The Standard - Key Reasons to Invest in Penang
Key Reasons to Invest in Penang
Similarities to Hong Kong: British colonial history, international legal system & large Chinese demographic
Penang shares many historic, geographic and demographic similarities with Hong Kong. Like Hong Kong, it was a former British colony. Penang’s capital city, George Town, is listed as a UNESCO World Cultural Heritage Site for preserving beautiful east-meets-west heritage buildings – over 8 million tourists flocked to the city in 2019. A common law system is used and English in used in business transactions.
Among the 13 states in Malaysia, Penang is the only state with a Chinese ethnic majority (i.e. 59% on Penang Island) – English, Cantonese and other dialects are used in everyday life, making for ease of communication such that Hongkongers can assimilate into easily.
- Island state: limited developable land
Similar to Hong Kong Island’s relationship with Kowloon, Penang comprises of “Penang Island” and “Seberang Perai” on the Malay Peninsula. Penang Island is mountainous with limited developable land – this coupled with the high demand for properties makes for resilient property prices. Where Hong Kong has Victoria Peak with an elevation of 552m accessible via the Peak Tram, Penang has Penang Hill perched 833m above sea level reachable by taking a short ride on the Penang Hill Railway. Lovers of outdoor activities will definitely enjoy exploring the plentiful hiking trails.
- High quality of life: medical tourism preferred destination & numerous lifestyle options
Named by TravelAwaits as the ‘No.3 Best Islands in the World to Retire in 2021’, Penang boasts a low cost of living yet with a high quality of life. Penang is a medical tourism hot spot, contributing over 50% of Malaysia’s MYR 1.8 billion medical tourism revenue. Medical tourists are inclined to complete healthcare services in Penang due to its world-class facilities set against the backdrop of beautiful tropical environs. Penang boasts an abundance of lifestyle activities, including delicious food options including fine dining, street food, durian and seafood, ESCAPE theme park, pristine beaches and lush national parks.
- Attractive destination for investors: over 300 MNCs & 3,000 SMEs
Penang’s Bayan Lepas Free Trade Zone is an established Electrical & Electronics hub (E&E) and is home to over 300 multinational corporations, including Intel, Bosch and AMD, and over 3,000 small medium enterprises. In 2020, Penang emerged as the top investment destination for manufacturing in Malaysia, securing RM14.1 billion investments of which about 75% was contributed by foreign direct investment. This is largely due to the city’s strong supply chain system, young and multilingual talent pool and solid infrastructure.
The icing on the cake for Penang is the recent debut of PICC (Penang International Commercial City), which has brought even more excitement to this congenial tropical island.
Muze @PICC (Penang International Commercial City)
Impeccably master-planned, PICC is a multi-billion Ringgit mixed-use development with smart city features – the first of its kind in Penang. It incorporates an LRT station, Business Process Outsourcing (BPO) purposed offices, medical centre, shopping mall, 5-star hotel, and park. PICC is envisioned as the epicentre for commerce in the region. Visit Jade Land Properties’ upcoming exhibition taking place this weekend to learn more about ‘Muze’, the first residential phase of PICC.
Muze at PICC (Penang International Commercial City)
Address: Bayan Lepas, Penang
Size: 1,087 to 1,862 sq.ft. (3-4 bedrooms)
Developer: Hunza Properties Group
Property Exhibition & Seminar
Date: 10 & 11 July (This Sat & Sun)
Venue: JW Mariott Hong Kong – 3rd Floor, Man Ho, VIP Room
Exhibition Time: 11am – 5pm