Jade Land registers a bulk sale transaction in PICC by UK private equity firm Shojin Property Partners
Shojin is an FCA regulated firm operating in the budding online real estate investment industry
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.
Shojin Property Partners, an FCA regulated online real estate investment platform, has successfully raised funds from more than 40 global investors for its first international project outside of the United Kingdom.
The multi-billion Ringgit Penang International Commercial City (PICC) is a ground-breaking smart city development crafted by leading Malaysian developer Hunza Properties Group. PICC aims to create green sustainable living in a safe and secure environment, with smart technology and a fully integrated Light Rapid Transit station to maximise convenience.
Penang - the "Silicon Valley of the East"
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 the second largest city by population.
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 Asian investors due to its flourishing economy.
Penang is a prominent semi-conductor manufacturing hub, contributing approximately 8% of all global semiconductor output. Penang houses manufacturing facilities for over 300 multinational corporations and over 3,000 small and medium enterprises including Intel, HP, Dell and Sony.
On 17 December 2021, Intel, the world’s largest semiconductor manufacturer, confirmed its approx. HK$54.6billion expansion project to build a new computer chip manufacturing facility in Penang’s Bayan Lepas Free Trade Zone. This was in response to the global semiconductor shortage spurred by the surge in demand for computing devices during the covid-19 pandemic.
Jatin Ondhia, CEO, 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 in comparison with all other Malaysian states in 2019 – as high as 27.8% of Malaysia’s total approved investment (approx. HK$32 billion). The fact that we can be a part of such an exciting and growing community is a testament to not only the team at Shojin, but all the partners we work with as we take this first step into the global property investment landscape.”
Mr Ondhia added: “Having focused exclusively on the UK property market until now, I’m enormously excited to see our first raise outside the British Isles, which demonstrates the power of the model and our success to date.”
Dato’ Khor Siang Gin, Group Managing Director of Hunza Properties Group:
“With over 40 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.”
PICC's Exclusive Agent based in Hong Kong, 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.”
More about Muze at PICC (Penang International Commercial City)
Muze is part of the Penang International Commercial City (“PICC”), a new 43-acre cutting-edge smart ‘city within a city’ project aiming to redefine global urban living. The unique mixed-use development contains 11 components, including an 800,000 square foot shopping mall, serviced apartments, 5-star hotel, A-grade offices, medical centre, central park and F&B boulevard. Muze is the first phase of the residential development at PICC and comprises two towers across 52 and 58 storeys. Block A will be formed of 394 residential units and communal facilities across 41 storeys, and Block B will be formed of 452 residential units and communal facilities across 47 storeys.