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The Penang state government plans to auction a six-acre plot of land along Gurney Drive in George Town, aiming to raise more than RM300 million to support the completion of the delayed Air Itam bypass project. The land, identified as Plot 7A in Tanjung Pinang Town, is located along Jalan Peter Paul Dason, connecting Gurney Drive to Andaman Island. According to the state government gazette, the public auction was scheduled for 7 October 2026 at Komtar, with a reserve price of RM1,200 per square foot. Vacant land in the surrounding area is currently valued at more than RM1,000 per square foot. Sources cited by The Edge indicated that the land sale could generate over RM300 million, with the proceeds expected to help project concessionaire Consortium Zenith Construction Sdn Bhd (CZC) complete the bypass. The RM851 million project, known as Package Two of Penang’s undersea tunnel and paired roads development, covers approximately six kilometres. It will connect Lebuhraya Thean Teik in Farlim to the Tun Dr Lim Chong Eu Expressway through elevated roads, tunnels and ground-level routes. Construction began in February 2021 after several years of planning and approvals, with the project initially targeted for completion in 2025. However, progress has been affected by land acquisition delays and financial challenges faced by the concessionaire. In May, Penang Chief Minister Chow Kon Yeow clarified that the construction contract was awarded in 2020 and that physical work only began in 2021, despite the project having been discussed since 2012. He also acknowledged that the concessionaire had experienced financial difficulties, which contributed to slower construction progress. Chow dismissed the Covid-19 pandemic as an ongoing justification for the delays, stressing that the project must move forward. The project was granted its first extension of time in 2023 due to land acquisition issues, moving the completion deadline to 31 October 2026. A second extension was subsequently approved, setting a new completion date of 12 April 2027. Penang state executive councillor and Paya Terubong assemblyman Wong Hon Wai recently reported that construction had reached 91% completion. In a Facebook post, Wong said the contractor had assured him that the project would be completed by April 2027. However, he also highlighted that progress at certain sections remained unsatisfactory and called for further intervention from the state government to ensure timely completion. The bypass forms part of a larger infrastructure initiative introduced in 2013, when CZC was selected through an open tender to develop an undersea tunnel and three major bypass roads on Penang Island. The consortium was established as a joint venture between Beijing Urban Construction Group and local company Zenith Construction Sdn Bhd. Under the original arrangement, the Penang government granted the consortium development rights over approximately 45 hectares of land at Gurney Bay in exchange for infrastructure construction, rather than financing the project through toll collection. Federal environmental approval for the three bypass roads was obtained in 2017, followed by an agreement for the second package of works in 2019. Although a groundbreaking ceremony was held in November 2019, actual construction only commenced in February 2021. Once completed, the bypass is expected to significantly improve connectivity between Air Itam and the coastal expressway, potentially reducing travel time to approximately five minutes. The proposed land auction represents another effort by the Penang government to address the project’s funding challenges and accelerate completion of the long-awaited road connection.

Southeast Asian private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly acquired two historic buildings in downtown Kuala Lumpur — the former RHB building along Jalan Tun H S Lee and Bangunan UOB in Medan Pasar. The acquisitions are part of Creador Foundation’s ongoing efforts to restore and revitalise Kuala Lumpur’s historic city centre. According to sources, the 13-storey RHB building at 75 Jalan Tun H S Lee was acquired for approximately RM30 million, close to its previously reported reserve price. The building holds significant historical value, having originally served as the headquarters of Kwong Yik Bank, Malaya’s first local bank, established in 1913. It was officially opened in 1965 by Malaysia’s first prime minister, Tunku Abdul Rahman Putra Al-Haj. The building later became part of RHB Bank’s history following the acquisition of Kwong Yik Bank by Rashid Hussain Bhd in 1996 and its subsequent merger with DCB Bank in 1997. RHB has announced that its branch at the location will close in January 2027. Meanwhile, Creador Foundation is understood to have purchased Bangunan UOB at 10–12 Medan Pasar, together with two neighbouring shophouses, for slightly less than RM40 million. Both properties are located within Kuala Lumpur’s historic commercial district, where Creador Foundation and its founders’ Alaka Holdings Trust have been actively involved in restoration projects. Sources indicate that Creador has acquired approximately 17 of the 27 buildings in the Medan Pasar area, while the remaining 10 are believed to be leased. The foundation’s revitalisation efforts have also received government support. On 13 August, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh announced a collaboration between Kuala Lumpur City Hall (DBKL) and Creador Foundation to improve public spaces and rainwater management in Medan Pasar. Since 2024, Creador Foundation has been working to restore heritage buildings around Medan Pasar and Central Market, transforming previously vacant properties into new commercial, cultural and community spaces. Among its completed projects is the restoration of a row of historic shophouses in Medan Pasar, including the Sin Seng Nam corner building, which now houses KLCG Confectionery & Bakery. One of the foundation’s major upcoming developments is the Muara Arts Gallery, a 20,000 sq ft public gallery dedicated to modern and contemporary Malaysian and Southeast Asian art. Located across six restored Art Deco shophouses dating back to the 1930s, the gallery is scheduled to open in November 2026. The nearby Muara Arts Theatre is also under construction and is expected to be completed by 2029. Established in 2018, Creador Foundation was founded by Creador founder and CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah, who founded SK Chambers. Creador, established in 2011, is a Southeast Asian private equity firm known for its investments in companies such as MR DIY, Hock Kee Kopitiam and BIG Pharmacy. According to its website, the firm manages approximately US$3.1 billion (RM12.52 billion) in assets. The latest acquisitions further strengthen Creador Foundation’s role in preserving Kuala Lumpur’s architectural heritage while bringing new business, arts and cultural activities into the historic city centre.

