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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 ...
It is listed on the Main Market of Bursa Malaysia with about RM6.0 billion (USD1.5 billion) market capitalisation as of 31 December 2021. [25] Kien Huat Realty – the real estate development and investment entity created by Genting founder Lim Goh Tong owns about 43 percent of Genting Berhad. [26]
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 ...
Island 88, formerly known as Island Plaza, is a shopping mall within George Town in the Malaysian state of Penang. Located at the suburb of Tanjong Tokong , the 500,000 sq ft (46,000 m 2 ) retail complex was opened in 1995. [ 1 ]
Map of Penang Island surveyed by Commander F C P Vereker in 1884. With an area of 295 km 2 (114 sq mi), Penang Island is the fourth largest island wholly in Malaysia, after Banggi Island, Bruit Island and Langkawi Island. It is also the most populated island city in the country, with a population of 794,313 as of 2020. [1]
Gelugor [a] is a suburb of George Town in the Malaysian state of Penang. Named after a plant species, Gelugor lies along the eastern seaboard of Penang Island, between Jelutong and Sungai Dua, and nearly 5 km (3.1 mi) south of the city centre. Gelugor had been populated as early as the late 18th century by Malay fishermen who arrived from ...
By 1991, Penang's population had exceeded one million, with mainland Seberang Perai overtaking Penang Island in population at the same time. [20] However, the state's population growth had begun to slow since the 1970s. In 2020, annual population growth was at 1.3%, a reduction from 2.1% in 2010. [1]
The Perai Free Industrial Zone (Perai FIZ) is a free trade zone within Seberang Perai in the Malaysian state of Penang.Located within the suburb of Perai and 4.7 km (2.9 mi) south of Butterworth, the Perai FIZ was established in 1980 with the aim of becoming a major manufacturing hub for bulk items, leveraging its proximity to the Port of Penang and the railway line that links it to the rest ...