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Malaysia Construction Market size was valued at USD 17.2 Billion in 2020 and is projected to reach USD 25.81 Billion by 2028, growing at a CAGR of 5.3 % from 2021 to 2028.

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With the ongoing infrastructural projects, the construction industry in Malaysia has significantly increased over the past decade. Additionally, Growth in residential projects propels the private sector and local contractors to increase construction activity in Malaysia. The government’s Malaysia vision 2020 initiated in 1990 to promote the construction and related activities has increased demand for the Malaysian construction sector. These are a few factors that fuel the growth of the construction market in Malaysia.

It has grown significantly and plays a major role in the country’s overall economy, contributing to revenue production, capital accumulation, and job growth, all of which help to sustain Malaysia’s gross domestic product (GDP) and socio-economic growth. Financial aid is a key component in hampering the growth of the construction industry in Malaysia. Construction projects are capital-intensive which discourages private investors to invest. The construction industry faces several difficulties, mostly as a result of the government’s strategy of cutting spending on large infrastructure projects in order to limit the country’s debt.

The market for Malaysia Construction Market is expected to grow in the following years due to the rising increase in infrastructural facilities and green construction. Construction equipment would be in high demand as a result of several transportation, telecommunications, and energy projects. Green construction is prevailing as it conserves natural resources, generates less waste, and provides healthy environments to occupants as compared to the traditional method of constructing buildings.

Ari Mellizo | Penang Property Talk

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Ari Mellizo

Ari Mellizo

Ari Mellizo, an affordable housing development by PTL Residence Sdn. Bhd. at Sungai Dua in Butterworth. Located near Jalan Sungai Dua Utama 3, just stone’s throw away from SK Desa Murni. It is less than 2km from Butterworth Outer Ring Road (BORR) / North South Expressway (NSE) interchange, about 15 minutes drive to Penang Bridge. Neighboring communities include Taman Sungai Dua Utama, Taman Casa Maya and Casa Utopia.

This development comprises a 17-storey condominium with 4 levels of car parking podium. It offers 357 affordable units with a standard bulit-up size of 950sq.ft. Proposed facilities include a hall, swimming pool, gymnasium and a few others.

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name : Ari Mellizo
Location : Sungai Dua, Butterworth
Property Type : Affordable housing
Tenure: Freehold
Built-up Size: 950sq.ft.
Total Units : 357
Indicative Price : RM250,000 onwards
Developer : PTL Residence Sdn. Bhd.

Register your interest here for updates on this project and other property news

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.

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Phase one of Penang Museum restoration completed

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The phase one of restoration works on the iconic Penang State Museum and Art Gallery in Farquhar Street has now been completed.

State Tourism and Creative Economy Committee chairman Wong Hon Wai said that phase two, the final phase of the restoration work, is expected to be completed between six and nine months.

“This is the first time this museum has undergone such as a major renovation, as there hasn’t been any significant restoration before this.

“Phase one involved the physical restoration of the building. Meanwhile, the final phase includes an extensive interior layout and the placement of valuable artefacts.

“We expect the museum to attract thousands of visitors per month once it is opened to the public,” Wong said in his speech when he officiated the tiffin carrier exhibition at the museum last night (May 17).

Also present were Balik Pulau MP Datuk Muhammad Bakhtiar Wan Chik and Penang Museum and Art Gallery director Haryany Mohamad.

Speaking about the tiffin carrier exhibition, Wong said it provides a good platform for visitors to learn more about the origin, history and types of tiffin carriers.

Wong added that this is a temporary exhibition until the end of June.

“As a matter of fact, this is the first exhibition held at this museum after it was closed since 2017 for restoration work.

“So, once the tiffin carrier exhibition ends, the final phase of the restoration work will begin in July,” he said.

Haryany also urged the public to visit the exhibition until the end of June.

“The tiffin carrier exhibition is part of the many programmes under the 28th national-level International Museum Day Festival (HMA) 2024, which is currently ongoing.

“We have around 100 tiffin carriers of various types on display,” she said.

Haryany added that a smart app known as HMA 2024 has also been developed for visitors to get updates on the HMA festival.

“It is important for visitors to download the app as all programmes and pre-registration can be made through the app.

“The app also provides the schedule of shuttle bus services during the festival,” she said.

Source: Buletin Mutiara

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George Town Esplanade project wins ‘Project of the Year’ awards

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George Town Esplanade project wins ‘Project of the Year’ awards

project-of-the-year-awards

The George Town Esplanade project has won three awards, including the highest accolade – the Project of the Year award – at the 14th Malaysia Landscape Architecture Awards (MLAA14).

The project, which encompasses the Esplanade Sea Wall and the Linear Garden, secured the Excellence Award in the Professional Design Category and the Preservation and Conservation Award, in addition to the Project of the Year award.

The results were announced during the MLAA14 Gala Dinner, held on May 11 at a hotel in Kuala Lumpur.

Chief Minister Chow Kon Yeow who announced the win at a press conference at Komtar said reinforcing the Esplanade Sea Wall was first initiated in 2018 due to ongoing deterioration of the old sea wall that posed a hazard to public safety.

“The project was completed in 2022, followed by the Linear Garden Upgrading Project, completed in 2023 at a cost of RM1.4mil,” said Chow.

“The objective was to improve the overall green space within the North Seafront and to re-integrate the Cenotaph War Memorial Civic Space with the public domain of the North Seafront.”

Chow highlighted that both projects were the result of a strong public-private partnership, involving the collective efforts of the state government, the Penang Island City Council (MBPP), the George Town Conservation and Development Corporation (GTCDC), the Aga Khan Trust for Culture (AKTC), and a team of dedicated professional consultants.

Malaysia Landscape Architecture Award event director Charles Teo said this was the first time in the award’s history that a recipient of the Preservation and Conservation Awards had also gone on to clinch the Project of the Year Award.

Source: TheStar.com.my

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Convent Light Street conversion to international school ‘on track’

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penang-convent

Plans to convert one of the nation’s oldest schools, Convent Light Street (CLS) in Penang, into an affordable international school – a first for the country – is on track, Melinda Lim said.

The architect behind the move to turn the school into an international one said the process is on course.

Lim, who is of the CLS Class of 1981, said that her company is fine-tuning the details.

Lim has established a chain of two international schools in the Klang Valley; Sri Emas, Dwi Emas, and it is also operating the MIT Stem school.

The learning institutions are owned and operated by ACE Edventure Sdn Bhd.

She is a co-founder of ACE with her sister Anne Tham.

Lim said there is demand for subjects that advance career growth, such as in science, technical, engineering and mathematics (STEM).

“We work closely with the authorities to ensure that we can provide the best and affordable options for parents who are keen to expose their children to the new age form of learning.”

CLS is the first Catholic school in Penang to be upgraded into an international school. It is also the oldest convent-type school in the region.

Lim said the school will be affordable to all Malaysians.

The school’s landowner, the Infant Jesus Sisters, decided to convert the school after a drop in enrolment as families moved out of the George Town city centre to the suburbs in Bayan Baru and Tanjung Bungah.

Female students of CLS have since moved to neighbouring St Xavier’s Institution, which became a co-ed school in 2023.

“We will abide by the ethos of the IJ Sisters. We want to represent the convent well to provide education in an inclusive manner, not in an exclusive way,” said Lim.

On what is new age learning, Lim cited the example of Sri Emas, which offers, besides conventional studies, a computation curriculum. Students are taught to write and develop e-sports software.

At Dwi Emas, the students learn entrepreneurial skills while at MIT Stem, the focus is on STEM skills.

“We also make schooling fun and enduring. Many of our students can’t wait for the school holidays to end.”

Another notable difference is that Lim mostly employs professionals such as doctors, engineers, historians, and lawyers to teach. They are retrained to have effective teaching skills.

“They are graduates in their chosen field such as medicine, but they prefer to teach rather than pursue their professional fields,” said Lim.

Lim is the chief academic officer at the schools.

She said it is important that students hone skills in areas that can make them competitive in an increasingly globalised world.

The CLS Class of 1981 recently marked its 50th anniversary celebration with a trishaw ride and a visit to their old classrooms and canteen.

Among the old students were Joan Lim-Choong, former Mount Miriam Hospital chief executive officer, and Juli Murshidah, a veteran journalist, who began her career at The Star in the 1980s.

The school was closed in March.

Source: TheVibes.com

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Property transactions in 1Q24 up 34.3%

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komtar-view1

The Malaysian property market was active in the first quarter of 2024 (1Q24), recording a 34.3% growth compared to the first quarter a year ago, with more than 104,297 transactions worth RM56.53bil, a 34.3% jump in transaction value.

Valuation and Property Services Department director-general Abdul Razak Yusak said in terms of volume, property sub-sectors recorded positive growth in 1Q24; the commercial sub-sector grew by 33.4%, residential by 16.6%, industry by 14.3%, agriculture by 13.7% and development land and others, 10.7%.

“The residential sub-sector continues to dominate market activities with over 62,000 transactions, valued at over RM25bil, comprising nearly 60% of overall property market activities.

“Housing priced at RM300,000 and below dominate the market with 33,500 transactions, comprising more than 50% of total transactions,” he said when presenting the 1Q24 Real Estate Market Report in a live broadcast on Facebook yesterday.

According to Abdul Razak, construction activities also showed positive growth in 1Q24 when commencements rose to more than 21,300 units, an increase of almost 8% from the previous year, while planned new developments decreased to around 11,000 units.

New residential launches increased by 19.8% to 5,585 units from 4,661 units in 1Q23. The serviced apartment segment saw a 70% spike in completed units to 5,500. Projects starting construction and planned new developments each rose by more than 100% versus the same quarter in 2023.

The Malaysian House Price Index rose marginally by 0.5% to 216.9 points, with house prices averaging RM468,000 a unit, Abdul Razak said.

“All states recorded moderate growth of between 0.5 and 4.6%, except for Kuala Lumpur, Penang, Perak, Melaka, and Sarawak, where prices contracted by between 0.2% and 2%.

“Terraced housing remained stable with a positive 1.8% growth while other types of housing recorded a marginal decrease,” he said.

Completed unsold housing, commonly known as a residential overhang, decreased to 24,208 units worth RM16.49bil compared with 25,816 units worth RM17.68bil in 4Q23. Serviced apartment overhang rose by 5.2% to 21,913 units, with a 9.7% rise in ringgit value to RM18.16bil.

“Serviced apartment units priced between RM500,000 and RM1mil make up 58.1% of the total overhang,” he said.

Source: Bernama

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Cove by the Pier: A new vision for Penang’s agro-tourism

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Cove by the Pier: A new vision for Penang’s agro-tourism

penang-ports

A Malaysian tuna fishing and trading company, Alpha Ocean Resources Berhad (AORB), is set to revitalize the Swettenham Pier area in Penang with an ambitious agro-tourism initiative named “Cove by the Pier.” This project aims to transform the existing warehouses into a dynamic tuna landing port and multifaceted tourism hub.

Deputy Chief Executive Officer Sylvester Pua of AORB recently presented the preliminary design proposal to Penang Chief Minister Chow Kon Yeow. The project envisions six distinct zones: a tuna landing zone, Maritime Legacy, Heritage Luxe, Culinary Bay, Urban Retreat, and Market Wharf. Additionally, Pua proposed the creation of a bazaar-style commerce strip to enhance local entrepreneurship and enrich the experience for cruise passengers.

The initiative not only aims to boost the initial impressions of visitors disembarking at the pier but also seeks to honor and integrate the heritage aspects of the area. During the briefing, AORB project manager Nosly Wazid Kasmani introduced a complementary proposal for a super-frozen (-60°C) tuna and seafood export project, adhering to the standards of the Organisation For the Promotion of Responsible Tuna Fisheries (OPRT).

Chief Minister Chow expressed appreciation for the comprehensive briefing, highlighting the importance of collaboration with the Penang Port Commission (PPC) and other relevant bodies under the Transport Ministry, which oversee the administration and development of Penang Port.

Chow acknowledged that while this was not the first briefing on the warehouse transformation, he remains hopeful that AORB’s proposals will receive due consideration from the ministry and associated entities. The project has garnered attention from key stakeholders and international business partners, including representatives from Taiwan and Japan.

With its innovative approach, the Cove by the Pier project promises to enhance Penang’s agro-tourism landscape, fostering economic growth and cultural preservation simultaneously.

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Property market on road to recovery

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Property market on road to recovery

spice-relau-view

Malaysia’s property market is on the road to recovery, as evidenced by improved volume and value in property transactions last year, says housing and local government minister Nga Kor Ming.

In his keynote address for the Real Estate and Housing Developers’ Association Malaysia’s (Rehda) Regional Housing Conference 2024, Nga said Malaysia witnessed 399,000 property transactions worth around RM200 billion in 2023, a 2.5% growth in volume and 9.9% in ringgit value.

He was quoted by Bernama as saying that since the Madani government took office, the number of completed but unsold properties, commonly referred to as an overhang, has decreased by over 40% with a drop from 37,066 units to less than 24,000 units.

“We expect steady performance in the property market in 2024. This will help boost our gross domestic product (GDP),” he said, adding that property stocks have appreciated, some by more than 600% in the last 12 months.

The minister also said Malaysia had become a magnet for expatriates, with the number of working permits issued by the immigration department to highly skilled foreigners rising to 154,115 in 2023 against 110,819 in 2022.

He said this 40% rise suggested that the influx of foreign direct investments had created more high-skilled job opportunities.

Source: FMT Online

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Avion Residence | Penang Property Talk

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Avion Residence

avion-penang-gateway-main

Avion, a serviced residence development by Rackson Group at Bayan Lepas. Part of its maiden Penang Gateway project located just across Jalan Sultan Azlan Shah from Penang International Airport. There will be a link bridge connecting to the proposed Light Rail Transit (LRT) station at Penang International Airport and the airport’s future expansion.

This development will involve the construction of a 36-storey commercial building, comprising a total of 608 serviced suites with an 8-level car parking podium. The serviced suites range in size from single-bedroom units at 488 sq.ft. to 3-bedroom units of up to 1,328 sq.ft. Additionally, the same building will house the Le Méridien hotel.

Project Name : Avion
Location : Bayan Lepas
Property Type : Serviced residence
Total Units: 608
Built-up Area: 488 sq.ft. – 1,328 sq.ft.
Indicative Price: RM342,000 onwards
Developer : Rackson Group

Register your interest here for updates on this project and other property news

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.

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SJKC Kuang Yu in Batu Kawan slated to open in 2027

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kuangyu-groundbreaking

The upcoming SJKC Kuang Yu is poised to embrace the Industrial Revolution 4.0 (IR4.0) concept upon the completion of its construction.

Bukit Tambun assemblyman Goh Choon Aik, who is also the school’s executive adviser, said the two-storey building would be designed with an IR4.0 concept, as the school operates within an Industry 4.0 ecosystem in Batu Kawan.

“The school is anticipated to attract many residing in the vicinity of the Penang Science Park and the Bukit Minyak Industrial Park.

“The facilities may differ from traditional schools, focusing on science, technology, and artificial intelligence (AI), adopting a smart school setup,” he told reporters after attending the groundbreaking ceremony of the school in Batu Kawan on Saturday.

Choon Aik said the establishment of this SJKC is essential.

“This is because, in this area, we already have SK Batu Kawan, SJKT Batu Kawan, SMK Batu Kawan, and two universities – UOW Malaysia KDU Penang University College and The Ship Campus.

“There is a gap in having an SJKC here. The relocation of SJKC Kuang Yu is timely,” he added.

The relocation of the 89-year-old SJKC Kuang Yu from Kuala Muda to Batu Kawan has been challenging.

Choon Aik said the cost to build the new school was RM22 million.

“A total of about RM15 million has been raised so far.

“SJKC Kuang Yu will continue its effort to raise funds for the establishment of the school.

“We look forward to the school being ready for classes by early 2027,” Choon Aik said.

Chief Minister Chow Kon Yeow said the SJKC Kuang Yu, now located in Penaga, has only 27 pupils.

“Therefore a decision was made a few years back to relocate the school.

“The Penang government and Penang Development Corporation (PDC) offered a six-acre land, designated for education purposes, for the relocation of the school from Penaga to Batu Kawan.

“The school committee is raising funds to construct the new school in Batu Kawan and it is expected to take two years to complete the building. This marks the beginning of a new ecosystem to continue the school’s role,” Chow said.

Choon Aik stated that upon the successful relocation of the school to Batu Kawan, both the land and the school building in Penaga would be returned to the Penang government.

On student enrollment, Choon Aik said that Batu Kawan, when fully developed by PDC, would have approximately 30,000 housing units.

“If we estimate that 10% of residents choose to enrol their children in SJKC Kuang Yu, we could potentially accommodate around 3,000 pupils,” he said.

After the groundbreaking ceremony, Eco Horizon Sdn Bhd also contributed RM500,000 in support of the development of SJKC Kuang Yu in Batu Kawan.

EcoWorld (northern region) general manager Datuk Chan Soo How presented a mock cheque to the school’s Board of Directors chairman Datuk Goh Kim Heong after the event.

The presentation was witnessed by Chow and Choon Aik.

Source: Buletin Mutiara

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270 families received offer letters for affordable home at Foreshore Apartment in George Town

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Two hundred and seventy housing applicants were overjoyed on Thursday after receiving offer letters granting them ownership of an affordable housing unit at the Foreshore Apartment in George Town.

The project, initiated by Tah Wah Group, consists of 321 units, each measuring 700sq ft, located in the heart of the city.

State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu shared the joy with the buyers as they were able to purchase the unit at the price of RM72,500.

“I believe this is the best ever gift for all of you here, as this Type B affordable housing unit is situated in a prime area, overlooking the city.

“This location is considered strategic, especially with the planned construction of an LRT station nearby. Hence, it is really a good buy for all of you.

“The developers have indeed incurred losses in constructing these units. Nevertheless, they have committed to this endeavour for the betterment of Penangites.

“As a state government, we pledge to ensure sufficient affordable housing units for Penangites in the future,” he said before handing over the offer letters to the recipients at Jalan C.Y. Choy.

According to Sundarajoo, the project is scheduled to be completed by mid-2027.

“We hope that those who have yet to apply for affordable housing units to do so by updating their records in the state Housing Information System.

“The system requires regular updates to ensure eligible applicants can promptly learn about their status,” he said, adding that a total of 2,765 applicants were approved by his office.

Meanwhile, Sundarajoo said trees, especially along Scotland Road and Macalister Road, are regularly pruned by both local authorities.

“This effort is to ensure the trees are well maintained to prevent incidents like the recent fallen trees in Kuala Lumpur,” he said.

Among those present during the ceremony were state Housing Board general manager Ainul Fadhilah Samsudi, Pengkalan Kota assemblyman Wong Yuee Harng, and Tah Wah Group managing director Datuk Hong Yeam Wah.

Source: Buletin Mutiara

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