Not positive. RM1.3 billion project in Penang scrapped. (why not postpone…?)

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Big plans need good timing. When timing is not conducive, perhaps we need to step back and decide. We do not usually change jobs when the situations are not so positive. I think businesses make the same decisions based on prevailing circumstances. If it’s not now, perhaps later in the future? Hopefully the following deal will be coming back instead of totally cancelled. If it was a very good plan and it’s just the timing, then postpone it for a while. Cooperation is always about openness and transparency. Singapore’s Temasek Holdings and Penang government’s business outsourcing project (BPO) worth RM1.3 billion has been cancelled.

Article in malaymail.com New Straits Times reported the Temasek spokesman with the following statements.

“Temasek and its partners, PDC and EDIS have carefully deliberated on it and the parties have come to an agreement not to proceed with the development of BPO Prime in Penang, principally due to market conditions.

“We remain open to investment opportunities in Malaysia.”

The BPO Prime project comprised residential and office blocks in Bayan Baru on Penang island and it should have been completed early this year. This termination meant that there are no more Penang International Technology Park (PITP) in Batu Kawan on the state’s mainland. The MOU was signed in May 23, 2014 for a joint venture to complete the project. The projects were expected to generate between 25,000 and 30,000 high income jobs. Full article here: Article in malaymail.com

Penang needs more catalysts. This would have been a good one even if it’s not as big as Penang Transport Master Plan. (PTMP). The Penang International Airport is another one which deserves a lot of attention and should start soonest possible. Then, there’s also the Penang South Reclamation (PSR) which is now beyond the approval stage hopefully. Earlier article here: PSR approved and now moving on to next stage. When Penang grows, so would it’s property market. Slowly but surely is a good concept to think about when it comes to a longer term view on Penang’s property market. Happy understanding.

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written on 3 Aug 2019

<Featured Image is courtesy of Stock Photos from Mohd Nasri Bin Mohd Zain>

Next suggested article: Penang’s potential for 2019

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