OVER the past five decades, Penang has transformed itself from a manufacturing hub into one of Malaysia’s most dynamic economic powerhouses.
Today, it leads the nation in GDP per capita at RM80,584, well above the national average of RM59,167, excluding the Federal Territories.
This equates to approximately US$19,737 which, according to the World Bank’s 2025 Atlas Method, places it comfortably above the high-income economy threshold of US$14,375.
Yet for Hunza Group founder and executive adviser Datuk Seri Khor Teng Tong, the state’s success has never been defined by economic statistics alone.
Equally important are the state’s pro-business policies and collaborative ecosystem that allow industries to complement one another and create opportunities for growth far and wide.
That ecosystem has enabled Penang to establish leadership in its twin economic engines of manufacturing and services, particularly tourism and Global Business Services (GBS).
This has also laid the groundwork for its next phase of growth. Major infrastructure projects, including the expansion of Penang International Airport and the upcoming Mutiara Line LRT, are expected to further strengthen the state’s connectivity with regional and international markets.
“These developments will continue opening opportunities for Penang to connect with the world, and for the world to discover more about Penang,” said Teng Tong.
For Hunza Group, that future is embodied in its flagship Penang International Commercial City (PICC), an integrated mixed-use development that reflects how urban living is evolving.
As the state embraces a more cosmopolitan lifestyle driven by convenience, accessibility, connectivity and community-centred living, PICC is ideally poised as a future-ready destination where people can work, live, play and invest within a single self-contained ecosystem.
Strategically located in the centre of the island’s most important growth corridors, Bayan Lepas, it is well-connected to the Free Industrial Zone (FIZ), the aforementioned airport and the upcoming Silicon Island mega development.
Rather than being another standalone development, PICC reflects a broader shift towards integrated, highly walkable urban communities where residential, commercial and lifestyle components are all seamlessly connected. And that vision is already taking shape.
City of the future
The first phase, MUZE @ PICC, has achieved approximately 70% occupancy, attracting professionals, international expatriates and high-value investors seeking quality urban living supported by comprehensive amenities and excellent connectivity.
Its sister development, SENZE @ PICC with 1,680 fully furnished serviced residences, is scheduled for full completion by December 2026 – remarkably just two and a half years after the launch of the project.
Besides being the group’s first fully furnished residential offering, it also marks an impressive milestone of 20,000 homes delivered by Hunza to owners in Penang and beyond.
The next milestone for PICC will come in the fourth quarter of 2026, when construction is expected to begin on its commercial hub.
This phase will comprise a landmark shopping mall, a dedicated GBS tower and an international hotel, expanding PICC beyond residential living into a destination for retail, commerce and tourism.
This commercial hub’s expected completion in 2031 will coincide with the commencement of operations for the Mutiara Line LRT and newly-expanded airport.
These transport links – along with the two Penang Bridges – will make PICC a vibrant urban nexus where residents, businesses, tourists and investors converge throughout the day.
Within the development itself, a first-of-its-kind sky bridge network will connect all its components, enhancing walkability while reinforcing the concept of an integrated city within a city.
Beyond creating commercial spaces, Hunza Group believes the development would also help generate high-value employment opportunities while encouraging greater collaboration among businesses through an environment designed for interaction, innovation and connectivity.
In many ways, PICC mirrors Penang’s own journey – from Malaysia’s second-smallest state to an internationally recognised centre for business, technology and investment.
Teng Tong believes this convergence of major infrastructure projects, economic expansion and integrated township developments signals what he describes as “Penang’s Golden Five Years”, where the state will take significant leaps forward.
“It’s my belief that Penang will undergo a major transformation over the next five to 10 years, and that will sustain us for a long time ahead,” he shared.
As one of Penang’s homegrown developers, he said Hunza Group is excited to be playing an active role in that journey.
The group’s expansion into retail, GBS, office spaces, hospitality and healthcare through PICC is supporting the state’s ambition of becoming one of Asean’s leading economic powerhouses.
Building momentum
Hunza Group’s commitment extends beyond physical property development in Penang.
As one of the pioneers in marketing properties in the state internationally, it has helped introduce the Pearl of the Orient to overseas buyers, expatriates and investors across Taiwan,
Shanghai, Shenzhen, Guangzhou, Xiamen, Singapore, Hong Kong, Macau, Indonesia and other regional markets.
This has supported retirement living, Malaysia My Second Home (MM2H) and lifestyle migration.
The group’s continued momentum is reflected in its upcoming portfolio.
In the 2026/2027 financial year, it will launch a new phase of its Seri Impian township in Sungai Petani, Kedah, alongside Banyan Residensi, its first affordable housing development in Seberang Perai, Penang.
It would also continue to strengthen its presence through existing projects across Penang such as PICC.
“We are strategically looking at ways to unlock the value of our landbanks in line with the shifts in the market – whether that be consumers’ preferences, economic movements, social transformation or the wider geopolitical development,” said Datuk Khor Siang Gin, the group managing director of Hunza.
“While PICC remains our marquee development for the next decade, we also look to diversify our development approach in various areas so that we can continue to build homes, spaces and communities for different segments of the market.”
That longstanding commitment to community building and quality has been recognised by a slew of industry awards since 2009.
The latest was a FIABCI Malaysia Property Award in the Affordable Housing Super High-Rise category for its first affordable housing development TreeO in 2025.
The coming years will see more milestones for the company itself.
In 2028, Hunza Group will celebrate its 50th anniversary, underscoring the longevity of a homegrown Penang brand that has grown alongside the state it calls home.
The legacy established by Teng Tong is now continuing under Siang Gin, who is leading both the group’s property development business and its construction arm, Masuka Bina Sdn Bhd, ensuring Hunza Group remains well positioned for Penang’s next era of growth.
Masuka Bina also recently secured its first external, multi-million construction contract for a tertiary institution in Perak.
“As a leading developer with long-standing heritage in Penang, we have full confidence in the state’s future.
“We will continue supporting the state’s development while creating homes and spaces that help power Penang’s progress and its aspirations to become the best state to work, live, play and invest in Malaysia,” Teng Tong added.
