Property Hunter Magazine October Issue 2014 | Page 64

/// West Malaysia Property News

Penang Capture RM3.1 Billion in
Investments Up Until May 2014

Exclude Commercial Properties From Bulk
Buying Limit, Investor Club Founder

Datuk Seri Gavin Tee being interviewed by media

Penang has captured a total of
RM3.1 billion in investments until
May this year, up from RM3.9
billion for the whole of last year.

CitiGroup, Air Asia, IHS, First Solar
Global Service and TOLL, which
offer high-income and high-value
jobs to locals in the last two years.

In announcing this yesterday,
Chief Minister Lim Guan Eng said
up to May this year, Foreign Direct
Investment (FDI) into Penang’s
manufacturing sector amounted
to RM2.34 billion, an increase
from RM1.8 billion for the whole
of last year.

He said that even though
investments by SSO industries are
not captured in MIDA figures, the
industry, which currently employs
over 7,000 jobs, provided average
net salaries of RM5,783 per month
against an average of RM2,786
per month in the manufacturing
sector.

He said, however, that
the Malaysian Investment
Development Authority (MIDA)
FDI figures of RM1.8 billion do not
include US-based hard disk and
storage solutions manufacturer
Seagate Sdn Bhd’s recent
announcement of a RM1.05 billion
investment in Batu Kawan.
“As Penang is undergoing high
income economic transformation,
our focus is on sustainability to
remain competitive in the long
run.
“The state remains attractive to
high technology and innovationbased investors and there is a
gradual trend of investors moving
their higher knowledge content
jobs, especially research and
development and design.
“Three to four new projects in the
state will be announced in the
course of the year which may not
be recorded in MIDA investment
figures,” he said in a statement
read out in a press conference
here yesterday.
Lim also noted a surge in Shared
Services Outsourcing (SSO)
investors in Penang, like Wilmar,

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He further stated that the state
government had signed a RM11.3
billion joint-venture agreement
with Singapore’s Temasek
Group to undertake the Penang
International Technology Park
in Batu Kawan and Business
Processing Outlet (BPO) projects
in Bayan Baru that will create
21,000 high-value jobs.
“Also not captured in the MIDA
figures are investments in six
new hotel projects with an
approximate gross development
value (GDV) of RM693 million
materialising on the island
between this year and 2017.
“Using the multiplier factor of
4.75, 1,157 new hotel rooms is
estimated to create 5,500 new
jobs in accommodation and food
services activities in the next three
years,” he added.

Swhengtee International Investment
Alliance founder and president
Datuk Seri Gavin Tee, who is also
the founder and president of
SwhengTee International Real Estate
Investors Club, wants the limit on
bulk purchases to be restricted to
residential properties only.

commercial properties like shopping
malls. Those are the sectors that need
speculation,” he said.

“The government’s policy of requiring
developers to submit purchasers’
details for purchase of four units
and above should apply only for
residential purpose and be waived
when purchasing commercial
properties such as complexes,
hospitality and tourism properties, as
well as projects within the education
and medical industries,” he told
reporters at a press conference
yesterday.

The limit on bulk purchase was
first mentioned in February when
Urban Wellbeing, Housing and
Local Government Minister Datuk
Abdul Rahman Dahlan said that the
government is considering ways to
re 7G&