Archive for the ‘Penang Industrial’ Category

The Development of Batu Kawan and its land price trends

Monday, March 3rd, 2014

Batu Kawan is on the national attention following the official opening of the Second Penang Bridge by the Malaysian Prime Minister on 1st March 2014. It is officially known as Tuanku Abdul Halim Mu’adzam Shah Bridge.blog.intproperties.com have gathered relevant information and researched the chronological events on the development of Batu Kawan to track its past pricing trends of land transactions from the time Batu Kawan Island was acquired to the present time of the completion and opening of Second Penang Bridge.(Map of Second Penang Bridge).

second-penang-bridge-011

second-penang-bridge-011

Background Information

Batu Kawan used to be an oil palm estate previously owned by Batu Kawan Berhad (BKB). On 8th February 1991, the Penang state government has gazetted Batu Kawan Estate under section 8 of the land acquisition act 1960.

In 1992, the entire 5,260 acre Batu Kawan was acquired by Penang State Government through the Land Office Administrator of South Seberang Perai District for a sum of RM53,197,974 or RM8,167 per acre awarded as compensation.

BKB filed the case to the Penang High Court and the judge reviewed the land acquisition and increased the award of compensation to RM15,000.00 per acre (RM15,000 X 5,260 acres = RM78,900,000.00) on 9th October 1995.

Not satisfied with the compensation, BKB pursued the matter to the Court of Appeal but was dismissed on 22th Sept 1997.

Subsequently, BKB took the matter up to the Federal Court seeking higher compensation of RM40,000 per acre but was dismissed by Federal Court on 11th September 2001. BKB exhausted all the legal means which took them 9 years and finally settled with the compensation of RM15,000.00 per acre(Analysed to RM0.34 psf). The Federal Court judge held that the revised compensation of RM15,000.00 as at that time in 1992 is the “Adequate compensation” on the premise that the land is an agricultural estate land with remote potentiality for any development.

Past Events and Transactions

In Feb 1996, BKB set up a joint venture vehicle with a 60%-owned joint venture company, Padova Corporation Sdn Bhd (“Padova”), with the Penang Development Corporation (“PDC”) whereby Padova has entered into a Land Purchase Agreement with the PDC.

Under this Agreement, Padova was to purchase from PDC 740 acres of former estate land on Batu Kawan Island for a sum of RM50 million for property development(analysed to RM1.55 psf). The land was part of the Company’s Batu Kawan Estate, which was compulsorily acquired by the State Government in 1992 and a sum of RM40 million has been paid to PDC under the Agreement. However, due to economic downturn, the plans for property development in the area were reviewed while the Land Purchase Agreement has been terminated.

On 9th May 2002, Abad Naluri Sdn Bhd (ANSB) submitted tender for Penang Turf Club’s relocation and sale of Batu Gantung land. ANSB proposed to build a new race-course for the Penang Turf Club at a 250-acre site at Batu Kawan. On 25th November 2002 – Turf Club EGM approved sale of Turf Club land in Batu Gantung and proposed acquisition of Batu Kawan site for relocation of Penang Turf Club.

On 16th Jan 2004 – PDC entered into a Principle agreement to sell several parcels of land in Batu Kawan, totaling 750 acres to ANSB. The development was planned in six different phases, each divided into Parcels 1, 2A, 2B 3A, 3B and 4 respectively of which mixed development projects were planned on Parcels 1, 2A, 2B 3A, and 3B measuring 450 acres in total. The development of Parcel 4 was confined to the development of a Penang International Equesterian Centre (PIEC) measuring approximately 300 acres. The purchase consideration for Parcel 4 was reported as RM46 million (analysed to RM3.52 psf).

On 8th March 2008, The DAP-led Pakatan Rakyat took over the Penang State Government administration.

In September 2008, CM Lim Guan Eng and 52-member delegation went to Korea for its first oversea trade investment mission. After the trip, it was widely reported that an MOU between PDC and Korean Group DK ENC has been signed to build a US$ 100 million (RM350 million)golf course in Batu Kawan. However, the deal fizzled out after a memorandum of understanding (MoU)on the project,signed between PDC and South Korean-based DK ENC Company Ltd lapsed.

batu kawan golf course

batu kawan golf course

In year 2009/2010, land acquisition process began on private lands in the Batu Kawan locality affected by the Second Penang Bridge alignment and road linkages to North South Highway and were awarded compensation at a rate of RM8-10 psf.

