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The economy of Penang is classified as a high-income economy and is the fifth largest in Malaysia by gross domestic product (GDP). In 2023, Penang contributed 7.6% of Malaysia’s GDP. The state had a GDP per capita of RM72,586 (US$15,918), the third highest in the country after Kuala Lumpur and Labuan , surpassing the World Bank ’s threshold ...
The booming economy has also led to a considerable interest in real estate in Penang. In 2016, George Town was ranked Malaysia's most attractive destination for commercial property investment by Knight Frank, surpassing even Kuala Lumpur. [155] In 2023, Penang's residential market was ranked the second most popular in Southeast Asia after ...
In 2013, the company undertook a corporate restructuring, which involved the transfer of three prime real estate office properties, including the Petronas Towers, into the newly formed KLCC REIT. KLCCP Stapled Group is the largest REIT in Malaysia with a net asset value of RM12 billion in June 2015. [2]
The city's economy is largely driven by services and manufacturing, particularly electronics and optical manufacturing, hospitality, wholesale and retail trade, logistics, finance, and real estate. [13] [165] In 2020, George Town's GDP was RM51.935 billion (US$12.464 billion), accounting for 53.5% of Penang's total GDP. [13]
General information; Type: Condominiums: Address: Jalan Tanjong Bungah, 11200 Tanjong Bungah, George Town, Penang, Malaysia: Town or city: George Town, Penang ...
YTL Corp also has a stake in Starhill Global Real Estate Investment Trust, which is listed on the Mainboard of the SGX-ST, the Singapore stock exchange. As of November 2023, YTL Corp and YTL Power are included as a constituent of the FTSE Bursa Malaysia KLCI (FBM KLCI) index. [3]
In 1978, Khoo Kongsi had reached an agreement with Farlim Group to develop Thean Teik Estate into a residential township. [3] At the time, the project was the single largest property development ever undertaken by the private sector on Penang Island, with an area of 356 acres (1,440,000 m 2) being originally earmarked for development.
Urban Development Authority of Malaysia (UDA) was established on 12 November 1971 under the Ministry of Public Enterprise. [ 1 ] [ 2 ] As a government agency, between 1971 and 1979, UDA had developed 118 commercial projects – 30 in the Federal Territory, 15 in Terengganu, 14 in Kelantan and 10 each in Perak and Kedah.