Penang government is carefully evaluating the establishment of a Special Financial Zone (SFZ), recognising its potential as a transformative economic driver. Chief Minister Chow Kon Yeow revealed that the Penang Institute (PI) is leading the study into the proposal.

During a winding-up speech at the Penang Legislative Assembly, Chow highlighted the findings from a public engagement workshop held on September 24. Over 100 participants from the logistics, trade, and financial sectors attended, with more than 93% expressing support for the SFZ initiative.

Key benefits identified included job creation for young graduates, increased foreign investment, and enhanced support for advanced manufacturing. Participants also recommended focusing on financial subsectors such as fintech, startup financing, equity crowdfunding, maritime trade, and cryptocurrency finance.

Potential sites for the SFZ include Gurney Bay and Andaman Island. However, concerns were raised regarding challenges such as traffic congestion, talent shortages, and low wages, which could hinder the project’s success.

A roundtable discussion with industry experts on November 27 aimed to refine the framework for the SFZ. Further research findings will be presented to the state executive council for consideration.

This initiative underscores Penang’s commitment to maintaining its position as a regional business hub in Southeast Asia while addressing economic and infrastructure challenges.

Tuan Pavilion, a high-rise residential development spanning 2.4 acres along Solok Zoo 1 in Air Itam, conveniently located near the Permata Sports Complex. Situated less than 2km from Sunshine Central Mall, it offers easy access to the upcoming Air Itam Bypass, scheduled for completion in 2025.

This project consisting of two towers with a total of 280 units. Tower A comprises 21 levels with 120 units, offering six units per floor, while Tower B features 28 levels with 160 units, with eight units per floor. The units range in size from 1,173 sq. ft. to 1,592 sq. ft. and include configurations of up to four bedrooms. The development is supported by a six-level car parking podium and offers over 20 facilities located on Level 7.

Project Name : Tuan Pavilion
Location : Air Itam
Property Type : Condominium
Tenure: Freehold
Built-up Size: 1,173 sq.ft. – 1,592 sq.ft.
Total Units: 280
Indicative Price : (to be confirmed)
Developer : Milenium Baru Sdn. Bhd. (M Summit Group)

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.

Crowne Plaza Penang Straits City, the flagship development of the Straits City Future City waterfront project, has officially opened in Butterworth. This hotel marks the first phase of the 40-acre Straits City Masterplan, a collaborative effort by Singapore Exchange-listed Straits Trading Company Limited and Malaysia Smelting Corporation Berhad. The development aims to create a smart and sustainable urban environment while adding a new dimension to Penang’s hospitality landscape.

As the first Crowne Plaza in northern Malaysia, the hotel aims to address the growing demand for luxury accommodations on Penang’s mainland, driven by increased business activity and foreign investments. Straits Developments Pte. Ltd. CEO Eric Teng described the hotel as offering “a unique blend of modern comfort, sophisticated amenities, and a commitment to sustainability,” catering to both business and leisure travelers while revitalizing Butterworth.

The 23-story hotel features 343 well-appointed rooms and suites designed for premium corporate and leisure guests. Rooms include walk-in wardrobes, Antipodes organic bath products, and motion-sensor lighting to enhance sustainability. Expansive windows maximize natural light, contributing to the hotel’s eco-friendly design.

Crowne Plaza Penang Straits City is equipped to host events of all scales. Its centerpiece, the 653-square-meter Straits Ballroom, accommodates up to 800 attendees, while four smaller meeting rooms cater to more intimate gatherings. Additional features include a rooftop infinity pool and gym with views of Penang Island, the Wellesley Club Lounge, and a 24-hour business center.

Dining options include the 1887 All Day Dining and Lobby Lounge, offering local and international cuisines, and a Grab N Go Counter for quick meals.

Straits City’s Masterplan envisions a smart, sustainable urban environment combining residential, commercial, and retail spaces. Located in Butterworth’s central business district, it is strategically connected via multiple transport networks. Development is set to continue in phases, with full completion expected by 2038.

The Penang Island City Council (MBPP) has announced a 50% increase in parking rates on Penang Island, effective March 2025.

Mayor Rajendran Anthony explained that the adjustment is necessary to fund the maintenance of smart parking sensors and system upgrades under the Penang Smart Parking initiative.

Under the new rates, parking fees will rise to 60 sen for 30 minutes, RM1.20 per hour, and RM9 for a full day. The last adjustment was in 2014, marking a significant gap since the previous increase in the 1990s.

The revised rates will apply to all 19,000 parking spaces on the island. Meanwhile, the cost of annual parking passes will decrease from RM1,800 to RM1,200 starting March 1, though monthly passes will remain at RM150.

This measure aligns with MBPP’s efforts to enhance parking facilities and technology for better user convenience.

The ‘Skim Perumahan Sewa Khas’ (SPSK) scheme, aimed at providing housing for youths and singles in Penang, is currently in its initial phase. Once implemented, it is expected to significantly benefit these groups.

State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu (PH-Perai) revealed this during the Penang Legislative Assembly session at the State Assembly building in Light Street today.

Sundarajoo highlighted that the People’s Housing Programme (PPR), to be developed in Jelutong by the Housing and Local Government Ministry, will serve as the pioneer project for the SPSK scheme.

“The process of appointing a contractor will commence once funding is secured. The PPR in Jelutong will comprise 500 units,” he said.

He elaborated that the Penang Housing Board (LPNPP) has proposed allocating 250 units, each 650sq ft, for young families, while the remaining 250 units, sized at 450sq ft, will cater to youths and singles.

Sundarajoo made these remarks in response to an oral question by Lee Boon Heng (PH-Kebun Bunga).

Additionally, he shared that the LPNPP is studying a proposal to repurpose unsold affordable homes as transit housing for youths and singles under the SPSK scheme.

“Priority will be given to older, unmarried individuals within the ‘single’ category,” he added.

He also announced that the LPNPP will reserve 10% of affordable housing units built on state-owned land for a rent-to-own scheme.

As part of the initiative, redevelopment projects such as Kampung Ujung Batu and Kampung Manis will be included.

For applicants of the affordable housing scheme who have been rejected by banks three times, Sundarajoo confirmed that they would be eligible for the rent-to-own option under the LPNPP.

Source: Buletin Mutiara