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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 ...
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]
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]
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.
Komtar houses the Office of the Chief Minister of Penang, as well as agencies of the Penang state government and the Penang Island City Council.. The city centre of George Town encompasses 19 km 2 (7.3 sq mi) of the northeastern plains of Penang Island, forming the basin of the Pinang River, the main river system on the island.
Gurney Paragon is a mixed-use complex within George Town in the Malaysian state of Penang.Situated at Gurney Drive within the city's Central Business District (CBD), it comprises twin residential towers, an office block and a nine-storey shopping mall forming the podium.
Batu Maung is a residential neighbourhood in the Malaysian state of Penang. [1] It is located 15.7 km (9.8 mi) south of the city centre, adjacent to Bayan Lepas and the Penang International Airport. Batu Maung is home to the island terminus of the Second Penang Bridge and the southern end of the Tun Dr Lim Chong Eu Expressway.