INFINITY8, a leading co-working space provider, has officially launched its first co-working space in Penang, marking the company’s expansion into the northern region of Malaysia. Named INFINITY8 Reserve George Town, this new space is strategically located in a 25,000 sq. ft. heritage building on Beach Street, once home to Standard Chartered Bank for over 87 years.

The opening ceremony was officiated by Penang Chief Minister Chow Kon Yeow, who emphasized the significant impact this co-working space could have on the state’s economy. “INFINITY8 Reserve George Town offers more than just a workspace; it is a platform for innovation, collaboration, and business growth,” Chow said. He highlighted that the space will attract both local and foreign enterprises, facilitating cross-border collaborations that can lead to new ventures and strategic partnerships. “The co-working space provides access to key market insights, local expertise, and support services like IT and legal assistance, reducing the risks and costs associated with setting up a business in Penang,” he added.

Chow also underscored the growing importance of co-working spaces in the digital era, particularly in a state like Penang that prioritizes inclusivity and innovation. He pointed out that the Covid-19 pandemic accelerated a global shift towards remote work, leading to a surge in the number of digital nomads—professionals who work remotely while traveling. “Penang has become a magnet for digital nomads due to its affordability, safety, and vibrant cultural scene,” Chow said. The state was recently ranked 10th in the Nomad Index (2023), which evaluates the best cities for digital nomads to live, work, and travel. This ranking places Penang ahead of notable cities like Kuala Lumpur, Da Nang, and Seoul.

In line with this trend, INFINITY8 Reserve George Town is poised to cater to the growing community of digital nomads, offering them a dynamic and flexible workspace that meets their unique needs. The space is housed in a 100-year-old colonial building, also known as the Standard Chartered Bank Building, which has been meticulously restored to blend historical charm with modern amenities. The location’s proximity to various facilities and amenities makes it an ideal spot for both local and international professionals.

INFINITY8’s co-founder, Lee Sheah Liang, expressed his enthusiasm for the new venture in Penang. “This is our 10th branch nationwide, and it’s particularly special because Penang is my favorite city in Malaysia. After nearly nine months of planning and discussions, we are thrilled to open this space and contribute to the state’s vibrant business ecosystem,” Lee said.

Founded in Johor Bahru in 2017, INFINITY8 has quickly established itself as a leader in the co-working industry, known for its mission to “redesign space, redefine work.” The company’s spaces are designed to inspire creativity and foster collaboration, making them ideal for startups, freelancers, and established businesses alike.

The new Penang branch is expected to play a pivotal role in attracting investments, supporting local startups, and fostering a dynamic business environment. By providing a conducive space for businesses to thrive, INFINITY8 Reserve George Town is set to contribute significantly to Penang’s economic growth, making the state an even more attractive destination for talent, investment, and innovation.

A new affordable housing scheme called ‘New Talent Housing’ (Rumah Bakat Baru) is scheduled to be launched next year (2025) by PDC Properties Sdn Bhd (PDCP), a subsidiary of Penang Development Corporation (PDC).

PDC chief executive officer Datuk Aziz Bakar said the housing scheme is aimed at addressing the growing demand from young workers and first-home buyers.

“This scheme will incorporate the latest Industrialised Building System (IBS) to build high-quality residences across Bandar Cassia, Batu Kawan, and Seberang Jaya.

“PDCP focuses on building quality, high-end projects at affordable prices through innovation, convenience, and sustainability. Over the years, it has developed a wide range of projects in Penang, including residential, commercial, and mixed developments.

“A key factor behind the evolution and growth of PDCP’s portfolio is its focus on understanding and anticipating demographic and market demands.

“Through market research and analysis, PDCP identifies emerging trends and opportunities, allowing it to stay ahead and deliver projects that resonate with contemporary lifestyles.

“In line with global changes in housing demands and lifestyles, PDCP has developed more high-rise properties with the latest construction technologies,” Aziz told Buletin Mutiara recently.

He added that PDCP’s commitment to promoting inclusivity and diversity has led to the integration of affordable housing within vibrant townships, offering various amenities.

