The Penang government has formally requested the Federal Government’s support for the establishment of the Penang International Financial Centre (PIFC), an initiative aimed at enhancing Malaysia’s global financial and industrial presence.

A letter detailing the state’s commitment to the project was submitted to Prime Minister Datuk Seri Anwar Ibrahim on March 13, 2025. The PIFC is envisioned as a catalyst for attracting capital inflows, fostering financial innovation, and bolstering Malaysia’s semiconductor and high-tech industries.

The initiative is being led by the Penang Institute through a Request for Expressions of Interest (EOI) process. This aligns with Penang’s historical role as a global trading hub and its strong presence in manufacturing and technology.

Chief Minister Chow Kon Yeow emphasized the importance of Federal Government collaboration to ensure the success of the PIFC. “This initiative will drive technological investments, create high-value employment opportunities, and contribute significantly to both national and state revenue,” he stated during a media conference at Komtar.

Also present at the conference were key state officials, including Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Local Government, Town and Country Planning Committee chairman Jason H’ng Mooi Lye, Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu, and Penang Development Corporation CEO Datuk Aziz Bakar.

The PIFC is expected to play a pivotal role in advancing the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS). Additionally, it aims to support tech-driven investments, introduce new financial innovations, and diversify employment opportunities within the professional services sector.

The Penang Institute has invited financial institutions, property developers, industry leaders, and investment firms to participate in the EOI process. Interested parties can collect EOI documents from the Penang Institute between March 17 and March 26, 2025, during office hours. The deadline for proposal submissions is 12pm on May 19, 2025.

Prime Minister Datuk Seri Anwar Ibrahim has expressed hope that every ministry and agency will pay special attention and act swiftly to ensure the smooth planning and execution of projects in Penang effectively.

In a Facebook post, Anwar said these development initiatives are crucial for improving the well-being of the people, especially the urban poor and rural residents who stand to benefit in the long term.

“I arrived in Penang today for several engagements, including chairing a Special State Development Meeting attended by the Chief Minister (Chow Kon Yeow), state executive council members and senior federal and state officials.

“Our discussions focused on the list of Penang’s priority projects under the 13 Malaysia Plan (13MP), covering aspects like road infrastructure, water supply, healthcare, education, sports, fishing ports and townships, which will be reviewed further.

“I also stressed efforts to repair and build new schools in Penang, along with other key projects that will bring benefits and comfort to as many people as possible,” he said.

Source: Bernama

About Lightwater Residences (Mar 2025)

The second residential project at The Light City by IJM Perennial Development Sdn. Bhd. features two 34-story towers with 262 freehold luxury homes, each equipped with a private lift. Located near the Penang Bridge and adjacent to The Waterfront Shoppes, unit sizes range from 1,324 sq.ft. to 3,466 sq.ft. with facilities on levels 6 and 25.

*Photo taken in Feb 2025

Find out more about Lightwater Residences

A newly proposed serviced residence in Jelutong, this development is situated on a 1.1-acre site at the intersection of Jalan Jelutong and Jalan Tengku, next to Alton Skyvillas by the same developer. It is conveniently located less than a 10-minute drive from Penang Bridge, with a wide range of essential amenities available within a 2km radius.

The project features a 35-story high-rise, comprising 471 serviced residence units on levels 10 to 34. Commercial spaces are planned for level 1 and the rooftop, while the ground level will house 14 two-story retail lots. The development also includes an eight-level car parking podium and a recreational area on level 9, which will feature a swimming pool along with other recreational facilities.

Project Name: (to be confirmed)
Location : Jelutong
Property Type : Serviced residence
Total Units: 471
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : (Follow us to find out more)

The Penang State Government is actively addressing delays affecting the affordable housing, also known as Rumah MutiaraKu (RMKu) projects at Quinton and Sri Bayu to safeguard the interests of homebuyers. Since taking office, Penang State EXCO for Housing, Dato Seri Sundarajoo Somu, has received numerous complaints regarding the setbacks faced by these two affordable housing developments. According to a recent Facebook post by Sundarajoo, the state government is taking decisive action to resolve these issues.

The Quinton and Sri Bayu projects, developed by a local property developer, have encountered construction delays due to challenges faced by the developer. These projects collectively offer 625 affordable housing units:

• Quinton Project: 379 RMKu C units, consisting of 41 units of RMKu C2 (750 sqft) and 338 units of RMKu C3 (850 sqft).
• Sri Bayu Project: 246 RMKu A and B units, with 123 units of RMKu A (650 sqft) and 123 units of RMKu B (700 sqft).

Steps Taken by the State Government

Recognizing the urgency of the issue, Dato Seri Sundarajoo Somu convened a meeting on December 21, 2024, with the Penang State Housing Board, the developer, and representatives of affected homebuyers. This meeting aimed to clarify the current status of both projects and explore viable solutions to ensure their completion.

Subsequently, the matter was escalated to the EXCO meeting, where Chief Minister Chow Kon Yeow endorsed a comprehensive action plan proposed by Sundarajoo. The plan is designed to address the challenges and expedite the completion of the projects.

Further progress was made on February 24, 2025, when Sundarajoo chaired another meeting with the developer and contractors. The discussions yielded positive outcomes, reinforcing confidence that, with the collective efforts of all stakeholders, the projects can be successfully completed.

Assurance to Homebuyers

Sundarajoo acknowledges the concerns and frustrations of affected homebuyers and urges them to remain patient while the state government continues to work on the best possible resolution. As the EXCO in charge of housing, he reaffirmed his commitment to ensuring transparency and fairness in addressing all housing-related issues.

The Penang State Government will continue to closely monitor both projects to ensure their timely completion, ultimately delivering on its promise to provide quality and affordable homes for the people of Penang.