Residents of Seberang Jaya and nearby areas in Butterworth can look forward to the opening of the long-awaited Seberang Jaya Market and Hawker Centre in December.

Penang Chief Minister Chow Kon Yeow said the RM19.5mil project was expected to receive its Certificate of Completion and Compliance (CCC) by the end of this month.

“Once the CCC is obtained, the facility will be handed over to the Seberang Perai City Council (MBSP) for management,” he said during a site visit.

The new market complex, designed to meet Green Building Standards (GBS), will offer improved amenities such as trading stalls, parking spaces, and covered trading areas.

Chow said it would accommodate 263 stalls, with 239 allocated to original traders and 24 reserved for vendors who used to operate around the market vicinity.

To ensure a smooth transition, he said MBSP would conduct a stall allocation draw for the original traders soon.

Additionally, the developer has built a covered trading space with over 200 lots to accommodate more traders who previously operated outside the market, addressing feedback from stakeholders.

The new market complex will offer over 400 parking spaces, accessible facilities for people with disabilities, public restrooms and a prayer room, creating a more comfortable environment for both vendors and patrons.

Chow expressed hope that local traders would collaborate with the MBSP to effectively upkeep the public market.

He welcomed constructive suggestions to enhance the market experience for both vendors and customers, which in turn could boost business and increase vendors’ income.

The new market and hawker centre was developed on about five hectares of land owned by Penang Development Corporation.

It was funded by Zubicon Development Sdn Bhd through a cross-subsidy from their residential and commercial development profits.

Also present were local government committee chairman H’ng Mooi Lye, Zubicon Development Sdn Bhd director Lim Beng Keong and MBSP representatives.

Source: TheStar.com.my

The feasibility study on the proposed Penang undersea tunnel project aimed at reducing congestion in the state is yet to be completed due to certain factors.

Transport Minister Anthony Loke said one of the factors was that there is still no decision on an expansion project for the Butterworth port.

“Based on information from the Penang government, the feasibility study has not been completed due to certain reasons. This includes the planning for the expansion of the port in Butterworth,” he said in a written reply in the Dewan Rakyat.

Loke was responding to a question from Dr Siti Mastura Muhammad (PN-Kepala Batas) who wanted to know the status of the undersea tunnel project.

For the record, the tunnel project envisions a 7.2km-long route connecting Gurney Drive on the island to Bagan Ajam on the mainland. It is part of the Penang Transport Master Plan 2023-2053.

The project is being wholly planned and carried out by the state government.

Loke said any construction of the tunnel for vehicle use would fall under the jurisdiction of the Works Ministry.

Source: NST Online

The Monetary Policy Committee (MPC) of Bank Negara Malaysia today decided to maintain the Overnight Policy Rate (OPR) at 3%.

Announcing this after its meeting, MPC gave an assurance that it will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability.

In a statement, BNM said the MPC will remain vigilant to ongoing developments to inform on the assessment on the domestic inflation and growth trajectories going into 2025.

At the current OPR level, it added, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects.

On the Malaysian economy, BNM said the latest indicators point towards sustained strength in economic activity driven by resilient domestic expenditure and higher export activity.

The central bank said exports are expected to be supported by the global technology upcycle, continued strength in non-electrical and electronics products (E&E) goods, and higher tourist spending. Employment and wage growth, as well as policy measures, remain supportive of household spending.

The robust expansion in investment activity would be sustained by the progress of multiyear projects in both the private and public sectors, the higher realisation of approved investments, as well as the implementation of catalytic initiatives under the national master plans.

These investments, supported by higher capital imports, will raise exports and expand the productive capacity of the economy, BNM said, adding that Budget 2025 measures will provide additional support to growth.

“The growth outlook is subject to downside risks from lower-than-expected external demand and commodity production.”

It said upside risks to growth emanate mainly from greater spillover from the technology upcycle, more robust tourism activity and faster implementation of investment projects.

“Headline and core inflation remain modest, averaging 1.8% year-to-date. Going into 2025, inflation is expected to remain manageable, amid the easing global cost conditions and the absence of excessive domestic demand pressures,” said BNM.

Nevertheless, it added, the inflation outlook remains subject to the details of the implementation of announced domestic policy measures. Upside risk to inflation would be dependent on the extent of spillover effects of domestic policy measures, as well as global commodity prices and financial market developments.

BNM said the ringgit’s performance continues to be primarily driven by external factors. The outcome of the US elections could heighten volatility in the near term.

Looking ahead, the central bank said the narrowing interest rate differentials between Malaysia and the

advanced economies is positive for the ringgit.

“Malaysia’s favourable economic prospects and domestic structural reforms, complemented by ongoing initiatives to encourage flows, will continue to provide enduring support to the ringgit,” it added.

BNM highlighted that the global economy continues to expand amid resilient labour markets and continued recovery in trade.

Global economic growth is expected to be sustained by positive labour market conditions, moderating inflation and less restrictive monetary policies. Global trade recovery is expected to continue, supported by E&E and non-E&E products.

“The growth outlook remains subject to downside risks, mainly from further escalation of geopolitical tensions, heightened volatility in global financial markets, and slower growth momentum in major economies,” BNM said.

Source: TheSun.my

About Maldives Residences

A residential development by Ideal Property Group at Bayan Lepas. Strategically located along Jalan Sungai Tiram 6, just across the road from Havana Beach Residences. It is conveniently connected to Jalan Tun Dr Awang, less than 2km away from Penang International Airport. This development comprises 46-storey building with 4 residential towers. It features a mix of affordable and upgraded units, with a built-up size of 850sq.ft. onwards.

Find out more about Maldives Residences

Taman Bistari Jaya, a 21-acres mixed development by Mapahill Development Sdn. Bhd. within the township of Nibong Tebal. Located between Jalan Sungai Daun and Jalan Ooi Kar Seng, adjacent to Taman Bistari. It is only 4km away from Jawi toll plaza, about 20 minutes drive to Penang Second bridge.

The first phase of development includes a mix of 2-storey semi-detached homes with a built-up size of 2,164 sq.ft. and terrace homes starting from 1,798 sq.ft. Indicative prices for the terrace homes start at RM734k, while semi-detached units begin from RM912k. Future development plans feature additional terrace, semi-detached, and bungalow houses, along with a few shop office units.

Project Name : Taman Bistari Jaya
Location : Nibong Tebal
Property Type : Semi-detached & terrace
Tenure: Freehold
Built-up Size: 1,798 sq.ft. onwards (terrace), 2,164 sq.ft. (semi-detached)
Total Units: 42 (terrace), 12 (semi-detached)
Indicative Price : RM734k onwards (terrace), RM912k onwards (semi-detached)
Developer : Mapahill Development 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.