News about Penang

KUALA LUMPUR (May 27): Eastern & Oriental Bhd (KL:E&O) may absorb some rising construction costs driven by the ongoing conflicts in the Middle East rather than passing them entirely to homebuyers, as the property developer prioritises sustaining its RM1 billion annual sales.

KUALA LUMPUR (May 23): AME Elite Consortium Bhd (KL:AME) posted a net profit of RM283.

PETALING JAYA (May 22): The Ministry of Transport (MOT) has defended the use of a single-source Request for Proposal (RFP) mechanism for the procurement of the RM7.

Penang, often called the Pearl of the Orient, is a vibrant island-state known for its cultural depth, coastal beauty and diversified economy.

PETALING JAYA (May 15): Al-'Aqar Healthcare Real Estate Investment Trust (Al-'Aqar REIT) has announced that the sale and purchase agreement (SPA) for the proposed disposal of its KPJ Healthcare College building in Penang has become unconditional following the fulfilment of all conditions precedent.

GEORGE TOWN (May 13): The Penang Development Corp (PDC) will open a third round of bidding for the Batu Kawan Industrial Park 2 project (BKIP2) in Byram as its second request for proposal (RFP) failed to proceed.

PETALING JAYA (May 13): A Penang state assemblyman has proposed a 3% property transfer premium on buyers who are not from the state, in a bid to cool speculative demand and channel funds into affordable housing schemes for locals.

PETALING JAYA (May 6): Magni-Tech Industries Bhd has announced that its wholly-owned subsidiary, Magni Land Sdn Bhd (MLSB), entered into a Sale and Purchase Agreement (SPA) yesterday (May 5) with Neoh Choo Ee & Company Sdn Bhd for the acquisition of a freehold parcel of vacant land in Bandar Tanjong Bungah, Daerah Timur Laut, Pulau Pinang for a total cash consideration of RM133.

PETALING JAYA (April 16): ECM Libra Group Bhd has completed the disposal of Tune Hotel George Town Penang to Wealthpro Holdings Sdn Bhd for a total cash consideration of RM51,888,000.

KUALA LUMPUR (April 15): Muhibbah Engineering (M) Bhd (KL:MUHIBAH) said it has secured a subcontract worth RM120 million from Gamuda Industrial Building System Sdn Bhd under the Penang LRT Mutiara Line project.