KUALA LUMPUR (Dec 4): Majestic Gen has strengthened its presence in Penang with the purchase of three adjoining freehold parcels along Jalan Anson in George Town for RM75 million, as the group prepares to launch a new high-rise development on the site.
The acquisition was undertaken through Dynamic Gates Sdn Bhd, a special purpose vehicle established under Paramount Corporation Bhd’s earlier securitisation exercise. The move supports Majestic Gen’s broader strategy to expand its footprint across the Northern Region.
Chief executive officer Datuk Hoo Kim See said the purchase marks a strategic milestone for the group.
“Penang continues to show resilience and long-term growth potential. Strengthening our position here aligns with our vision to deliver developments that bring meaningful value to the communities we serve.”
The land spans 295,508 sq ft of gross floor area and is currently occupied by UOW Malaysia KDU Penang University College. The final consideration of RM75 million is higher than the RM70 million valuation conducted on Nov 13, reflecting Majestic Gen’s confidence in the site’s long-term potential.
Executive director Ta Wee Dher noted that Jalan Anson’s location within a mature cultural and educational enclave offers compelling advantages.
“The area’s strong infrastructure, accessibility, and proximity to key commercial and medical hubs provide a solid foundation for our next phase of growth on the island.”
The acquisition builds on Majestic Gen’s recent activities, including the July 2025 launch of Majestic Aman in Taman Sungai Dua Utama, Seberang Perai Utara—a mixed residential and commercial development featuring 73 terrace units and 23 shopoffices with a gross development value (GDV) of RM66.8 million.
Separately, the group is working with AME Elite Consortium Bhd to develop the 176-acre Northern TechValley industrial park near the Butterworth-Kulim Expressway. The industrial project carries a substantial GDV of RM1.3 billion, marking the group’s growing presence in large-scale industrial ventures.
With the Jalan Anson acquisition, Majestic Gen aims to advance into integrated urban developments on Penang island, complementing the broader growth seen across Malaysia's property landscape—including rising demand for commercial property in KL, modern office space in Bukit Jalil, efficient factories in Puchong, and strategically located industrial property in the Subang area. These market trends echo the steady expansion of industrial and commercial sectors nationwide, also mirrored by sustained developer interest in industrial land in Selangor.
