Transforming Penang into an international city

The state government has identified a 24ha parcel of land in Bayan Mutiara for an integrated development to support its vision of transforming Penang into an international city.

Chief Minister Lim Guan Eng said the development would comprise prestigious offices, medical facilities, commercial blocks, residential enclaves, retail and public spaces.

He said the project, identified as one of the crown jewels in property development in Penang, would cost “a very big amount” with only companies with a paid-up capital of RM50mil being invited to submit tender.

He said the state was also looking into the possibility of developing another 15ha of reclaimed land in addition to the 24ha land.

“This development is aimed at generating social, economic and other related benefits to the government and the Penang Development Corporation (PDC).

“It will complement the surrounding areas and incorporate ‘green’ development content,” he told a press conference at his office in Komtar on Sunday.

PDC’s property division managing director Wan Zailena Noordin, who was also present, said the Chief Minister of Penang (Incorporation) was given the task of coming up with the concept development while PDC would undertake the role of project manager.

She also said the 24ha land would be divided into three parcels of development.

She said the Request For Proposal (RFP) document can be collected beginning August 16 from the Senior Manager, Property Division, Penang Development Corporation, 1, Persiaran Mahsuri, Bandar Bayan Baru, 11909 Bayan Lepas, Penang with payment of RM3,000 either in cash or bank draft payable to PDC.

Last date of submission of the RFP is at noon on Nov 16. - The Star

16 comments

June 29, 2010 at 2:54 PMJeff

Does this cover the original land parcel for Mutiara Pica? Anyway, this is a piece of most prime land visible to anyone travelling to/from queensbay, i have been long wondering why it can be left vacant for so long, finally some news coming up.

 
June 29, 2010 at 3:21 PMEC

Basically Mr Lim want to bao ga liao, no idea what to really do here. U hv ijm, cp and mah sing doing the same things on the left and right. can only expect big names to add on it. Ypl may be. Dont know where the reclaimed land be? I am new, always wonder where demand comes from??

 
June 29, 2010 at 4:25 PMJeff

This whole piece of Bayan Mutiara development is suppose to be a reclaimed land, if i am not mistaken. To extend this for another 15ha meant likely to stretch beyond the current illegal hawker stalls (famous with thier Ikan bakar) beside Pulau Jerejak Ferry terminal. With this extension, kinda funny to think that the coastline is getting closer and closer to Pulau Jerejak or even mainland, perhaps next time no need to take ferry :-). There was already news before that some big shots are interested on this plot of land, mahsing, sp setia, IJM to name a few, looks like its getting hot. However if the state government sticks to the regulation of only leasehold titles on reclaim land, then making the residential part less intereesting..

 
June 29, 2010 at 4:35 PMjoyce

Penang properties kena jacked up so much that the real medium income will have problem buying it. I hope the state government will implement some law to prevent those hungry brokers/ investers to suck this to their bank! Sell only to real buyer and make sure they stay there within certain period or issue take over law. i pity those sincere ppl that wanna buy but could not do so. Those greddy investor even hire BANGLA to Q for them .... during the spring and summer place launch

 
June 29, 2010 at 4:39 PMMr.Business

Bayan Mutiara is a prime land. I had been waiting for Mutiara Pica for few years. Finally it is scrapped. I guess there won't be any new development here in 2010 and 2011.

Mr Business of Cari Forum

 
June 29, 2010 at 4:51 PMTanner

Joyce, I am an small investor but I do the humble job of queing myself, at least :-). To be fair, for "hot" properties, investors also fall to the same faith as genuine buyer. I was there queuing for the spring/summer place/the light, and i fail to get any unit. Perhaps in this case you are referring to the "big shot" investors who have direct connection with developer and buying bulk, those should be condemned. Genuine buyer today can always be the investor tomorrow, lets not be too paranoid in this :-).

 
June 29, 2010 at 5:48 PMconcern

Welcome to real world, if you guy rich enough then don't need to worry whose the "small gun or big gun", people call it money power, no money don't talk. Do you guy believe gov will help you?

Upgrade yourselves.

 
June 29, 2010 at 9:44 PMlee

what so international or spectacular about building a new township with malls,hospitals and the oft mentioned green zones etc.
i find it amusing that the state gomen thinks that this kind of development will enhance or bring in tangible benefits to penang.its just another property development undertaken by the state and the private sector.whats the objective?what will be the 'flavour'that will attract visitors retirees and investors to penang?
punching the fist into the air -trying to be clever by a half is not the way to turn penang into an inetrnational city to lve and work. if indeed our purpose is to attract retirees to live here -what we need is not malls,expensive real estate but industries that cater to the aged-better and efficient public transport,safety in the streets and perhaps accessibility to reasonable healthcare facilities

 
June 29, 2010 at 9:57 PM9083

IJM Land's project all start the price over 500K to million million,Platino, The Light Linear, Light Point and the caming project The Light Collection. The buyer mostly the company C.E.O., director etc, do u think the medium income couple who just married going to buy a property can affort?? May be can, if they are doing illegal, a lot of Singaporean will came and buy, very "hairan", they always perli Malaysian people but very "kau bin pui" to purchase our land property, bitch.

