ELNA PCB (M) Sdn Bhd, a subsidiary of Global Brands Manufacture under the PSA Group, has officially opened its second facility in Penang’s Perai Industrial Zone. This expansion represents a significant investment exceeding RM1 billion and aims to further strengthen Penang’s position as a global electronics manufacturing hub.

The new five-story manufacturing plant, located adjacent to ELNA’s first facility, was inaugurated by ELNA PCB president Ian Yang and Penang Chief Minister Chow Kon Yeow. Yang highlighted that the plant’s first production phase will generate 300,000 square feet of printed circuit boards (PCBs) for industries such as automotive, server, network equipment, personal computing, and consumer electronics. As demand grows, the plant is projected to reach a full production capacity of 1 million square feet.

Yang noted that the existing facility will continue manufacturing double-sided and multi-layer PCBs, while the new plant will add advanced production capabilities, enhancing supply chain flexibility and catering to diverse customer needs.

PSA PCB Business Group president Lance Tao emphasized that the expansion reflects the company’s commitment to providing world-class solutions. Penang, a major hub for Malaysia’s semiconductor industry, offers a rich talent pool and favorable business environment, making it an ideal location for ELNA’s new facility. Tao also praised Penang’s robust industrial ecosystem, which aligns with PSA’s growth strategy.

Chief Minister Chow expressed pride in Penang being the preferred choice for ELNA’s expansion. He highlighted the project’s impact on the local economy, with over 1,000 new jobs expected and a transfer of cutting-edge manufacturing technology to the region. Chow also emphasized that ELNA’s continued investment in Penang, where the company has been present for over 30 years, is a testament to the state’s sustainable industrial growth and appeal as an investment destination.

The opening of this new facility marks a significant milestone in ELNA’s growth and Penang’s continued rise as a global electronics manufacturing leader.

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Penang recorded 2,400 unsold residential units in the first half of 2024 (1H2024), placing it fourth among states with the highest property overhang, according to the National Property Information Centre’s (Napic) report. The total value of unsold units in Penang amounted to RM2.02 billion, reflecting the ongoing challenges in the state’s property market, particularly in the high-rise condominium and apartment sectors, which dominate the overhang.

Kuala Lumpur topped the list in terms of value, with RM3.06 billion in unsold properties, while Johor came in second with RM2.80 billion. Despite Penang’s high number of unsold units, Perak had the largest volume, recording 4,161 units, accounting for 18.4% of the national total, followed by Johor (3,219 units) and Kuala Lumpur (3,051 units).

Overall, Malaysia’s property market overhang improved slightly compared to the second half of 2023 (2H2023), with the total number of unsold units falling by 12.3% and their value decreasing by 19.5%. The report showed 22,642 overhang units worth RM14.24 billion in 1H2024, compared to 25,816 units valued at RM17.68 billion in 2H2023.

Condominiums and apartments made up nearly 60% of the national overhang, with 13,535 unsold units. In Penang, Johor, and Kuala Lumpur, these high-rise properties accounted for 18.9% of the total unsold units across the country. Terraced houses contributed another 24.4%, or 5,524 units.

Napic also noted that the overhang was most prevalent in the affordable housing segment, with properties priced below RM300,000 making up 30.2% of the total. However, units priced between RM500,001 and RM1 million followed closely, contributing 29.6% of the overhang. Despite some improvement, the number of unsold properties under construction rose by 13.3%.

Malaysia’s property market achieved a significant milestone in the first half of 2024 (1H2024), with total transaction value exceeding RM105 billion from 198,906 recorded transactions. This marks the highest growth in value and volume in the past five years. According to Deputy Finance Minister Lim Hui Ying, the volume of transactions rose by 8.0%, while transaction value surged by 23.8% compared to the same period in 2023.

This growth reflects the strength of Malaysia’s economy, which expanded by 5.9% during the period. Lim emphasized that this performance is aligned with the national economic transformation goals outlined in the Madani Economy framework. “The property market’s positive trajectory was driven by robust transaction performance across all subsectors, supported by government initiatives in Budget 2024,” Lim said.

Among the key government initiatives is the housing credit guarantee scheme (SJKP), which offers up to RM10 billion in guarantees. The Madani government’s efforts, including improvements to the Malaysia My Second Home (MM2H) programme and the development of the Johor-Singapore Special Economic Zone (JS-SEZ), have also contributed to market growth. Additionally, the Special Financial Zone (SFZ) in Forest City has spurred interest in the property sector.

Fiscal policies, such as the continued stamp duty exemptions for first-time home buyers and the steady overnight policy rate (OPR) of 3.0%, have further bolstered confidence in the market. According to the 2024 First Half Property Market Report by the National Property Information Centre (Napic), all subsectors experienced growth, particularly the commercial sector with a 22.4% increase in activity and a 41.5% rise in transaction value.

The residential subsector also saw a 6.1% rise in transactions and a 10.4% increase in value, while overhang units declined to 22,642 from 25,816 in the previous period, reflecting improved market conditions.

The Malaysian House Price Index (IHRM) for 1H2024 recorded an average price of RM471,918 per unit, a modest annual growth of 0.9%. Most states experienced positive growth, though Kuala Lumpur saw a slight dip of 0.8%. Detached, semi-detached, and terrace homes remained stable, while high-rise apartments saw a marginal decline.

The relocation of SJK (C) Aik Hua from its historic location on Muntri Street in George Town to Sungai Ara has proven to be a timely and strategic move, as student enrolment continues to grow. According to Penang Chief Minister Chow Kon Yeow, the school’s enrolment has increased to 191 students since the relocation, reflecting the community’s positive response.

During his recent visit to the school, Chow emphasized the importance of creating a vibrant learning environment for students. “I am proud to witness the completion of the school’s building, which marks a significant milestone in our education journey,” he said. He further praised the new facilities, including an auditorium, which cater to the diverse needs of the students and enhance their overall educational experience.

SJK (C) Aik Hua had been located on Muntri Street for over 100 years before its relocation to Sungai Ara in March this year. Construction on the new school began before the Covid-19 pandemic. Chow, who was formerly the Member of Parliament for Tanjong when the school was in George Town, expressed confidence that the school’s reputation would continue to grow once all necessary approvals from the relevant authorities are secured.

Chow also lauded the school’s commitment to providing a platform for special needs students, enabling them to thrive in an inclusive learning environment.

The school’s board chairman, Datuk Gary Choot, expressed gratitude to Chow for his unwavering support over the years. “The official opening ceremony for the school is planned for next year,” Choot said. The visit was also attended by state Tourism and Creative Economy chairman Wong Hon Wai, headmaster Lee Cheah Liang, and school staff, including teachers.

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Ventus & Tradesmen, an innovative investment project by Jayamas Property, is a versatile 3-in-1 property located in Batu Maung, Penang. It is an integrated development which includes freehold units. The upper floors feature the Ventus & Tradesmen (Hotel Suites), operated by the 4-star Oakwood Hotel & Apartment (managed by The Ascott Limited). The middle levels, from floors 17 to 29, are designated as Ventus & Tradesmen (Co-Space), and at the bottom floor is the Ventus & Tradesmen (Ventus Suites) designated for Small Office Versatile Office (SOVO). Its strategic location, with convenient access to the 2nd Penang Bridge and Penang International Airport, makes it an ideal choice for business travellers.

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