Penang International Commercial City (PICC)
Penang is ranked no.1 in Malaysia as the most attractive place for investment by Knight Frank Malaysia. From 2009 to 2014, Penang Foreign Direct Investments amount to a total of nearly 25 billion.
Exciting new infrastructure developments
In 2015, the Malaysian government confirmed the Penang Transport Master Plan in which RM$27billion will be invested into upgrading the city’s public transport networks. The plan involves incorporating 4 LRT and monorail lines, a tram network, 3 highways & roads, and 1 undersea tunnel complementing the existing public buses and expansive highway networks. The estimated date of completion is 2025 (See Source 1).
Solid economy with established industries
Penang has successfully transitioned from an agriculture and primary commodities economy to an export-driven economy.
The city has positioned itself to become a hub of high-tech manufacturing and tourism within this region. In fact, over 300 multinational companies are currently operating in Penang, including Intel, Dell, Sony, and AMD (See Source 2).
The conferment of the UNESCO World Heritage status to George Town, the old city centre, in 2008 has put Penang onto the international spotlight.
Each year, the Penang International Airport (PIA) can handle up to 6.5 million passengers. In fact, the airport is set to expand its capacity by more than 100% to 12 million (See Source 3). PIA is the 2nd busiest airport handling international passengers after Kuala Lumpur International Airport (See Source 4). Cathay Dragon offers direct flights from Hong Kong to Penang on a daily basis.
Penang is a medical tourism hot spot heralded as "Medical Travel Destination of the Year" by the International Medical Travel Journal in 2017. Revenue from medical tourism Malaysia was RM1 billion in 2016 from an estimated 900,000 medical tourists; Penang was the state that attracted 60% of medical tourism revenue. There are 7 renown hospitals, including Gleneagles Medical Centre and Penang Adventist Hospital.
Limited land supply
The landscape of Penang Island is similar to that of Hong Kong Island as both are mountainous with relatively less developable land making for resilient property prices. On Penang Island, only 54% of land is suitable and approved for building, while 46% is mountainous land (See Source 5).
Foreign direct investment encouraged
Penang is one of Malaysia’s most successful investment hubs. It attracts significant foreign investment given its strong business ecosystem including a highly-skilled labour force, stringent intellectual property protection laws, and a robust manufacturing supply chain supported by more than 300 multinational corporates. Net Foreign Direct Investment (FDI) flow into Penang has been rising from RM23.9 billion (in 2008) to RM47.2 billion (2016) (See Source 6). In addition, the MM2H (Malaysia My Second Home) program that offers a 10 year renewable social visit visa to non-Malaysians has drawn worldwide attention.
Source 1: Malay Mail Online http://www.themalaymailonline.com/malaysia/article/penang-embarks-on-rm27b-transport-masterplan-with-mrt-trams-water-cabs
Source 2: UOB News Releasehttp://www.uobgroup.com/assets/pdfs/new-release/NR_malaysia_penang_expand_sea.pdf
Source 3: The Star https://www.thestar.com.my/metro/metro-news/2017/12/01/airport-expansion-to-provide-for-12mil-passengers/
Source 4: Free Malaysia Today http://www.freemalaysiatoday.com/category/nation/2017/09/26/guan-eng-pushes-for-urgent-expansion-of-penang-airport/
Source 5: Henry Butcher Malaysia https://www.nst.com.my/property/2018/01/323969/penang-property-prices-affected-signature-dishes
Source 6: Free Malaysia Today http://www.freemalaysiatoday.com/category/nation/2017/10/24/rahman-penang-topping-investments-shows-govt-is-fair/
Whilst every care has been taken in preparation of these materials, Jade Land Properties (HK) Limited and the respective landlords/vendors give no warranty, expressed or implied, as to the completeness or accuracy of the information contained herein. The information contained herein does not form part of an offer or contract. Prices and details are correct at the time of publishing. Readers are advised to make their own enquiries to verify such information.
A world-class smart city in the making, Hunza’s Penang International Commercial City (PICC) in Bayan Lepas heralds a new age of urban living and development.
Penang International Commercial City (PICC), proudly carries the name of Penang. This 43 acre land is strategically located in the heart of Southern Penang, a stone’s throw away from two Penang Bridges, International Airport.
One of the most highly anticipated, multi-billion ringgit mixed developments in Penang, it will be built on strong infrastructure yet remain sustainable. This city with intelligent living spaces, intuitive work areas and interconnected ecosystems sprawls over 40 acres of prime land.
PICC will house commercial components such as a lifestyle shopping mall, medical centre, BPO office and 5-star hotels, F&B Boulevard, Central Park, alongside residences. Components will be developed in phases, with the first phase, Muze which will be launched very soon, having 846 condominium units with indicative built-ups of 1,047 sq ft to 3,399 sq ft.
PICC is a vision that claims leadership for continuous improvement and better living. Upon its completion, it will provide new infrastructure like a Light Rail Transit (LRT) station, innovate smarter living features for enhanced lifestyle, incorporate greenery and wellness facilities, nurture a vibrant local and international community, and attract big commercial opportunities. PICC is set to revitalize and serve as a vibrant commercial centre for the island – a new integrated hub that represents the “Pulse of Penang”.