Penang Development Corporation (PDC) has signed a Memorandum of Agreement (MoA) with the Penang State Housing Board (LPNPP) regarding the ownership of 59 parcels in Block H, Mahsuri near Bayan Baru here.

The agreement was signed between the Deputy Chief Executive Officer of PDC, Roslan Hassan, and the Chief Executive Officer of LPNPP, ‘Ainul Fadhilah Samsudi, in the presence of the Chief Minister, Y.A.B. Tuan Chow Kon Yeow.

In his speech, Kon Yeow stated that the signing of the MoA would witness the initiation of the Mahsuri Urban Regeneration City (URC) project as the first to be implemented through the strata termination process in the state.

“This MoA also designates LPNPP as the sole owner of the Mahsuri URC pioneering development project and serves as a starting point for the acquisition and success of Phase 1, expected to commence work on-site in the first quarter of 2025.

“URC Mahsuri will also be the first pioneering project for the implementation of an urban regeneration housing concept in the state, benefiting the original 300 owners on the site,” he said at the event on Monday.

Kon Yeow said Phase 1 of the URC Mahsuri project involves the reconstruction of 300 housing units covering 850 square feet and equipped with various facilities, including sufficient parking spaces.

“When this project is completed, all unit owners, including those from the other five blocks in Mahsuri, will be relocated to Phase 1,” he added, stating that the project is expected to take three to four years to complete.

Furthermore, Kon Yeow mentioned that LPNPP had appointed a developer for the implementation of the URC Mahsuri project on April 11, 2023, through a Request for Proposal (RFP).

“The successful developer has been appointed and is currently undertaking preliminary work to obtain technical approval before work can commence on-site,” he explained.

At the same time, he hoped that the Ministry of Local Government Development could review the need for the creation of acts related to urban regeneration or amendments to existing acts to facilitate the implementation of such projects and the like.

“Urban regeneration is not an easy task as there are various constraints to existing acts.

“For example, the strata termination process that requires the approval of 100 percent of parcel owners for the implementation of this URC project, as stipulated in the Strata Titles Act 1985 (Act 318),” he said.

It is understood that the URC Mahsuri project involves two phases, with Phase 2, comprising housing units and commercial lots, scheduled for implementation in 2028 after the strata termination process involving five more successfully completed blocks.

The implementation of both phases of the project involves a cost of RM489 million and is expected to be fully completed by the year 2032.

LPNPP successfully completed the transfer of ownership transactions from two individual units in Block H to the state housing agency on October 6 and December 6, 2023.

Subsequently, LPNPP will proceed with the strata termination for 60 parcels on Lot 2323, which will return the land for this lot to the Parent Title for the completion of the URC Mahsuri Phase 1 project, expected to be completed by June this year.

The Penang State Government had previously announced the implementation of the Urban Regeneration City (URC) in Block 5 Mahsuri, which was developed about 30 years ago and has approximately 300 housing units ranging in size from 300 to 400 square feet (sf).

In addition to Block 5 Mahsuri, four more pioneering schemes through the URC method will be implemented, namely the Free School Apartment in Taman Free School, Padang Tembak Apartment, Siakap Garden in the Central Seberang Perai (SPT) district, and Mak Mandin Apartment in the Northern Seberang Perai (SPU) district.

Source: Buletin Mutiara

About Straits City

A 40-acre prime seafront integrated development by the Singapore Exchange-listed Straits Trading Co Ltd and its dual-listed subsidiary, Malaysia Smelting Corp (MSC). Strategically located in the Central Business District of Butterworth, a mere 2km from Penang Sentral, Straits City enjoys unparalleled connectivity with well-established transportation options such as trains, and ferries, while also providing easy access to major highways.

This development situated near Taman Selat, comprises a mix of residential and commercial components with the aim of transforming the area into a vibrant hub.

Find out more about Straits City

In the bustling heart of George Town, the KOMTAR Bazaar beckons entrepreneurs with an exciting proposition – affordable retail lots in a strategic location. Now, those seeking a new business location can thrive in the heart of George Town, enjoying easy access to diverse customer bases, all at an affordable rental rate.

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PE Land Sdn Bhd, a pioneer developer in Bandar Cassia, is set to transform the Batu Kawan skyline with its first Grade A and green office tower in the northern region.

Called the Capstone Corporate Suites, this project will offer first-of-its-kind commercial offices and retail units to local and multinational companies seeking a unique and sustainable work environment in Batu Kawan.

Chief Minister Chow Kon Yeow commended PE Land for playing a key role in Batu Kawan’s journey towards becoming a self-sustaining ecosystem, solidifying its position as a destination not only for living and leisure but also for pioneering businesses, attracting investments and fostering economic vibrancy.

“Given our robust manufacturing capabilities, numerous companies are drawn to Penang for establishing their corporate services. This includes the exploration of venues for conducting global business inspections remotely.

“So, the demand for office towers in the state is unsurprising, and in fact, the Penang Development Corporation (PDC) have two similar projects in the pipeline in Bayan Lepas.

“As for this project in Batu Kawan, we are happy with PE Land’s commitment to ensure this initiative becomes a reality, especially considering the growing number of multinational companies here.

“These corporate suites are also capable of supporting other services, such as procurement and accounting-related works by businesses,” Chow said in his speech before officiating the ground-breaking ceremony of the Capstone Corporate Suites project in Batu Kawan yesterday.

The 36-storey tower, which is strategically located adjacent to the Design Village Mall, is estimated to have a development value of RM500 million.

Expected to be completed in 2027, the tower will comprise 17 retail lots ranging from 2,110sq ft to 7,623sq ft, and 395 office spaces ranging from 1,179sq ft to 3,859sq ft.

The development will also include 1,740 covered parking lots with an additional 1,600 lots available next door at Design Village.

The Capstone Corporate Suites, upon completion, will stand as PE Land’s third venture in the area, following two notable projects: the acclaimed 24-acre outlet mall, the Design Village Mall, and the upcoming Anggun Residences, expected to be finished soon.

Meanwhile, PE Holdings Sdn Bhd chief executive officer Joanna Ling expressed her delight and was proud that PE Land has witnessed the transformation of Batu Kawan, from its humble beginnings to the vibrant township it is today.

“The evolution has been inspiring, and we are eager to continue contributing to Penang’s growth story.

“Our commitment to giving back to this community has only strengthened over the years,” Joanna said in her speech.

Among others present during the event were state Local Government, Town and Country Planning Committee chairman Jason H’ng Mooi Lye, Pansar Berhad managing director Datuk Jason Tai, PE Holdings Group managing director James Ling, PE Holdings Group deputy managing director Ronald Ling and Pansar Berhad chief operating officer David Tai.

PE Land is part of Pansar Group, a 60-year-old family-owned conglomerate based in Sarawak with branches and offices in Malaysia, Brunei and Singapore.

Source: Buletin Mutiara

Capstone Corporate Suites, a high-rise commercial development by PE Hospitality (Penang) Sdn. Bhd. in Batu Kawan. Situated adjacent to Anggun Residences and the Design Village, this development offers the convenience of being within walking distance to a plethora of outlet stores. It is also just a mere minutes’ drive to IKEA, about 3km to Penang Second Bridge.

This project consists of a 36-storey lifestyle corporate tower, featuring 395 office suites and a 10-storey car parking podium. Additionally, there will be 17 retail lots situated at the ground level.

Project Name: Capstone Corporate Suites
Location : Batu Kawan
Property Type : Office suites
Built-up Size: (to be confirmed)
Total Units: 395
Indicative Price: (to be confirmed)
Developer : PE Hospitality (Penang) Sdn. Bhd.

Location Map: