PENANG’S home market, specifically the premium domestic sector, has actually seen remarkable development over the previous couple of years, claims Datuk Seri Sundarajoo Somu.
Citing an instance, the state real estate board chairman stated in the 3rd quarter of 2024, costs for skyscraper systems in prime locations such as Jelutong, Gelugor, Pulau Tikus, Bayan Baru and Tanjung Bungah climbed 6% to 12% year-on-year.
“The upward trend is driven by a combination of strong local demand, international investor interest, favourable currency exchange rates and anticipation of major infrastructure projects like Penang Light Rail Transit (LRT) and Penang Silicon Island development.
“These developments are transforming Penang into a global hub for investment, talent and innovation.
Guests lining up at the food stations at the Penang Insights and Networking Dinner in Bayan Lepas.
“Our strategic vision is anchored in the Penang2030 agenda, which aims to create a family-focused, green and smart state that inspires a balanced quality of life.
“Housing, as a fundamental pillar of this vision, is receiving robust attention through progressive policies and partnerships,” he stated throughout the Penang Insights and Networking supper.
Sundarajoo, that was the visitor of honour, stated the state federal government would certainly concentrate on developing a livable, fair and durable Penang where every Penangite has the possibility to have a home, grow in a linked atmosphere and anticipate a much better future.
The supper, organized by International Real Estate Federation (FIABCI)-Malaysia Penang branch, was held at Muze @ Penang International Commercial City (PICC) in Bayan Lepas.
It was arranged together with the research trip to Malaysia Property Award Winning Projects in Penang, where visitors were offered understandings right into numerous site growths and framework tasks in the state.
FIABCI-Malaysia head of state Dr Yu Kee Su stated the objective of the research trip was to supply understanding, task understandings and technological information regarding winning growths.
“This is done while fostering networking opportunities among members, industry professionals and fraternities.
“This initiative represents just one of the many activities carried out by FIABCI Malaysia for the benefit of our members, showcasing our commitment to growth, learning and collaboration within the real estate community,” he stated, including as the only branch of FIABCI-Malaysia, the Penang phase had actually added substantially to the advancement of the state’s realty market.
“The Malaysian real estate industry as a whole continues to show resilience and positive growth, despite the challenging global landscape,” he stated.
Also existing were FIABCI Penang branch chairman Datuk Khor Siang Gin, Hunza Group of Companies owner Datuk Seri Khor Teng Tong and Hunza Group executive supervisor Khor Tze Ming.
