Penang on track to deliver 220,000 homes by 2030

 

Sundarajoo (left) with Tah Wah Group managing director Datuk Seri Hong Yeam Wah during a visit to RMKu Foreshore Residence in George Town. The affordable housing project was developed by a subsidiary of the group. Sundarajoo (left) with Tah Wah Group managing director Datuk Seri Hong Yeam Wah during a visit to RMKu Foreshore Residence in George Town. The affordable housing project was developed by a subsidiary of the group. — CHAN BOON KAI/The Star

Exco: Over 60% of residents in state could benefit from Rumah MutiaraKu units

MORE housing developments are expected following imple­mentation of the Penang Mutiara Line LRT project, says state housing and environment committee chairman Datuk Seri S. Sundarajoo.

He said the project would help Penang deliver 220,000 Rumah MutiaraKu (RMKu) homes by 2030, with about 180,000 units already completed or under construction.

The 29.67km LRT line is expected to commence operations in Decem­ber 2031, based on the current schedule.

Sundarajoo said the 220,000-unit target would provide housing for about 1.1 million people, based on an average household size of five.

“Penang’s population is about 1.8 million, which means more than 60% of residents could be­­nefit from Rumah MutiaraKu homes across various price categories.

“With the LRT in place, we expect more housing developments to come on stream.

“I am confident we can achieve the target,” he said after a site visit to the RMKu Foreshore Residence project in Jalan CY Choy, George Town.

RMKu is Penang’s flagship affordable housing initiative, rebranded in January 2025 to replace the previous Rumah Mampu Milik (RMM) programme.

The scheme aims to increase home ownership among eligible Penang residents by offering price-­controlled units, zoned allocations, along with a clearer eligibility and delivery framework.

Under the scheme, price-controlled categories remain in place across all zones – Type A, B and C units, as well as the newly introduced Type D category.

Price ceilings range from RM42,000 for Type A units and RM72,500 for Type B units to between RM150,000 and RM300,000 for Type C1 to C3 units, depending on size and location.

The Type D category, with a price ceiling of RM400,000, is aimed at households earning up to RM15,000 a month.

These units cannot be resold on the open market.

On claims that affordable housing development was fo­cused only on the island, Sun­­da­­­­rajoo said the projects were being developed across both the island and mainland.

However, he said higher land prices on the island meant most projects there were concentrated in the Type B and C categories, particularly C3 units with a ceiling price of RM300,000 each.

He said affordable homes priced from RM72,500 were still available on the island, particularly in Teluk Kumbar and Balik Pulau.

Sun­­da­­­­rajoo said lower land costs on the mainland enabled developers to offer more affordable housing, including high-rise units priced between RM42,000 and RM250,000, while some landed homes in north and south Seberang Perai districts were still available below RM450,000.

He added that some developers helped first-time house buyers by absorbing the 10% down payment.

On the RMKu Foreshore Resi­dence, Sundarajoo said 482 affordable homes would soon be handed over to the buyers after issues delaying the project were resolved.

The development comprises 80 RMKu C2 units priced up to RM200,000 and 402 RMKu C3 units priced up to RM300,000.

Sundarajoo said 51 residents from the area had each been allocated a unit under the development.

“The value of the homes they are receiving surpasses the amount of rental they have been paying,” he said.

By LO TERN CHERN

M’sia in good position to adopt AI

 

Zetrix co-founder Datuk Fadzli Shah Anuar

PETALING JAYA: With its own recent ambitious foray into the world of artificial intelligence (AI) and blockchain, Zetrix AI Bhd believes Malaysia is well-positioned to adopt and adapt to the fast-moving world of AI technology, and potentially reap economic benefits from the evolution.

Datuk Fadzli Shah Anuar, co-founder of Zetrix, the group's layer-1 blockchain platform, believes the country’s way forward lies not directly from its influx of its data centre (DC) pipeline, but more in how it enables its current workforce to improve productivity as the adoption of AI and high-level technology becomes more prevalent.

