Property360Digest E-MAGAZINE Property360Digest Issue 9 | Page 55

Property360Digest e-magazine Issue # 9 - 2021

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Healthcare
The survey revealed that the healthcare segment , particularly in Penang has captured the interest of developers and investors . As Malaysia is currently ranked among the world ' s top health tourism destinations due to its affordable and high-quality medical treatment , Penang is one of the most preferred destinations for the majority of health tourists .
Mark Saw , Executive Director of Knight Frank Penang , said : “ Medical tourism , previously being one of the major contributors to the Penang economy , has been badly affected due to the on-going pandemic and travel ban .
In January this year , the Penang State Government unveiled the joint-venture project between Penang Development Corporation ( PDC ) and iHeal Health Sdn Bhd to develop the Penang Medical and Digital Technology Hub on 295 acres of land at Bandar Cassia in Batu Kawan . This project will help to promote Penang as the Asean hub for international standard medical and digital technology .
In addition , other notable upcoming healthcare institutions scheduled to make their debut in the state include the likes of Columbia Asia , Sunway Medical Centre , Penang Islamic Hospital , Georgetown Specialist Hospital and they are expected to boost Penang ’ s medical tourism sector by offering quality healthcare services ”, he added .
“ With the resurgence of COVID-19 cases and reimplementation of MCOs in recent months , we believe the overall interest in other sectors are expected to continue to remain soft until the health crisis is brought fully under control ”, said Keith .
This latest survey findings revealed that there are more factors negatively impacting investment in the commercial property sector in year 2021 . The top three non-favourable factors (> 70 % of respondents ) were the third-wave of the novel coronavirus outbreak , the current state of economy / government policies and cancellation of the HSR project . The other unfavourable factors were compression of yield & lower returns and slow COVID-19 vaccine redeployment .
The Covid19 vaccination progress is critical to our economic recovery and requires much greater focus and as such there is a need to increase daily vaccinations and the number of people registering for the vaccine to get to herd immunity as quickly as possible ”, Keith concluded .
Knight Frank LLP is the leading independent global property consultancy . Headquartered in London ,
Knight Frank has more than 15,000 people operating from 418 offices across 60 countries . The Group advises clients ranging from individual owners and buyers to major developers , investors and corporate tenants . For further information about the Company , please visit knightfrank . com .
Knight Frank has a strong presence in Malaysia with its headquarters in Kuala Lumpur as well as branches in Penang , Johor and Kota Kinabalu . The company offers high-quality professional advice and solutions across a comprehensive portfolio of property services and is registered with the Board of Valuers , Appraisers and Estate Agents . The Company is licensed to undertake property , valuations / consultancy , estate agency and property management and is also on the panel of all leading banks and financial institutions .
“ The overall interest in other sectors are expected to continue to remain soft until the health crisis is brought fully under control ”