On 5th April 2011, CM Lim Guan Eng announced the sale of Batu Kawan Land TO ABAD NALURI SDN BHD(ANSB) after a re-negotiation process with ANSB since 2008 to proceed with the development of the remaining parcels since the S&P Agreements for Parcels 2B, 3A and 3B were yet to be signed. After serious negotiations and discussions between both parties, a decision was finally made and agreed upon by both parties in early 2011.

It was reported that the change in the development of Parcel 4 from the PIEC to the proposed mixed development has benefited PDC by enhancing the value of the land from RM3.05 psf to RM4.77 psf amounting to an increased value of RM22,500,000.00.(Approximately 56% increase in value of the land)- Click here for more info.

On 27th June 2011, CM Lim Guan Eng held a press conference and announced that an industrial park catering for SME with 150 acres will be established at the Batu Kawan Industrial Park(1,600 acres) and 67 acres acres for SMEs opened for sale as backbone for solar and renewable energy industries. The current sales price of SME industrial land in Batu Kawan Industrial Park is priced at RM30 psf.

batu kawan industrial park

batu kawan industrial park

On 23rd August 2011, CM Lim Guan Eng unveiled that PDC has allocated 200 acre site in Batu Kawan for the proposed Mega housing project of which at least 7,300 affordable housing units will be built over a period of 5-7 years at a density of 55 units per-acre.

mega housing at batu kawan

mega housing at batu kawan

On 16th February 2012-Ground breaking ceremony for HDB designed affordable homes was held at Bandar Cassia, Batu Kawan- Video.

On 29th February 2012, a signing ceremony was held between Robert Bosch with PDC for the purchase of a parcel of industrial land for RM58 million. 20% of the purchase price has been paid in December 2011. The land is estimated to be 35.2 or 87 acres(Analysed to RM15.30 psf).

In September 2012, Equine Capital Bhd, the controlling company of ANSB, changed its name to Global Oriental(GOB). GOB still has a remaining 350 acres of leasehold land in Bandar Cassia, Batu Kawan.

On 10th October 2012, Malton Berhad announced that Silver Setup Sdn Bhd (”SSSB”), a wholly-owned subsidiary of Malton, had entered into a Joint Development Agreement (“JDA”) with Batu Kawan Development Sdn Bhd (formerly known as Abad Naluri Sdn Bhd) (”BKDSB”) for the proposed joint development of a piece of land situated at Batu Kawan, Mukim 13, Seberang Perai Selatan, Pulau Pinang (“Land”), measuring approximately 300 acres (“Joint Venture”).

The proposed development under the JDA is expected to comprise mixed commercial and residential development (“Proposed Development”). Based on the preliminary plans, the gross development value of the Proposed Development is estimated to be RM3.8 billion.

The Proposed Development is expected to be carried out and completed in phases over 10 years from the date of issuance of the title of the Land, subject to extension as may be approved by the PDC.

Details of the Joint Venture Entitlements under the Proposed Development :-

BKDSB’s entitlement under the JDA is 18% of the Gross Development Value of the Proposed Development, subject to not less than RM300 million, which represents the minimum return expected by BKDSB from the Joint Venture. Whilst SSSB shall be entitled to the remaining 82% of the Gross Development Value of the Proposed Development. Under the JDA, SSSB is solely responsible to meet the costs of the Proposed Development. Upon signing of the JDA, SSSB has paid a sum of RM20 million as deposit to BKDSB as part of BKDSB’s entitlement under the JDA (“Deposit”).

On 28th March 2013, after slightly more than a year, Media reported that Bosch Solar Energy Malaysia Sdn Bhd has decided to shelve its plan to invest RM2.2 billion in a new mono-crystalline solar cell plant at Batu Kawan Industrial Park although a sales and purchase agreement had been signed between Bosch and PDC in December 2011 for a 35.2ha of land in Batu Kawan to build the plant, citing circumstances did not allow Bosch to proceed with the project.More on Bosch pull out.


In August 2013, PDC called for a request for proposal (RFP) for an international theme park and golf resort (with a minimum 18 holes). The RFP is for the purchase and lease of a total 685 acres of land – 215 acres for the theme park (west of Batu Kawan) and 470 acres for the golf resort (north of Batu Kawan). Both projects are required to be completed within four years from the date of agreement. The entire development must be fully completed in 10 years. No new announcement on the outcome of this RFP yet.

