ming announced that the National Property Information Centre (NAPIC) recorded RM100.5 billion in sales from January to June. If the trend continues, the government expects to reach RM200 billion by the end of the year.

Nga emphasized the importance of the property sector to the economy, noting its impact on more than 200 related industries such as construction, renovations, furniture, and banking. The thriving property market helps boost these sectors, supporting jobs and economic activity across Malaysia.

To ensure sustainable growth, the ministry is developing a big data system to track property needs across the country. This tool will help developers understand where housing projects are most needed and what types of homes and price ranges are in demand. The system aims to prevent the construction of unsellable or misaligned projects.

Additionally, the government is considering mandatory courses for new owners of public housing to educate them on responsibilities like paying maintenance fees. This aligns with the government’s rebranding of the People’s Housing Projects (PPR) to the People’s Residency Programme, which aims to improve public housing management.

Nga spoke at a press conference following a key handover ceremony for 20 homeowners at Ideal Residency in Penang. He praised Penang for its quality affordable housing and highlighted the state’s status as a leading exporter of electrical and electronic goods in the region.

Also present at the event were state housing committee chairman Datuk Seri S. Sundarajoo, PR1MA CEO Datuk Seri Mohd Nazri Md Shariff, Ideal Property Group chairman Tan Sri Alex Ooi Kee Liang, and Seri Delima assemblyman Connie Tan.

After gracing the unveiling ceremony of the scale model of STARK Tower, Penang social development, welfare and non-Islamic religious affairs committee chairman cum Sungai Pinang assemblyman Lim Siew Khim (sixth left), Stark Development Sdn Bhd deputy chairman Datuk Toh Chin Leong (centre), Stark Development Sdn Bhd managing director Leon Lee (fifth left) and IJM Land Bhd assistant general manager (contracts) Ch’ng Ewe Ghee (fourth right) posing for a group photograph with the other invited guests.

Stark Development Sdn Bhd has unveiled its latest and most ambitious project, “Stark in the Sky”, which promises to elevate Penang’s luxury and nightlife scene to new heights. The exclusive venue, located at the top of the 34-storey STARK Tower, is designed to offer a sophisticated blend of experiences and amenities, catering to diverse tastes and preferences. Set to open at The Light Waterfront in Gelugor, George Town, this venue will be a landmark of both luxury and innovation.

During the recent unveiling of STARK Tower’s scale model at the Stark X-perience Gallery at Maritime Automall, Karpal Singh Drive, Leon Lee, Managing Director of Stark Development, revealed that the top-floor venue is designed to cater to diverse tastes, providing a luxurious setting that redefines the standards of entertainment in Penang. The floor will include amenities such as a jacuzzi, an infinity sky pool, and an exclusive helipad for event purposes. Dining options will range from Chinese fine dining and premium BBQ to Japanese yakiniku and omakase. Additionally, the floor will house Malaysia’s first champagne bar and a whiskey jazz bar.

Lee emphasized the global interest in the venue, noting that various international brands have expressed interest in becoming tenants. He added that this level of interest speaks to the venue’s potential to attract a global clientele, underlining its appeal.

The unveiling of the 1:125 scale model of STARK Tower took place at the Stark X- Perience Gallery at Maritime Automall. Penang’s social development committee chairman, Lim Siew Khim, attended the event and signed the commemorative plaque, marking a pivotal moment in the project’s journey.

Penang social development, welfare and non-Islamic religious affairs committee chairman cum Sungai Pinang assemblyman Lim Siew Khim (centre) delivering her speech during the unveiling ceremony of the scale model of STARK Tower. With her are (from left) Air Itam assemblyman Joseph Ng Soon Siang, Stark Development Sdn Bhd managing director Leon Lee, Stark Development Sdn Bhd deputy chairman Datuk Toh Chin Leong and Seri Delima assemblyman Connie Tan Hooi Peng

The scale model, showcasing the tower’s intricate design and ambitious features, provided attendees with a detailed preview of what promises to be a landmark in luxury and innovation. The unveiling was attended by elected representatives, including Seri Delima’s Connie Tan Hooi Peng (right) and Air Itam’s Joseph Ng Soon Siang (left).

Lee expressed his aspirations for the company’s future, emphasising his commitment to delivering projects that leave a lasting impact.

