Steady property demand in Penang

Investment-friendly: A file picture shows visitors at the recent Star Property Fair in Penang. Affin Hwang believes that property developers with land bank and established presence in Penang will benefit from rising property demand.

PETALING JAYA: An increasing population in Penang coupled withlong-term property demand will be supported by major projects driven by public-private partnerships (PPPs), according to Affin Hwang Capital Research.

Among the PPP projects, the largest being the RM27bil Penang Transport Master Plan (PTMP), could be awarded by September. Singapore’s Temasek Holdings also has a proposed joint venture with Penang Development Corp (PDC) to develop an RM11.3bil business process outsourcing centre and an international technology park.