On 12th October 2013, PDC signed a purchase and development agreement for the construction of a premium retail outlet in Bandar Cassia,Batu Kawan. The agreement, signed between PDC and developer PE Land Sdn Bhd, will see the nation’s second premium outlet after the Johor Premium Outlet. The premium outlet, costing about RM200mil, will be built on a plot of 16ha (39.54 acres) land that will also include a 300-room international-class hotel, cafes and food and beverage outlets, a landscaped garden as well as residential units. It was reported that the Payment for the land premium of RM65.34mil would be within three months.(Analysed to RM37.94 psf).

On 10th January 2014 – CM Lim Guan Eng announced IKEA’s Entry Into Batu Kawan with the sale of 245 acres of land for the purpose of development of an integrated shopping mall, anchored by an IKEA store to be developed by Ikano Pte Ltd, and mixed development of offices and residences to be developed jointly by Aspen-Ikano (a joint venture company to be formed by Aspen Vision Land Sdn Bhd and Ikano Pte Ltd).  The 245 acres development in Batu Kawan will include: 30 acres for the development of IKEA Store and phase 1 of the Shopping Mall 45 acres for the development of phase 2 of the Shopping Mall; and 170 acres for mixed development purposes (Remaining Parcels) The total land cost for the project is RM 483,951,600 and payment is to be made within 60 months from the date of Agreement. A RM 5 million non-refundable deposit has also being paid to PDC.

Off all the land dealings in Batu Kawan, this is considered as the landmark transaction of year 2014 which analysed to RM45.34 psf with payment terms of up to 5 years.

The last one year also witnessed several big players joining the bandwagon of acquiring lands in southern Seberang Perai in anticipation of the improved infrastructure networks with enhanced accessibility following the completion of Second Penang Bridge. Several reported land acquisition by established developers are :-

MAH Sing Group Bhd bought about 76.38 acres of freehold land in Jawi, Southern mainland Penang for RM42.59 million It was reported that the land was acquired at RM12.80 psf in December 2013 with payment terms within 18 months.

Another developer , Tambun Indah (TILB) acquired additional 21 acres freehold land at Pearl City of Bandar Tasek Mutiara.This came after the acquisition of a 24.1 acre land parcel also in the township a month earlier.The purchase consideration of MR12.7m translates into a land cost of MR14.00 psf, similar to the earlier transaction. Tambun Indah has an accumulated land bank of about 550 acres of Pearl City of Bandar Tasek Mutiara

IJM Land has also acquired 70 acres of land in Jawi, Southern mainland Penang for RM56 million (Analysed to RM18.50 psf ) in July 2013.

According to RHB Research, EcoWorld also bought about 60 acres of land located at the junction of Jalan Paboi and the old Simpang Ampat federal route, near Simpang Ampat, Southern Seberang Perai at over RM30 psf.

After a span of 22 years, Batu Kawan is poised for higher intensity of development with the recent opening of the Second Penang Bridge. There is no doubt that the construction of RM4.5 Bil Second Penang Bridge since 2008 have accelerated the development of Batu Kawan as evidenced by increased investments and land transactions over the past one year. Improved road networks and accessibility has significant impact on its land usability.Its zoning use from that of pure agricultural land in 1990’s has gradually maturing into lands with potential and suitable for housing and industrial use and likely to scale up to higher economic land usage such as commercial and mixed development township. So as its land prices which have surged significantly in recent years in tandem with the change of land usability, zoning and enhanced accessibility.

For more information and advisory on Penang property matters, please visit our website at www.intproperties.com or email to tan@intproperties dot com.

Updates :

On 25th March 2014, Property developer Paramount Corp Bhd (PCB) signed an agreement with PDC to purchase 12.14ha ( about 30 acres)  of freehold land in Batu Kawan for a total of RM65.56 million to develop a university metropolis. It was reported the land cost for the 10 acres of land for education use ie. for development of KDU University College is RM40.50 psf whilst the land cost for the remaining 20 acres earmarked for integrated development is RM55.00 psf.

Under the agreement, PCB is required to commence and complete the development of the education component within 5 years whilst the integrated development is targeted for completion within 10 years from the agreement date.

