The Standard (17 March 2022)Surging demand for Penang real estate HK$60 million investment in Penang International Commercial City (PICC)


The Standard (17 March 2022)
Surging Demand for Penang Real Estate
HK$60 Million Investment in Penang International Commercial City (PICC)

Surging Demand for Penang Real Estate HK$60 Million Investment in Penang International Commercial City (PICC)


Jade Land Properties has secured the bulk sales transaction of 20 units in the landmark smart city development, Muze at PICC (Penang International Commercial City), amounting to a total value of MYR32.4 million (approx. HK$60 million) by UK private equity firm Shojin Property Partners.


Shojin is an FCA regulated firm operating in the budding online real estate investment industry, which enables investment in mid-market property developments simple, transparent, and affordable by way of crowdfunding. This venture is Shojin’s first international project outside of the United Kingdom where funds were successfully raised from more than 40 global investors.


Jatin Ondhia, CEO of Shojin Property Partners said: “Penang is a hugely valuable and significant location, especially with the world’s growing reliance on microchip technology, which explains why it received the highest level of foreign direct investment (approx. HK$138 billion) in comparison with all other Malaysian states in 2021.”


“The Silicon Valley of the East” – Penang’s robust Electrical & Electronics industry

Penang is a scenic coastal city situated on the north-western part of Malaysia by the Malacca Strait. It is one of the most economically vital regions in Malaysia and is also the state with the highest GDP (Gross Domestic Product) per capita. Among its numerous accolades, Penang is rated as “Asia’s Next Silicon Valley” by the BBC, the “Third Best Island to Retire in the World” by International Living, and “Medical Travel Destination of the Year 2020” by the International Medical Travel Journal.

In recent years, the state of Penang has emerged as a popular property investment destination among Hong Kong investors due to its flourishing economy. Penang is an established Electrical & Electronics manufacturing hub, contributing 8% of all global semiconductor output. Penang houses manufacturing facilities of over 300 multinational corporations, including Intel, Broadcom, HP, B Braun and Sony, and over 3,000 small and medium-sized enterprises.


Ranging from mobile phones to PCs to cars, semi conductors are used in all sorts of computer devices. In response to the unprecedented global semiconductor shortage spurred by the covid-19 pandemic, the world’s largest semiconductor manufacturer Intel confirmed its USD7 billion expansion project to build a new computer chip manufacturing facility in Penang’s Bayan Lepas Free Trade Zone. This positive development puts Penang in the spotlight on the global stage, which will attract further foreign direct investments (FDI), create more jobs and business opportunities, and fuel demand for real estate.


Building on the positive momentum of Malaysia’s successful national vaccination program, the country’s GDP growth is set to bounce back to 6.2% in 2022. Market sentiments are improving due to sustained external demand and a pick-up in domestic demand. Malaysia is set to reopen its international borders on 1 April 2022, which will likely see strong recovery for the tourism sector as well.


PICC’s Exclusive Agent, Theresa Fok, Managing Director of Jade Land Properties, said: “Penang is a highly attractive location for Hong Kong investors looking to purchase a property abroad for investment, self-use or retirement, due to striking similarities between both cities. Of Malaysia’s thirteen states, Penang is the only state in which 59% of the island’s population is of Chinese ethnicity such that Cantonese, Mandarin and English are used in everyday life. Penang is also a former British crown colony, and a common law legal system is upheld. Given that there is limited developable land on Penang Island, property prices are steadily rising.”


Established in 1993, Jade Land Properties (HK) Limited is an award-winning boutique real estate consultancy in Hong Kong with a vision of global real estate, where investing in overseas properties is simple, transparent, and easily accessible. The company identifies auspicious markets abroad and handpicks quality developments to assist their clients in building their international property portfolio.


About Penang International Commercial City (PICC)

Penang International Commercial City (PICC) is a MYR9 billion (approx. HKD17 billion) ground-breaking smart city development – the first of its kind in the state. Set on 43-acres of freehold land, PICC aims to create sustainable living in a safe and secure environment with a fully integrated Light Rail Transit station to maximise convenience. The development is strategically located in city’s new business district of Bayan Lepas adjacent to the Free Trade Zone, Convention Centre and Penang Golf Club. The comprehensive mixed-use development contains 11 components, including a shopping mall, serviced apartments, international luxury hotel, A-grade offices, medical centre, central park and F&B boulevard. Muze is the first residential phase of PICC comprising of two towers across 52 and 58 storeys with a total of 846 units.


Dato’ Khor Siang Gin, Group Managing Director of Hunza Properties Group said: “With over 43 years of experience in the property development sector in Penang and as a consecutive winner of the FIABCI World Prix D’Excellence Award in 2014 and 2015 and a winner of multiple 5-star awards in the 2018-2019 Asia Pacific Property Awards, Hunza Properties Group is pleased with its ongoing partnership with Jade Land Properties, which has expanded our horizons towards a new pool of investors in the UK – private equity firm Shojin Property Partners.


Foreign investment in Malaysia will strengthen international investors’ confidence to further invest in the country. This is another milestone achievement, and serves to attract more foreign investment to us. We look forward to collaborating with Shojin Property Partners on our developments for years to come.”


To learn more, visit

For inquiries

Additional Publications