1MDB embarks on Penang affordable housing project

WHILE Penang’s soaring property prices have become a conversational topic, the federal and state governments have pledged to make affordable housing available on the island.

On Tuesday, 1Malaysia Development Bhd (1MDB), a government-owned development company, bought 9.5ha from Farlim Group (M) Bhd for RM112.5mil through one of its subsidiaries. The deal marks 1MDB’s first public land deal in Penang, and when contacted by StarBizWeek, the company says it is part of 1MDB’s plan to develop affordable housing in Penang as announced earlier.