The Standard Luxury Property Magazine (January 2023)The Rise of Malaysia An Economic Powerhouse in Southeast Asia1
The Standard Luxury Property Magazine (January 2023)The Rise of Malaysia An Economic Powerhouse in Southeast Asia2


The Standard Luxury Property Magazine (January 2023)
The Rise of Malaysia An Economic Powerhouse in Southeast Asia

Commodity-rich Malaysia stands to be benefit from rising energy prices


The covid-19 pandemic has brought about global headwinds with food and energy prices surging due to worldwide supply chain disruptions and pent-up demand. To add fuel to the fire, Russia’s war in Ukraine has further exacerbated inflation. However, there is a silver lining from Malaysia’s point of view. High energy prices are advantageous to commodity-rich Malaysia, which is Asia’s major exporter of oil and gas, and the world’s second largest exporter of palm oil. Rising commodity prices are bolstering the government’s balance sheet, and the government is expected to continue spending on infrastructure investments, which will fuel economic growth.


Malaysia’s central bank announces a strong 14.2% GDP growth in Q3 of 2022


Supported by a revival of domestic demand, strong exports, a firm recovery in the labour market, and ongoing policy support, Malaysia’s economy is continuing to rapidly expand. The country registered a robust GDP growth of 14.2%, the highest in over a year, which was registered in the third quarter of 2022. Inflation in Malaysia has been largely contained by government subsidies and price control measures this year. Malaysia’s unemployment rate is relatively low and has continued to decline to 3.7% in Q3 of 2022.


An alternative manufacturing base to China in terms of semiconductor production


The pandemic has triggered multinationals to reassess their sources of raw materials and parts assembly. Companies are turning to Southeast Asia to secure their supply chains. Malaysia is well positioned to capture the economic benefits of being a middle power between the U.S. and China as these two superpowers battle for control of critical computer chip technology.


The Southeast Asian nation’s Electrical & Electronics (E&E) industry is a vital part of international supply chains accounting for 7% of global supply. The country’s computer chip industry is concentrated in the island-state of Penang, which represents 80% of the nation’s contribution. Penang has drawn semiconductor related investment from the U.S., Germany, Japan, China and elsewhere since the 1970s. Last year, Penang received a record-high total manufacturing investment of MYR76.2 billion, representing a 440% year-on-year increase, and equivalent to 40% of the country’s total. In December 2021, U.S. chipmaker Intel confirmed an investment of USD7 billion to expand its fabrication plants in Penang’s Bayan Lepas Free Trade Zone, which is expected to create over 9,000 jobs. Exports remain supported by ever-growing demand for semiconductor products.

Malaysia secures membership in various free trade agreements


Malaysia is currently a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes Japan and ten other countries and the Indo-Pacific Economic Framework, a U.S.-led economic initiative. In March 2022, Malaysia joined The Regional Comprehensive Economic Partnership (RCEP) – the world’s largest free trade agreement between China and fellow ASEAN members covering a population of 2.2 billion and accounting for 30% of global GDP. Malaysia will benefit from the eventual removal of 90% of tariffs between member nations and a reduction of non tariff trade barriers. According to the Ministry of International Trade and Industry, Malaysia is expected to be the largest beneficiary of the agreement in terms of gains in exports with a projected USD200 million increase among the ASEAN countries.


Malaysia welcomes foreigners to own property and land on a freehold basis

Malaysia is now an upper middle-income nation, and its strong economic growth has fuelled demand for housing and commercial real estate. It is an attractive real estate investment location given its openness in allowing foreigners to own freehold property and even land unlike its Southeast Asia counterparts like Thailand and Vietnam. As a former British colony, it upholds a common law system and English is used in contractual agreements. In addition, Malaysia’s real estate prices are highly competitive in which the average price per sq.ft of a property in Kuala Lumpur is only approximately HK$2,509 according to the Global Property Guide. The above reasons enable investors to easily enter the market and to ride on the strong economic growth.

With its diversified economy, strong exports, and thriving manufacturing sector, Malaysia is well-positioned for continued economic development. Malaysia’s real estate industry is an attractive option for investors looking to capitalize on the country’s growing economy.