UNIDO’s Report on Penang Industrial Transformation

Thursday, March 5th, 2009

Despite the global economic downturn, Penang remains an attractive investment centre in Asia Pacific region. According to recently released United Nations Industrial Development Organisation’s (UNIDO) Industrial Development report 2009, Penang is one of the top 10 dynamic industrial cluster locations in the world.

The United Nations Industrial Development Organisation’s (UNIDO) Industrial Development Report 2009, had rated Penang, along with Buenos Aries, Southeastern Brazil, Phnom Penh, Los Lagos (Chile), Qiaotou, (China), Chennai, Jakarta, Vientiane and Otigba in Nigeria, as the leading locations.

Penang industrialization journey

Penang industrialization journey

Some of the indicators that placed Penang as a robust location were, excellent basic infrastructure, strong cluster networks between firms and intermediary agencies such as the Penang Development Corportation (PDC) and the Free Trade Association of Penang. Below are the extract of the report on Penang Malaysia - An export-processing zone grows up;

Penang is the largest of the three major regional electrical-electronics clusters in Malaysia. It was Malaysia’s first export processing zone (EPZ), opened by the Government in 1972 to attract foreign electrical goods and electronics firms. The electrical-electronics industry has been the leading source of MVA, employment and exports in Penang since 1980.

Penang began as an “artificial agglomeration”. It was the outcome of activist Government policies designed to attract international investors. A formal clustering policy was adopted in Malaysia with the introduction of the Second Industrial Master Plan in 1996. The cluster approach was designed so as to develop greater linkages and complementarities between transnational investors and local industries.

In Penang, excellent basic infrastructure—good transport services, power supply, water supply and telecommunications—was combined with superior provision of social services, such as public health facilities and schools, to make the region attractive to skilled workers and managers. Institutional reforms were also introduced to improve the performance of the security and customs services within the EPZ. Drawn by these investments and financial incentives, Japanese, European and giant North American firms, such as Hitachi, Sony, Siemens, Advanced Micro Devices, Hewlett Packard, Intel, National Semiconductor, and Seagate, moved to Penang. The agglomeration of these flagship firms helped stimulate the development of local supplier firms.

Penang has benefited particularly from the development of public and public-private organizations aimed at solving coordination problems for firms in the cluster. Strong networks exist between firms and basic infrastructure organizations, such as the Penang Development Corporation. Producers’ organizations, such as the Free Trade Association of Penang and chambers of commerce, also figure prominently in promoting the exchange of information among firms.

Penang’s manufacturing structure is moving towards higher value-added activities. Over time transnational corporations in the cluster have moved from low to high value-added activities and have been replaced in the value chain by local firms. In the 1980s, local firms were mainly involved in assembly. By the 1990s, some had diversified into other activities and become global players. Even small and medium industries are directly involved in exports (Ariffin and Figueiredo, 2004). Complementary industries, such as machine tools and plastics, have also developed. The technological development of local firms stimulated the transformation of flagship firms, such as Intel, Motorola, Advanced Micro Devices, Fairchild, Hewlett Packard and Dell, into designing activities.

There is evidence of substantial cohesion and information exchange among firms in the electronics cluster. Supplier, distributor and customer relationships are stronger within the electronics cluster than for other firms in the same geographical zone. The Penang Development Corporation has helped to nurture linkages in advanced electronics, advanced materials, environmental engineering, high-technology and high value-added components with potential suppliers and distributors (Rasiah, 1994). Labour market externalities are potentially large.

The electronics cluster in Penang employs more engineers and managers than other manufacturing subsectors in Penang (Rasiah, 2002). The Penang Skills Development Centre has played an important role in providing firm-oriented skill training, adding to the thickness of the labour market. Tailor-made educational programmes (based specifically on industrial requirements) have been effective in reducing the gap between education providers and the industry. Firms without internal training centres (unlike Komag, Intel and others that have their own colleges and universities) are currently relying on these tailor-made programmes (Rasiah, 2007). Many industry managers, however, stress the need for local institutions (especially local universities) to upgrade their educational content based on industry needs.

