Bank Negara Malaysia (BNM) has decided to maintain the Overnight Policy Rate (OPR) at 3% following the latest Monetary Policy Committee (MPC) meeting. The decision reflects a positive outlook for both the global and Malaysian economies, with continued growth and moderating inflation.

Globally, economic expansion is supported by resilient labour markets, moderating inflation, and improved global trade. While challenges such as geopolitical tensions and volatile financial markets persist, global growth is expected to benefit from the recovery in electrical and electronics (E&E) and non-E&E sectors.

Malaysia’s economy grew by 5.1% in the first half of 2024, driven by strong domestic demand and increased exports. The country’s position in the semiconductor supply chain and robust non-E&E exports are expected to benefit from the global tech upcycle. Rising tourism, employment growth, and ongoing public and private investment projects are also contributing to the country’s economic resilience. However, downside risks include weaker-than-expected external demand and commodity production.

Inflation averaged 1.8% in the first half of the year, and both headline and core inflation are expected to remain within projected ranges, likely staying below 3%. Mitigation measures have contained the impact of price adjustments on diesel, while the inflation outlook depends on future domestic policies and global commodity prices.

The ringgit’s recent recovery is attributed to lower interest rate expectations in major economies and Malaysia’s strong economic performance. Looking ahead, BNM remains vigilant to domestic and global developments, ensuring its policies continue to support sustainable growth and price stability.

About D’ Starlingtton

A 29-storey condominium development by Wismas Dayamas Sdn. Bhd. (GSD Land) in Teluk Kumbar, covering 4.5 acres along Jalan Teluk Kumbar, about 2km from Penang International Airport. The project features 820 residential units with an 11-storey carpark, and rooftop facilities. Neighboring communities include Platinum III, D’zone Condominium, Saujana Heights, Emerald Residence, and Valencia Residence.

*Photo taken in Aug 2024

Find out more about D’ Starlingtton

Scott @ Logan, a commercial development by Advance Golden Properties Sdn. Bhd. in the heart of George Town. Situated on Jalan Logan, directly across the road from Logan Ville apartment, this location is less than 2km from KOMTAR and boasts numerous amenities that can be reached within a 5-minute drive.

This development will include the refurbishment of the existing 2-storey heritage building and the construction of a 36-storey serviced apartment with a total of 311 residential units. There will also be an automated car parking facility.

Project Name : Scott @ Logan
Location : George Town
Property Type : Serviced residence
Tenure : (to be confirmed)
Land Area: (to be confirmed)
Built-up Area: 338 sq.ft. – 902 sq.ft.
Total Units : 311
Indicative Price: (to be confirmed)
Developer : Advance Golden Properties Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

The historic 1926 Heritage Hotel Penang, located on Burma Road, is set to reopen in 2026, coinciding with its 100th anniversary. This reopening follows a significant RM20 million refurbishment project, initiated by Jetblue Sdn Bhd in collaboration with The Ascott Limited, and marks the revival of a key heritage landmark in Penang.

Jetblue Sdn Bhd recently signed a 15-year lease agreement with the Penang Development Corporation (PDC), the property owner, with an option for a 15-year extension. The Penang Chief Minister, Chow Kon Yeow, who is also the chairman of PDC, emphasized the importance of this project in enhancing Penang’s appeal as a premier tourism destination. Chow noted, “The original structure of the heritage building will be maintained, with only the interiors being upgraded and refurbished, while preserving the exterior’s heritage features.”

The hotel, which has been vacant since 2020, was originally built in 1926 as 24 linked houses in an Anglo-Malay architectural style. These houses once served as quarters for British immigration officers and local administrators. Over time, the property was converted into a hotel with 96 rooms. However, the upcoming renovation will see some smaller rooms combined, resulting in a total of 78 rooms upon reopening.

The refurbishment is set to breathe new life into the 100-year-old structure, maintaining its historical significance while introducing modern amenities. Jetblue Sdn Bhd has invested heavily in the project, with The Ascott Limited, a Singapore-based company, taking on the management of the hotel. The 1926 Heritage Hotel will become part of Ascott’s The Unlimited Collection brand, ensuring a blend of luxury and heritage.

PDC’s call for a request for proposal (RFP) attracted several applicants, with Jetblue being selected to spearhead this landmark project. The goal is to reopen the hotel in time for its centennial celebration in 2026, transforming it into an iconic symbol of Penang’s rich history and vibrant tourism sector.

This project not only preserves a key piece of Penang’s architectural heritage but also contributes to the state’s economic development by enhancing its tourism offerings. With nearly seven million tourist arrivals in 2023, the 1926 Heritage Hotel Penang is poised to further boost the state’s economy and become a source of pride for Penang and its people.

The Penang Port Commission (PPC) has issued a request for proposal (RFP) for the development of its warehouses and the Tanjung City Marina land.

PPC chairman Datuk Yeoh Soon Hin said the objective of the RFP is to invite financially and technically qualified companies to implement the proposed development of the warehouses, situated at the Church Street Pier.

“As for the development of the Tanjung City Marina land, the lease period would be for 30 years with an option for a 15-year extension,” said Yeoh on the PPC Facebook page on Monday (Sept 2).

“Since the existing warehouses are within the heritage enclave (Category 2), the buildings are not allowed to be demolished.”

Both developments involve a land size of 24,391 square metres.

This is the third time an RFP has been called for the project, with the first one in 2019, to develop the Tanjung Marina land within the George Town Unesco World Heritage site, which has been abandoned since 2014.

It was built at a cost of RM43mil in the early 2000s by the Federal Government to rejuvenate the former Church Street Pier.

However, the plans of 2019 fell through when the Pakatan Government fell in 2020.

In 2021, PPC entered into an agreement with MPDT Capital Berhad involving a RM120mil investment by the company to develop the warehouses and part of the Tanjung City Marina.

The project was dubbed ‘MPDT 1880 Heritage Reborn’, featuring attractions housed in a 24,956 sq m area.

It is still not known what happened to the deal.

Source: TheStar.com.my