News about Penang

KUALA LUMPUR (March 27): Axis Real Estate Investment Trust (KL:AXREIT) said the acquisition of an RM800 million industry property in Seberang Perai Tengah from Ann Joo Resources Bhd’s (KL:ANNJOO) wholly owned subsidiary Ann Joo Steel Bhd has been terminated.

GEORGE TOWN (March 23): Penang Chief Minister Chow Kon Yeow (pictured) will prepare a report to be submitted to DAP secretary general Anthony Loke regarding the implementation of new quit rent (land tax) rates, which came into effect on Jan 1 in the state.

PETALING JAYA (March 12): When Mah Sing Group Bhd confirmed plans to proceed with its M Cora residential project in Penang, the headline figures were typical of a mid-range urban development: an estimated gross development value (GDV) of RM528 million and residential units starting from RM426,000.

GEORGE TOWN (March 10): The Penang government should scrap the quit rent revision as the state’s first adjustment in three decades is based on a flawed framework, said a grouping of Chinese businessmen.

This article first appeared in the Industrial Special Report in November 2025.

GEORGE TOWN (March 10): Penang is currently focusing on the issue of land acquisition and resettlement of affected residents following the implementation of the Mutiara Line Light Rail Transit (LRT) project.

KUALA LUMPUR (March 9): Gamuda Bhd (KL:GAMUDA) fell on Monday as weaker-than-expected results at the largest Malaysian construction firm by revenue failed to assuage investors during broader market selldown.

PETALING JAYA (March 9): Heng Guan Development (HGD) has broken ground on the Balik Pulau Commercial Centre (BPCC), a boutique commercial development comprising 13 two-storey shop offices with built-ups ranging from 2,800 to 3,802 sq ft.

GEORGE TOWN (March 5): Penang's revised land tax formula, effective 2026, treats all landowners fairly and equitably, eliminating discrimination between First Grade and non-First Grade landowners, particularly given that the rates had not been reviewed for over 30 years.

PETALING JAYA (Feb 27): Ideal Property Group’s infrastructure development at the 880-acre Penang Technology Park @ Bertam has reached a milestone, with Phase 1 completed and Phase 2 currently 85% finished.