Penang’s electrical-electronics cluster has clearly been the most successful of the ten agglomerations studied, in terms of the evolution of its industrial structure. Pecuniary externalities arising from infrastructure and the labour market, combined with knowledge spillovers from foreign-owned firms to large local firms and finally to smaller local firms, have resulted in the development of a very dense supplier-user network and considerable production-sharing.

However, the increasing technological sophistication of the cluster seems to have created a coordination problem that may inhibit further technological upgrading. Not surprisingly, surveys reveal that decisions by large firms to produce more sophisticated products and to outsource some of their existing production within the cluster influence the decisions of smaller local firms to invest in technological upgrading.

Smaller local firms are only willing to invest in new technologies and products after outsourcing contracts are secured. Large firms, for their part, are reluctant to transfer their product lines and do so only when they are convinced that local firms are technologically capable of producing the products.

Full text of the UNIDO’s report (in PDF format) is available here.

In another recent report by KMPG International Advisory-Exploring global frontiers: The New Emerging Destinations; Penang has been listed as one of the world’s top Information Technology (IT) – Business Process Outsourcing (BPO) locations. According to the survey, Penang is among top 31 countries worldwide as IT-BPO destinations. Among the key drivers that made Penang favourable IT-BPO destinations are its government’s strong focus in promoting the industry, the Multimedia Super Corridor status and creation of the Software Consortium of Penang (ScoPe) and the availability of skilled English Speaking personnel to facilitate multi-lingual service delivery. The 10 countries in Asia-Pacific include Brisbane, Changsha, Hangzhou, Ahmedabad, Jaipur, Nagpur, Penang, Davao City, Iloilo City, Ho Chi Minh City.

Penang is the first state in Malaysia outside Multi Super Corridor (MSC) to be officially granted the Cybercity status, providing a high-tech growth platform for the state of Penang. Penang Cybercity 1 (PCC1), covering an area of about 923 hectares at the south-eastern of Penang Island,  includes Bayan Lepas Industrial Park, a portion of Bayan Baru area, and Queensbay as well as PDC’s upcoming Bayan Mutiara development along the Sungai Nibong coastal area. More related articles on Penang Industrial at Penang as outsourcing and training hub and Expanding SME in Penang.

For map guide on Penang Industrial development, click here.

Mainland Penang offers competitive industrial land costs ranging from RM15 per square foot to RM30 per square foot(USD4 to USD8 per square foot)  in major industrial parks whilst rental rates for ready purpose built industrial space ranges from RM0.80 to RM1.50 per square foot (USD0.20 to USD0.40 per square foot) per month for industrial buildings with floor sizes ranging from 100,000 sq ft to 300,000 sq ft.

Besides this, Penang Island is one of the popular destinations for second homes under Malaysia, my second homes programme(MM2H). Penang Ranks top ten Asia’s most liveable city.

For advisory on industrial property investments in Penang, email to us at Izrin & Tan Properties Sdn. Bhd or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.

Expanding SME in Penang

Monday, July 28th, 2008

A SME conference has been held in Penang recently. The one-day event, with the theme “Globalization of SMEs- The Next Battleground” was organised by The ACCA and officiated by Penang Chief Minister YAB Mr Lim Guan Eng with more than 350 delegates attended the conference.

SME developments in Penang

The developments of SME in Penang are mostly supporting MNCs. According to InvestPenang Chairman of the Executive Committee, Dato Lee Kah Choon, Penang economy has undergone five decades of evolution with the industrial transformation started 35 years ago. To date, the growing sectors in Penang are E & E and ICT sectors. As at March 2008, there are a total of 146 MSC status companies in Penang.

Dato Lee Kah Choon, Chairman of InvestPenang presenting his paper at the SME conference in Penang


Penang’s industrial evolution

New growth sectors for Penang

MSC companies in Penang

A recommended resource centre on SME developments in Malaysia is www.smeinfo.com.my by Central Bank of Malaysia which provides much related information in three languages. Another official website for SME in Malaysia is SMIDEC.

SME Outlook and Funding

The Malaysian Government, through SMIDEC, provides various facilities and assistance programmes to assist local SMEs to be globally competitive.