8 Conlay is a mixed-use freehold development comprising of two YOO8 branded residences, a five-star Kempinski Hotel and a lifestyle retail mall. Situated in the heart of KLCC on Jalan Conlay, 8 Conlay exists as a tranquil respite while affording residents the luxury of being at the heart of the action at any given moment. The development is only steps away from the Pavilion national landmark at the popular Bukit Bintang shopping street, and the new Conlay MRT station. The iconic Petronas Twin Towers are also only 10-minutes away via an air-conditioned covered pedestrian walkway



What is a branded residence?

Branded residences are traditionally a strategic partnership between a reputable hotel brand and a property development. Through this direct association, the property naturally benefits from the hotel group’s wellestablished and positive brand image. Branded residences are particularly favoured by both purchasers and tenants as they guarantee superior services, amenities and management delivered by trusted brands. 8 Conlay’s branded residence component, YOO8 Serviced by Kempinski, is the result of a collaboration between world-renowned interior design brand, YOO, and Europe’s most established hospitality brand, Kempinski Hotels.


Interior design by revolutionary design firm, YOO

Founded in 1999, YOO was established by world-renowned French designer, Philippe Starck, in partnership with property entrepreneur, John Hitchcox. With over 50 residential developments completed and operating globally, interior design firm YOO has overtaken hoteliers to become the single largest brand of any type by number of projects. Hong Kong has two Yoo residential developments, including YOO18 in the Mid-levels and YOO Residence in Causeway Bay.

All YOO8 properties come fully furnished and renovated by master interior designers. At the helm of the YOO8 design team are Steve Leung, a local award-winning architect and designer, and Kelly Hoppen CBE, the eminent British interior designer best known for her work for the rich and famous, including David and Victoria Beckham and Elton John.


German branded appliances are utilised, including Gaggenau and Bosch kitchen appliances, Crosswater sanitary fittings, Duravit sanitary wares. The properties are fitted with Lutron smart home features as well.


The opulent lifestyle offered by Kempinski Hotels

Residents can enjoy the impeccable service by legendary luxury hospitality group Kempinski Hotels founded in 1897. On top of basic services such as valet parking, concierge, and shuttle bus, special à la carte services such as a butler on call, private chef service, housekeeping, and emergency maintenance service are available upon request.


66,000 sq.ft. sky facilities

One can revel in an active lifestyle at the two sky facility decks. The 26th floor houses the Water Lounge, an indulgent pool and spa area, Jacuzzis, podshaped cabanas and the 25-meter lap pool – all overlooking the dazzling Petronas Twin Towers. The Green Refuge on the 44th floor is a multi-tiered park featuring a semi-indoor elevated jogging path, gymnasium, multi-purpose room, yoga deck, library, and more.

YOO8 Serviced by Kempinski Tower B at 8 Conlay Address 8 Conlay,


Address           Kuala Lumpur City Centre (KLCC) Size 705 to 1,328 sq. ft.

Developer      KSK Land Completion 2023 Q4


Inquiries         2869 6683 / 9873 0332 /

 * Jade Land Properties (HK) Limited is the Exclusive Agent in Hong Kong for YOO8 Serviced by Kempinski


Muze at Penang International Commercial City (PICC)

A landmark smart city development – the first of its kind in Penang


Adjacent to the Bayan Lepas Free Trade Zone, Penang Golf Club, and Convention Centre, Penang International Commercial City (PICC) is situated in the heart of Bayan Lepas, Penang’s new business district. PICC is set to be the first comprehensive mixed-use development in Penang, comprising of a Light Rail Transit (LRT) station, shopping mall, serviced apartments, 5-star hotel, A-grade offices, world-class medical centre, F&B Boulevard and Central Park. In recognition of the developer’s exceptional contribution to society, Hunza Properties Group was granted permission by the government to incorporate the “P” for Penang in the project name of PICC.


Smart City Features

Implementing the latest in smart home technologies, experience an augmented lifestyle with personalised control of your home. PICC incorporates an all-encompassing smart city function as well. Other innovative features optimise operations through mobile booking of healthcare facilities, smart public lighting, parking management, digital wayfinding, and predictive maintenance for building management.


About Bayan Lepas – home to the Free Trade Zone, the lifeblood of Penang’s economy

Bayan Lepas is an up-and-coming district located in the southwestern part of Penang Island. It is also where the Penang International Airport and the Bayan Lepas Free Trade Zone is found – housing over 300 multinational corporations and 4,000 small medium-sized enterprise with established manufacturing facilities and assembly lines specialising in the production of semiconductors at this bustling hub.