The issue is all the more relevant, given Malaysia’s seemingly continuous grapple with the issue of stagnating wages and increasingly higher cost of living.

In an exclusive interview, Fadzli acknowledged that while the government’s sanctioning of the DC influx represents its willingness to get on the tech bandwagon, the presence of DCs themselves will not translate into significant employment opportunities, especially given its highly skilled barrier of entry.

“In fact, while the adoption of AI and blockchain as a whole will mean jobs will be created, we see tasks will also be taken by non-humans, particularly a large portion of repetitive tasks that need to be done reliably and transparently,” he said.

Fadzli further explained why the group has forged several government-backed partnerships with Chinese entities, primarily focusing on AI innovation, blockchain interoperability, cross-border trade facilitation, digital identity and data trading.

With China being a significant economic and trade partner for Malaysia, he reiterated that Zetrix AI’s belief that much of China’s industrial and end-user behaviour will translate to some form of variant in this country, remarking: “Malaysia will follow similar growth and adoption cycles.”

 

Citing the recent trend of one-person companies or OPCs in China, with a single entrepreneur utilising multiple AI agents in delivering a service, Fadzli expects more tech-savvy youths adopting this business model.

He observed this as a form of job creation, commenting that Malaysia is well positioned to embrace this approach.

“This example will show that the current workforce can use AI and technology to become even more effective within its current roles, and perhaps we will see a tectonic shift of job roles.

“Businesses will move dynamically, a simple but huge departure from how things were previously, and we see Malaysia adopting such technology addictively,” he noted.

Nevertheless, Fadzli recognised the trust challenges that come with widespread AI and tech adoption, especially in maintaining service dependency and data privacy trust.

He believes there are three facets to building digital trust, namely, the reliability of the service rendered, data protection and the assurance that there will be no leakage of information, and the certainty that the parties dealing with each other know exactly who they are transacting with.

“We see that with the use of AI agents, not only can everything be done very accurately but also securely, because it will all be based on data packets. So for that, we believe that over the long term (AI), the agent-to-agent economy will be a commonplace occurrence,” said Fadzli.

As to how reality plays out this adoption, he is betting that it will change the way the public consume everyday services, from booking a car, ordering products online to even eCommerce, with AI agents securely matching orders to personal profiles.

Furthermore, he feels as applications become simpler for higher utilisation among the public, due to faster iteration cycles, there also needs to be user acceptance and awareness, and the necessity to marry digital identities (such as Malaysia’s MyDigital ID) with ever-growing technologies to ensure better data privacy and prevent scams.

With China and Asean being economies with somewhat different profiles, Fadzli conceded that there is no straightforward answer to this question.

He emphasised that China, due to the sheer size of its population and economy, can set standards, but it does not represent cluster economies which are interdependent as a trading bloc such as Asean.

“In our view, Asean is opportunistically a good showcase of how independent countries can work together and we are in a position to adopt certain standards that could be carried through an entire bloc, which can then be mirrored by the Gulf Cooperation Council or South American nations,” he explained.

On the differences between China and Asean notwithstanding, Fadzli believes that certain major economies (such as China or the United States) will lead in certain standards and cluster nation groups will then adopt these standards.

He says Asean state leaderships believe in digitalisation as a serious economic lever, as there is concerted effort to take this conversation seriously.

“Governance, however, is not keeping pace with the adoption or the onboarding of technology.

“What we can do to add value to what China is doing, using QR codes as an example, is to enable cross-border transactions and tech adoption more efficiently. Can governance keep up with such innovation?”

In addition, Fadzli said a more widespread usage of stablecoins such as the JMYR, a Malaysian ringgit-pegged stablecoin, would mean trades can be analysed with data more efficiently, while financing and remittances can be made instant.

JMYR is a fully backed, 1:1 digital token representing the Malaysian ringgit, designed for fast, programmable payments, settlements, remittances, and on/off-ramp functionality on Zetrix’s blockchain.