According to MITI’s website, the statistics on the utilisation of Funds (Grants and soft loans) for SMEs for the northern states (Perak, Penang, Kedah and Perlis) as the end of April 2007 are as follows:-

Grants
• As at the end of April 2007, a total of 17,015 applications were received by SMIDEC for the various grant schemes. Out of these, 12,417 applications (73.9 per cent) valued at RM270.61 million have been approved.
• The highest approval was for Grants for Certification & Quality Management valued at RM82.3 million (77.0 per cent) of the total grants approved.
• Total approvals of grants for the Northern Region states are 2,592 amounting RM59.7 million (21.4 per cent).

Soft Loans
• As at April 2007, a total of 1,685 applications for soft loan were received, of which 1,046 (62.7 per cent) were approved valued at RM530.7 million.
• Total approvals of Soft Loan for the Northern Region states are 193 amounting RM 112.46 million (21.2 per cent).

For this year, the government has allocated RM4.5 billion for 198 small and medium enterprise (SME) development programmes and more funds will be allocated to SMIDEC under the mid term review of 9MP. The government has also announced that an additional RM1.2 billion worth of financial facilities will be make available to assist small and medium enterprises (SME) to manage rising business costs.

The Malaysia Government will continue to provide matching grants and soft loan schemes for SMEs , If your company are one of these SMEs and your businesses are within the threshold of SMIDEC, there are many types of grants and soft loans available for local SMEs; here and here.

For advisory on SME property needs or property investments in Penang, email to us at Izrin & Tan Properties Sdn. Bhd. or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.

Penang as outsourcing and training hub

Monday, April 7th, 2008

THE new Penang state government wants to develop the state into an outsourcing and training centre for new industries. Penang’s new Chief Minister Lim Guan Eng unveils new strategies to drive the state forward. More at Star Business report on Penang as outsourcing and training hub. Penang’s industrialisation, which started in early 1970’s, has transformed the manufacturing sector currently contributes 40% to state GDP.

Industrial Parks in Penang

According to the state government development agency, PDC’s website, the agency has developed six industrial parks with a combined size of 2,384 hectares (5,890 acres) and with about 686 existing factories of which only one industrial park is located on the Penang Island whilst the remaining five are located in mainland Penang of Seberang Perai. Click here to view the location map of Penang Industrial Parks. The six industrial parks are Bayan Lepas Industrial Park, Mak Mandin Industrial Park, Seberang Jaya Industrial Park, Prai Industrial Park, Bukit Tengah Industrial Park and newly developed Bukit Minyak Industrial Park.

Due to the scarcity of land on Penang Island, the state government has expanded the existing Bayan Baru Industrial park via land reclaimation along the south eastern coastal area of Penang Island. Future industrial expansions will continue to take place in mainland Penang particularly in Bukit Minyak Industrial Park and Batu Kawan township near to the proposed Second Penang Bridge.More related info at The new conurbation area in Central mainland Penang.

The state will likely to see new investments from South Korean’s Samsung which may invest RM3.5 billion at 32 ha site in Batu Kawan, near the Second Penang Bridge.

The sales price for leasehold industrial land in Bukit Minyak industrial area ranges from RM13 per square foot whilst selling price for freehold industrial land in central Seberang Perai ranges from RM20 per square foot.

For advisory on industrial lands and property investments in Penang, email to us at Izrin &Tan Properties Sdn. Bhd. or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.

New Economic Agenda for Penang

The new administration has outlined its New Agenda for Penang and pledged to pursue investor friendly policies and to make Penang a dynamic economic, inter alia, to upgrade hi-tech industries, manufacturing and SMIs/SMEs on the global value chain, rejuvenate tourism and service industries such as building more green lungs, a new Penang Zoo, hotels and tourism heritage areas, Revamp and restructure Penang Development Corporation, InvestPenang, Penang Skill Development Centre and Penang Port Authority to stimulate greater foreign direct investments, comprehensive plan to promote Knowledge-based economy to secure Penang’s place in the rapidly changing globalised world and tapping into ‘Penang Diaspora’ to complement “Brain Gain” Programme.

Projects Pending Review

Several major infrastructure projects namely second Penang Bridge, PORR, monorail, airport and port expansion under the NCER initiatives will be continued as planned whilst some will be subject to close scrutiny. Two high profile projects in Penang namely PGCC and Gurney Paragon project are pending approval or review. Read more at Large projects to come under scrutiny, Snapshot of projects, Gurney project in Penang may be reviewed and Will Penang’s property market continue to boom?

A landmark industrial building in Prai Industrial Estate, mainland Penang visible along North-south Highway.