In fact, Penang’s renowned moniker of “Silicon Valley of the East” was taken after this zone, truly the lifeblood of Penang’s economy. The Southwest District of Penang has been earmarked by the state government as a major focus in its ‘Penang 2030’ economic transformation plan that aims to improve infrastructure, amenities and living exuberance.

PICC aims to be a green, smart and family-focused integrated estate in line with Penang’s Vision 2030. In view of promoting a dynamic new economy on the island, PICC offers well-equipped A-grade offices designed for Business Process Outsourcing. Here global companies will contract non-primary activities to local third-party providers for services such as finance, human resources, procurement and IT support.


The Penang Transport Master Plan

The government is investing approximately HK$46 billion in the Penang Transport Master Plan for the purpose of enhancing the infrastructure of Penang Island and the mainland. This includes incorporating monorail and LRT transit lines, tram lines, additional main highways and an undersea tunnel.

Residents at Muze @PICC will have seamless access to an LRT station. Within PICC, the developer is implementing a comprehensive future traffic plan to ease traffic and to create unparalleled connectivity on the main road via constructing a 4-lane 2-way underpass leading directly to the airport, and a 2-lane directional flyover leading vehicles directly into the complex.


Muze: the first residential phase of PICC

Priced from approximately HK$2 million, Muze offers smart living with a wide range of layouts for different lifestyle choices. The two freehold towers soar skyward at 52 storeys and 58 storeys. Buyers can choose from three to four bedrooms with sizes ranging from a comfortable 1,087 to 1,862 sq. ft. Apartments at Muze have spectacular open open views of the Penang Golf Club, Convention Centre and the sea.


Muze also features 4 facility areas running through 7 levels. While the ‘Escapade’ houses sports and recreation venues, the ‘Pocket Forest’ is a thematic natural retreat. The ‘Social Square’ at Level 11 features sparkling pools, a ‘Community Hall’ and ‘Garden Kitchen’ that are ideal for outdoor entertaining. ‘Chillscapes’, designed for relaxation and entertainment, spans across several levels with game rooms, pavilions and a gym/yoga area. Notably, the ‘Muze Club’ is an exclusive area in the sky on Level 40 and 41 overlooking panoramic views. You can make use of the Executive Lounge, Gourmet Kitchen and wellness zones with spa facilities there.


Launching of six bespoke duplex penthouse homes

Jade Land Properties is delighted to announce the launch of a collection of six bespoke duplex penthouse apartments located within Muze @PICC in early 2023. The apartments will come fully furnished with interiors designed by YOO Studio. There will be a choice of three design styles – “eclectic”, “lux”, and “serene”, each evoking a sense of place and a feeling of home away from home. Each home looks onto the outstanding lush greenery of the Penang Golf Club and stunning open city views of the Convention Centre. The apartments feature an open plan design ranging from 3,778 to 5,263 sq.ft. in three to four bedroom layouts with private rooftops, and inclusive of three parking spaces plus one tandem parking space. An exceptional lifestyle investment, take the opportunity to be a part of this exclusive pre-launch. Contact us to register your interest.

Founded in 1999 by international property entrepreneur John Hitchcox and the world’s most celebrated designer Philippe Starck, Yoo is a design and development company delivering sophistication and style to landmark developments internationally


A Reputable Penang-based Developer: Hunza Properties Group

PICC is the brainchild of leading property developer, Hunza Properties Group. With a history of over 40 years, Hunza is exemplified by its portfolio of over 20,000 condominiums, townships and commercial properties throughout Malaysia. The company has greatly contributed to the transformation of Penang’s skyline, boasting its flagship development, the Gurney Paragon Mall waterfront complex on Gurney Drive.

The developer’s Hunza Care property management department offers a comprehensive range of after-sales services, including leasing, re-sale, maintenance and more.


Muze at Penang International Commercial City (PICC)

Address                          Bayan Lepas, Penang

Typical apartments       1,087 to 1,862 sq. ft.

Penthouse apartments 3,778 to 5,263 sq.ft.

Developer                      Hunza Properties Group Completion 2023 Q1

Enquiries                        28696683 / 98730332 /


*Jade Land Properties (HK) Limited is the Exclusive Agent in Hong Kong for Muze at PICC (Penang International Commercial City)



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