Penang International Commercial City (PICC)

Bayan Lepas, Penang, Malaysia
Hunza Properties Group
From HK$2,000,000
5.332396
100.290232
17
Penang International Commercial City (PICC)
1

Private Preview Details

Date: Saturday, April 13th 

Time: 10am to 7pm

Venue: Mandarin Oriental Hotel - 23/Floor, East Room (Central)

 

Online registration:

https://forms.gle/QYsMuWNEiWiHMvQj9

 

Inquiries: +852 2869-6683 or [email protected]

 

Penang in a nutshell:

Penang is a globally renowned holiday destination famed for its soft sandy beaches and mouthwatering street food yet with the modern convenience of being a cosmopolitan city. It is a tropical island state comprising of Penang Island and the mainland situated on the northwestern part of Malaysia. Only a 3.5 hour direct flight to Penang International Airport via Cathay Dragon from Hong Kong.

Once a british colony, Georgetown - the capital of Penang - was conferred the status of being a UNESCO World Heritage site in 2018 where perfectly preserved colonial buildings can be found adjacent to Chinese shop lots. Cultural sights are in abundance!

Known as the "Food Capital of Malaysia" - for all you foodies out there, prepare to indulge in flavoursome assam laksa, char kway teow and durian of course!   

Seafront shopping malls are found along the new city centre, Gurney Drive. Be sure to visit the contemporary Gurney Paragon Mall by Hunza Properties Group there!

Penang has an established economy split between tourism (49.2%) and the manufacturing sector (44.6%). 300 multinationals have existing manufacturing facilities in operation there with the majority focusing on the creation & packaging of high-tech products. Each year, Penang receives 7.8 million tourists looking to explore and the city or notably to complete medical check-ups at the city's world-class hospitals.

Reminiscent to Old Hong Kong in the 60s in terms of its geographic landscape, colonial history and East Meets West architecture, Penang is a delight to the people of Hong Kong!

With its limited developable land, stable economy and young population, it is not a surprise that Penang was ranked no.1 in Malaysia as the most attractive place for investment by Knight Frank Malaysia!

 

More Details:

Relatively High GDP Growth

Malaysia has a relatively higher GDP growth of 4.9% compared to mature economies

alila2-penang-malaysia-hunza-gdp-growth-comparison-emerging-mature-economies-chart

Relatively Low Price Per Sq.Ft.

alila2-penang-malaysia-hunza-property-price-per-sq-ft-comparison-emerging-mature-economies-chart

Exciting New Infrastructure Developments - Penang Transportation Master Plan

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).

alila2-penang-property-real-estate-transportation-master-plan-economy-jade-land-buy-luxury-holiday-home-industry-overseas-properties

Solid economy with established industries

Penang has successfully transitioned from an agriculture and primary commodities economy to an export-driven economy.

alila2-penang-property-real-estate-economy-jade-land-buy-luxury-holiday-home

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).

alila2-penang-property-real-estate-economy-jade-land-buy-luxury-holiday-home-industry-overseas-properties

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.

 

 

Private Preview Details

Date: Saturday, April 13th 

Time: 10am to 7pm

Venue: Mandarin Oriental Hotel – 23/Floor, East Room (Central)

 

Online registration:

https://forms.gle/QYsMuWNEiWiHMvQj9

 

Inquiries: +852 2869-6683 or [email protected]

 

About Penang International Commercial City (PICC):

  • Set to be the first comprehensive integrated development in Penang (a self-sustainable community and the new CBD)
  • Smart city features link the different development components
  • Direct access to an LRT Station

 

Features:

  • Location: PICC is situated in the southwestern district of Bayan Lepas on Penang Island; right next to the Penang Golf Course & Spice Convention Centre; 10-minutes to the Penang International Airport
  • Size: 43 acres of freehold land 
  • Components: a lifestyle shopping mall, medical centre, A-grade office, 5-star hotel, F&B Boulevard, Central Park and residences.

 

The First Phase: Muze at PICC

  • Two residential towers
  • 846 units
  • 1,078 to 3,445 sq.ft. (3 bedrooms)
  • View of Penang Golf Course & Bukit Jambul Country Club, Spice Convention Centre and PICC’s “Iconic Tower”
  • Facilities: infinity pool, mult-purpose court, gymnasium, hydro gym & therapy jet pool, jacuzzi, yoga deck and much more!
  • Scheduled for completion in 2022/2023
  • Starting from approx. HK$2M and up, inclusive of a minimum of 2 parking spaces

 

Jade Land Properties (HK) Limited is the Exclusive Agent of Penang International Commercial City (PICC). For inquiries, please feel free to contact us at +852 2869-6683 or [email protected]

JL Property ID No.: JL00003

Updated on: 15 March, 2019 

Disclaimer: Whilst every care has been taken in the preparation of these materials, Jade Land Properties (HK) Limited 翡翠島物業(香港)有限公司 and the respective vendor 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. Our sales representative for overseas property work exclusively in relation to properties outside Hong Kong and, unless expressly-stated otherwise, are not licensed under the Estate Agents Ordinance to deal with Hong Kong properties. Property No.: JL00003. Date of Advertisement: 15/3/2019. SPOB No.: C-057255-A000. Place of business: Unit 701, 7 Floor, Winway Building, 50 Wellington Street, Central, Hong Kong. Purchasing uncompleted properties situated outside Hong Kong is complicated and contains risk. You should review all relevant information and documents carefully before making a purchase decision. If in doubt, please seek independent professional advice before making a purchase decision.