“Recently, PDCP has reoriented its focus towards making Penang a more liveable and dynamic state by shifting towards innovative and sustainable housing solutions.

“This includes high-impact housing projects, or SMART homes, with smart technologies at affordable prices, catering to Penangites from all walks of life and bridging the gap between affordable and luxury homes.

“By maintaining a check-and-balance on Penang’s property prices, PDCP continues to safeguard the affordability of homes for every Penangite, making Penang the ultimate destination for urban living, talent migration, and investment opportunities,” he said.

Aziz also highlighted PDC’s pivotal role in leading and shaping the state’s property landscape.

“PDC has continually provided various housing schemes for different income groups, ensuring a home for every Penangite.

“PDC’s role as the state’s main property developer began with its early initiatives in creating new townships for the booming industrial areas of Bayan Lepas and Seberang Jaya.

“Its aim to urbanise these once rural areas grew in tandem with housing provision, not only for industrial workers but for Penangites in general, encouraging population migration to the newly formed townships.

“From low to medium-cost flats and landed housing options across the new townships of Bayan Baru and Seberang Jaya, to developments like Macallum Street Ghaut and Kedah Road as part of George Town’s urban renewal scheme, PDC’s housing projects have not only enhanced the quality of life for Penangites but also broadened the state’s economic base by building a formidable construction sector,” he emphasised.

Source: Buletin Mutiara

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Strategically positioned near an ETS station and a proposed LRT station, Sunway Wellesley ensures effortless connectivity to key transportation hubs, enhancing the ease of commuting and traveling. This prime location makes it an ideal choice for those seeking both convenience and luxury.

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Residents of Sunway Wellesley will enjoy exclusive access to a private clubhouse, complete with top-tier amenities, including a swimming pool and a fully equipped gymnasium. The community is further enhanced by a tree-lined jogging trail, an outdoor fitness area, and a half basketball court, encouraging an active and healthy lifestyle.

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Property Type : Residential development
Total Units: 210 (townhomes)
Land Tenure: Freehold
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Developer: Sunway Bintang Sdn. Bhd. (a subsidiary of Sunway Berhad)

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The Lume @ Andaman Island, Penang by E&O

Eastern & Oriental Bhd is bullish on the Penang market, where it is based, and anticipates better property sales in its current financial year ending March 31, 2025 (FY2025).

The group is targeting around RM1 billion sales in FY2025, on the back of new launches worth about RM1.3 billion in gross development value and existing property projects, according to managing director Kok Tuck Cheong. (pictured)

The group achieved RM870.6 million property sales in FY2024, up 28.5% from RM677.3 million in FY2023. So far, it has secured RM162.5 million property sales in the first quarter ended March 31, 2025 (1QFY2025).

Unbilled sales came in at RM1.35 billion — its highest on record — which the group will progressively recognise over FY2025 and FY2026.

“Property sector in Penang is going to enjoy phenomenal growth arising from the FDIs [foreign direct investment] that are being invested in the semiconductor, new offerings and projects, coupled with a strong improvement in tourism,” Kok said during the company’s quarterly result briefing here.

“These bode very well for wealth creation and combined with the fact that there will be population growth and urban migration, there will be a lot more what I call ‘spending power’ to invest in residential dwellings,” he added.

E&O’s quarterly revenue soared 93.9% to RM165.65 million in the first quarter ended June 30, 2024 (1QFY2025) from RM85.41 million in 1QFY2024, mainly due to recognition of sales from its projects located in the Andaman Island Phase 1, which comprises Senna, Fera, Arica and The Meg.

This led to a 13.86% increase in its 1QFY2025 net profit to RM37.52 million, from RM32.95 million in 1QFY2024. The property segment contributed 85% of its total revenue in 1QFY2025, with the remaining from its hospitality and investment, and other segments.

E&O senior general manager in the corporate investment and planning division Yeow Yeonzon said group earnings growth is actually stronger as 1QFY2024 recorded an unrealised foreign exchange gain of RM27.5 million.

Source: EdgeProp.my