HANDOVER CELEBRATION OF ICONIC POINT – PREMIER COMMERCIAL HUB

SPEECH BY YAB TUAN CHOW KON YEOW

THE CHIEF MINISTER OF PENANG

HANDOVER CELEBRATION OF ICONIC POINT – PREMIER COMMERCIAL HUB

30 AUGUST 2022

YB. Phee Boon Poh

Penang State EXCO for Environment and Welfare

YB. Goh Choon Aik

State Assemblymen for Bukit Tambun

YBhg. Dato' Azhar bin Haji Arshad

Mayor of the Seberang Perai City Council (MBSP)

Ybhg. Dato’ Seri Tan Kean Tet

Managing Director of Iconic Worldwide Berhad

Mr. James Tan, Mr. Jason Chung & Ms. Katherine Tan

Executive Directors of Iconic Worldwide Berhad

Distinguished guests,

Members of the media,

Ladies and gentlemen.

Good evening and Salam Harapan.

 

I am delighted to be here today to witness the Handover Ceremony of Iconic Point by Iconic Worldwide Berhad. This RM128 million development is the first commercial project in Simpang Ampat to offer semi-detached and detached shop offices with individual shared lifts. My heartiest compliments to the Group for successfully completing the project on time, despite the Covid-19 pandemic.

I was told that Iconic Point received an overwhelming response, with 100% of its units fully taken up in just two days during its soft launch in 2019. Subsequently, the success of the project had brought in some international brand outlets such as McDonald, Starbucks, Watsons, FamilyMart, CU Mart and Secret Recipe amongst others.

The response to Iconic Point demonstrates that despite recent market issues, Penang has maintained a strong interest for properties among owner-occupants and investors. The attraction of Penang's property market is attributed to the state's resilient and growing economy, as well as the fact that there is a steady supply of attractively-priced properties in strategic locations, such as Iconic Point.

For this, I would like to extend my appreciation to property developers in Penang, including Dato’ Seri Tan Kean Tet of Iconic Group, for believing and choosing Penang as the preferred destination for your investments.

For many years, Iconic Group has focused on Penang-based property developments, having completed projects such as the Iconic Skies condominium and Iconic Vue Affordable Housing Scheme in Batu Ferringhi, Penang Island, as well as, Icon City and Iconic Hotel, which has become one of the most bustling and dynamic projects in Mainland Penang.

I hope to see Iconic Point emulate Icon City’s success in becoming a successful commercial centre, as the Penang State Government continues to work with the private sector to further develop Seberang Perai.

The good news is that the group has plans to develop a new affordable housing scheme in Alma, Bukit Mertajam. The development will include 751 units of affordable housing units and 16 units of shop office units, and it is targeted to be launch by the end of this year.

Ladies and gentlemen,

Since last year, Penang's property market has seen a rebound in transactions, and this trend is expected to continue throughout 2022. The total volume of property transactions in Penang increased by 8% year on year in the first three months of 2022, following an 11% growth in the full year of 2021.

Most importantly, from January to March 2022, nearly 72% of residential units transacted were valued at less than RM500,000. This shows that there are still opportunities for buyers to own affordable-priced properties in our state.

Nevertheless, the State Government recognises that a continuous effort is required to ensure a consistent supply of affordable homes in Penang. As such, we will continue to make every effort in support of the home affordability agenda. One such effort is the State Government’s decision to extend the Penang Home Ownership Campaign up until December 2022, with a 10% discount on the prices of affordable homes.

In line with the Penang2030 vision, we are committed to building 220,000 affordable homes by 2030, with the State Government currently having achieved 63% of the target. We hope that the Federal Government, which has built 12% of the state’s affordable homes, will continue to support this noble cause by putting political differences aside.

On that note, I also hope to see more private sector players from all industries lend their support, as well as explore further investment opportunities in the state. As a business-friendly State Government, rest assured that we are always ready to assist in enhancing the ease of doing business by removing unwanted bureaucracy and redundancies, without jeopardizing the socio-economic well-being of our Penangites.

Having said that, congratulations once again to Iconic Worldwide on the handover ceremony and I take this opportunity to wish Happy Merdeka Day to all fellow Malaysians.

Thank you.