 
June 29, 2010 at 10:37 PMProp

Since we are talking about singapore, let me share some facts. The most common, and somewhat cheapest residential type in singapore is the HDB, or so called government-subsidized apartment. The average price, lets say a 3 rooms 100sqm unit, can easily fetch >S300k nowaday, which is around RM700k. Well, this is only talking about the most basic HDB with no looks and facilities at all, in contrast a standard condo unit with pool view @ ~1000sf can easily cost >S750k (RM1.7mil). So, a ~1000sf condo unit in penang, with full condo facilities, nice design and fantastic seaview, <=500k is dirt cheap to them. If you happen to bump into singaporean group during shopping or dinner you can always hear them say "wow this is so cheap, that is so cheap...", this can aply in property as well. Anyway not to surprise, alot of time those people whom we perceived as Singaporean, are actually Malaysian working there. They may be driving singaporean car, talking singlish and think everything is cheap, but they are just one of us :-)

 
June 29, 2010 at 10:57 PMlee

mr.prop
well,sing has a gdp per capital of 30000USD and malaysia is only 8000usd.
properties been a fraction of those in singapore is not unexpected.perhaps,the hkers will be saying property is cheap in singapore when a 1000sq ft flat in the mid levels will be close to 8 million ringgit.lets not compare apples with oranges

 
June 29, 2010 at 11:15 PMLike

Singapore is a city, hong kong is a city, Kuala Lumpur (golden triangle) is a city, london is a city, paris is a city, tokyo is a city. If you own a property in a city you will be shower by good returns. Those city have large corporation HQ station there. So, no problem. What does Penang have? Only a handful of big factory. Unless there is a very good data shows that retiree are coming here thru MM2h program and the state gomen effort to bring in big corp to penang and as there HQ here. If the market is meant for MM2h only. I think it is not good enough for Penang. The state gomen should work harder to bring in more large corp. and increase the income per capita of the people here so that the pricing of the property is justifiable for penangite.

 
June 30, 2010 at 5:53 AMtan

Not sure whether it is a right move now. Looking at the current US stock market performance, it is confirmed that the economy recovery is slow. Worst still, there are talks about getting into recession again. Most of my friends in US/UK were laid off 6-9 mths ago still cannot get a permanent jobs.

 
July 2, 2010 at 11:51 AMlivelife

I love Penang as it is now...relatively affordable and great food, easy & non-hectic lifestyle as compared to big cities, jobs are plenty, people are down to earth...well perhaps just one thing I think need improvement is the public transportation. It'll also be great if there are more family/kids friendly places for the families to spend their weekends, instead of going to malls :). As for the island properties, it is always the case that due to land scarcity & inflation, prop prices are on the rise. It is also bcoz there are demands, price goes up, and tht attracts the developers to build more. It is economics of demand & supply, we either ride with it, or we sulk & complaint but gain nothing. We can continue to hope that property prices will drop one day, well maybe it will one fine day, but look around for stats, and wake up. Ppl are upgrading, and our lifestyles are improving, spend the energy wasted on complaining against price hike & envying the rich, on upgrading our knowledge, read, think & work smarter, upgrade our income & we'll be on the positive track.

 
July 4, 2010 at 2:07 PMAndrew

Its true a lot us of cannot compete against richer people and people with "inside" connection ( I heard that all the best units in the Light development got swept up by IJM employees ), but you can still think out of the box when it comes to property investments. For example when SP Setia began development in Pearl island, most of the surrounding existing properties also went up in price. So you don't need to buy a SP Setia house (especially if you are just investing), you can buy properties nearby. Another good example is Gurney Park Condo (beside Gurney Plaza). A few years ago, selling for RM350K to 400K, now with the new Gurney Plaza wing and Paragon, units are going for RM500K. Personally, Gurney Park is a bit "iffy" - developed by Penas (bad reputation) and also no strata title yet. But the positive points are near Shopping Centers, Tourist Belt (can rent out on daily basis) and renown medical centers.

 
July 9, 2010 at 5:51 AMJo

Hi Like

I fully agree in your statement. Just depending on MM2H is just play a very little portion, Penang needs BIG COPR, foreign invester from over the world to invest in Penang Beautiful Island.

Singapore govern very clever, recently Tony Blair (UK formal PM) invested alot there.

Me and my husband looking forward to move back to Penang because we love the hot sunshine, beautiful beaches, helpful and friendly Penangites and the relaxing lifestyle.

Do you think Penang can be independant oneday like S'pore, I must be dreaming....