“It is essential to construct a stablecoin infrastructure, as this can create a transparent yet secure, efficient and competitive marketplace,” said Fadzli.

By KEITH HIEW

Penang primed to prosper

 State leads the way in man­u­fac­tur­ing, ser­vices sec­tors

The state is strategically positioned to capitalise on long-term growth drivers such as artificial intelligence, advanced manufacturing and global supply-chain diversification.

PETALING JAYA: Penang has continued punching above its weight economically, contributing 7.6% of Malaysia’s gross domestic product (GDP) in 2024.

Anchored by its manufacturing (46.1%) and services sectors (48.1%), its growth has outpaced Malaysia over the long-term and continues to remain resilient.

As Malaysia’s premier semiconductor and electrical and electronics (E&E) hub, the state is strategically positioned to capitalise on long-term growth drivers such as artificial intelligence (AI), advanced manufacturing and global supply-chain diversification.

In 2024, Penang’s E&E segment contributed RM41.7bil to the state’s GDP.

RHB Banking Group recently hosted the Penang Economic Forum 2026 which brought together various stakeholders from across the board.

During the forum, multiple panel sessions were held which discussed topics surrounding Penang’s transition towards a higher-value economy, small and medium enterprise (SME) competitiveness, sustainable growth and funding accessibility.

“Panellists emphasised the need to move beyond the traditional low-cost manufacturing model towards higher value activities centred on 4T’s – talent, technology, things (product and services), and trademarks,” RHB Research said.

It added that supply chain diversification and geopolitical tensions have created opportunities for a technology transfer, collaboration and business relocation.

Another key topic discussed was how the state can unlock growth capital beyond just bank financing.

“Alternative funding channels such as venture capital, private equity and capital markets can support businesses at different cycles, so efforts to strengthen the funding ecosystem is important,” it noted.

As for SMEs and micro, small and medium enterprises (MSMEs), the panellists acknowledged that they remained a vital pillar of the economy, and have accounted for 96.1% of total business establishments while contributing RM652.4bil to the country’s GDP in 2024.

“Supported by more than 350 multinationals and over 6,500 manufacturing-related SMEs, Penang has developed one of Malaysia’s deepest industrial ecosystems, fostering technology transfers, capability upgrading, and innovation.

“Moving forward, SMEs are expected to play an increasingly important role in supporting higher value-added and innovation-driven industries.”

It’s worth noting that Penang ranks among the top four states in Malaysia for MSME employment, supporting approximately 469,900 jobs.

RHB Research said the state also generated RM91.5bil in MSME gross output, accounting for 7.2% of the country’s total MSME output.

The state has also continued to attract foreign direct investment despite global uncertainties – approved foreign direct investment (FDI) hit RM15.2bil in the first nine months of 2025, driven primarily by the the E&E, machinery and equipment and chemicals sectors.

“The United States remained the largest source of FDI, followed by China and the Cayman Islands.

“Subsequently, increasing investments in transport equipment and fabricated metal products are reflecting the broadening depth of the state’s manufacturing ecosystem,” RHB Research said.

Penang is also one of the main logistics hubs in the country, anchored by the Penang International Airport (PIA) and North Butterworth Container Terminal.

The state has continued to see an increase in tourists, supported by its diversity in offerings.

RHB Research said passenger traffic at PIA went up 10.5% in the first half of 2025 while cruise arrivals at Swettenham Pier grew 39.7% in 2024, reflecting improving travel demand and connectivity.

“Supported by Visit Malaysia 2026 initiatives, expanding international flight networks and the Malaysia-China mutual visa-free regime, Penang is well positioned to benefit from higher visitor arrivals and tourism spending, reinforcing the sector’s contribution to the state’s services economy,” the research house said.

Meanwhile, the Penang Economic Forum 2026 also highlighted how businesses need to be adaptive and resilient so that productivity and cash flows can be managed.

RHB Banking Group laid out potential key beneficiaries, among them included Pentamaster Corp Bhd, Cnergenz Bhd, Inari Amertron Bhd and QES Group Bhd.

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