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.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Business , 1MDB , penang , Affordable housing

   

Next In Business News

Australia's central bank holds rates, stays vigilant on inflation
Toyota to post first profit drop in 2 years as demand cools after big run
China's services activity picks up as conditions improve, Caixin PMI shows
Ringgit opens higher as US$ weakens post-NFP data
Bursa Malaysia drifts sideways as investors await start of US election
Trading ideas: SD Guthrie, Dayang, Datasonic, Elridge, Genetec, MN, Bina Puri, Bintai Kinden, MCE, BHIC, Carimin, Tuju Setia, Khee San
Wall St slips as uncertainty surrounds U.S. election
Oil jumps nearly 3% after Opec+ delays output hike, US election in focus
Datasonic acquires 51% stake in ICT firm
High real estate credit growth raises concern

Others Also Read