He expressed hope that Stark would continue to produce developments that enhance Penang’s urban landscape and resonate with the community for years to come. Lee added that the presence of distinguished figures at the event is a testament to the significance and quality of Stark’s work, inspiring the company to achieve even greater heights.

About Stark Development

Stark Development is a forward-thinking real estate company focused on sustainability, innovation, and smart technologies. Their mission is to create transformative spaces that leave a lasting impact. The company’s tagline, “Crafting Green, Smart Futures,” reflects its commitment to eco-friendly practices and energy-efficient solutions. By incorporating artificial intelligence, Stark Development aims to optimize resource usage and create intelligent environments tailored to the needs of its occupants.

The company is also committed to Environmental, Social, and Governance (ESG) principles, emphasizing social equity, community engagement, and ethical practices. Their projects aim to benefit both clients and surrounding communities, reinforcing Stark Development’s dedication to leaving a positive and enduring legacy.

High-end property prices in Penang rose by 7% to 10% in 2024 from a year ago, reflecting the steady demand among locals and foreigners.

One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said prices had increased in Bayan Baru, Pulau Tikus and Seri Tanjung Pinang as buyers went for properties priced above RM1mil.

“The rising cost of building materials such as sand and the increase in sales and services tax were among the reasons for the hike in property prices,” Chandra said.

The recent federal government approval for the Penang Light Rail Transit (LRT) project to ease traffic congestion in the state is also expected to enhance property value further.

“Segment one of the Penang LRT Mutiara Line project, connecting Komtar to Silicon Island, is expected to ease traffic congestion and enhance connectivity.

“Based on the alignment, several housing projects are expected to benefit from the LRT network.

“Among the projects that will benefit from the LRT project are the Queens Residences @ Queens Waterfront in Bayan Baru, Lumina Residence in George Town and Codrington Residence in Pulau Tikus,” Chandra added.

Chandra said they were the most sought-after condominiums with built-up areas between 1,000 sq ft and 1,500 sq ft priced from RM900 per sq ft.

“The residents of these projects will enjoy easy access to the LRT when it is ready. Purchasers prefer these medium condominiums as they are easier to upkeep. Nowadays, households tend to have fewer children,” he said.

Ideal Property Group general manager (sales and marketing) Nancy Teo said although the ringgit had strengthened, making Malaysian properties more expensive, there was still a healthy level of interest to invest in high-end properties in Penang,

Teo added that the enquiries came from Taiwan, Singapore and Hong Kong.

“Our best-selling condominium projects include Lucerne Residences and Queens Residences Q3 @ Queens Waterfront.”

Prices range from RM730,000 to RM850,000 for Lucerne Residences and RM950,000 to RM2mil for Queens Residences 3.

“The mainland Chinese are restricted from taking more than US$50,000 out of China, thus it is difficult for them to shop for properties here.

“Nevertheless, we noticed that the majority of the Chinese customers prefer completed units and are keen to move in immediately. The Chinese nationals who can buy properties in Penang are the ones with investments here and they already have their funds parked outside China.”

Teo said foreigners preferred high-end projects integrated in a mixed-development scheme that were close to schools and hospitals.

Eastern & Oriental Bhd general manager (marketing and sales) Ramesh Gnanasegaran said the high-end property market in Penang, particularly for properties priced above RM1mil, has seen a noticeable uptick, as evidenced by recent project launches.

“Penang’s economic outlook is further strengthened by significant government investments in public infrastructure, indicating readiness for ongoing growth and development.

“The state continues to be a favoured destination for investors from Singapore, Hong Kong, China and Indonesia, with an increasing interest from Taiwanese buyers as well,” he said.

The number of overhang residential houses in Penang dropped to 2,400 units in the first half of 2024 from 2,901 units in the same period a year ago.

The National Property Information Centre (Napic) report estimated the overhang value to be RM2.02bil.

According to Napic, Penang ranks fourth in the country with the most overhang properties, after Perak (4,161 units), Johor (3,219 units) and Kuala Lumpur (3,051 units)

In the country, the completed but unsold units fell to 22,642 units, worth RM14.24bil, in the first half of 2024, continuing the decline from 25,816 units worth RM17.68bil in the second half of 2023.

“Condominiums and apartments accounted for 59.8% or 13,535 units of the overhang.

“Terrace houses represented 24.4% or 5,524 units, while semi-detached and detached houses comprised 8.2% or 1,867 units. The remaining 7.6% consisted of other houses,” said Napic.

Source: TheStar.com.my