The Penang state government will auction a six-acre parcel of land on Gurney Drive in George Town to raise more than RM300 million to help complete the long-delayed bypass road project linking Air Itam with the Tun Dr Lim Chong Eu Expressway. The land, known as Plot 7A in Tanjung Pinang Town in the northeast district, is located on Jalan Peter Paul Dason, which connects Gurney Drive with Andaman Island. According to the state government gazette, the site will be offered at public auction at 11am on Oct 7 at Komtar. The reserve price has been set at RM1,200 psf, while vacant land in the surrounding area is currently fetching more than RM1,000 psf on the open market. Sources tell The Edge that the sale could generate more than RM300 million, with the proceeds intended to help the project’s concessionaire, Consortium Zenith Construction Sdn Bhd (CZC), complete the bypass. The RM851 million bypass project, also known as Package Two of Penang’s undersea tunnel and paired roads project, stretches approximately 6km. It is intended to connect Lebuhraya Thean Teik in Farlim with the Tun Dr Lim Chong Eu Expressway through a combination of elevated viaducts, tunnels and ground-level roads. Construction began in February 2021 after years of planning and approvals, and was initially expected to be completed in 2025. The project is being undertaken by CZC under Penang Infrastructure Corp (PIC). For years, the promised five-minute commute between Air Itam and the coastal expressway remained just that — a promise. The bypass project has moved at a crawl, and Penangites are starting to suspect that the delays are not purely technical. In May, Penang Chief Minister Chow Kon Yeow denied that the project has been dragging since 2012. He said the contract was awarded only in 2020, before physical works started in 2021. Asked whether the concessionaire had run into financial difficulties due to the Covid-19 pandemic, he said the pandemic was long over. “Covid-19 has already passed. We cannot continue using the same excuse,” he said. Chow confirmed that the concessionaire had faced financial issues that slowed progress on the project. He stressed, however, that work was still ongoing and the completion deadline remained April next year. The project received its first extension of time (EOT) in 2023, after land acquisition processes affected key stretches of the alignment, extending the deadline to Oct 31 this year. A second EOT was approved in the middle of last year, pushing the completion date to April 12 next year. Penang state executive councillor and Paya Terubong assemblyman Wong Hon Wai said in a recent Facebook post that the project had reached 91% completion and remains on track to be completed next year. He said the contractor had assured him the project would be finished according to schedule on April 12, 2027. He noted, however, that progress at the other end remained far from satisfactory, adding that intervention from the state government was needed at this juncture. In 2013, CZC was selected through an open tender to construct an undersea tunnel and three main bypass roads on the island. The consortium, formed a year earlier, is a joint venture between Beijing Urban Construction Group — known for its work on venues for the 2008 Beijing Olympics — and local firm Zenith Construction Sdn Bhd. Instead of funding the project through tolls, the state government granted CZC exclusive development rights over roughly 45ha at Gurney Bay, in a deal that effectively swapped infrastructure for property development. Federal environmental approval for the three bypass roads came in 2017. Two years later, the Penang government signed an agreement for the second package of works, followed by a groundbreaking ceremony in November that year. Actual construction did not begin until 2021, with completion now targeted for 2026.

Private equity firm Creador, through its philanthropic arm Creador Foundation, has reportedly picked up two more buildings in downtown Kuala Lumpur — the historic RHB building on Jalan Tun H S Lee and Bangunan UOB on Medan Pasar — according to sources familiar with the deals. The RHB building, a 13-storey office block at 75 Jalan Tun H S Lee, had been listed earlier this year with a reserve price of RM30 million. Sources say it sold close to that figure. The building carries real history — it was once the headquarters of Kwong Yik Bank, Malaya’s first local bank, founded in 1913, and was officially opened in 1965 by then-prime minister Tunku Abdul Rahman. It later became linked to RHB Bank through a series of mergers in the 1990s. RHB has confirmed its branch there will close in January 2027. Fewer details are available on the Bangunan UOB deal, but sources say Creador Foundation bought the building along with two neighbouring shoplots for just under RM40 million. The property sits in the same historic banking district, just north of Dataran Merdeka. The area is clearly in transition — construction and restoration work is visibly underway. According to one source, Creador has now acquired 17 of the 27 buildings in the Medan Pasar area, with another 10 under lease. In August, the government announced a partnership between Kuala Lumpur City Hall and Creador Foundation to revamp the area’s public spaces and improve drainage. These latest purchases continue a heritage-restoration effort Creador Foundation has run since 2024, focused on Medan Pasar and the nearby Central Market district. Past projects include restoring a row of shophouses now home to KLCG Confectionery & Bakery. Its biggest undertaking so far is Muara Arts Gallery, a roughly 20,000 sq ft public art space set across six 1930s Art Deco shophouses, due to open in November. A companion performing arts theatre is under construction and expected to finish by 2029. Creador Foundation was founded in 2018 by Creador’s CEO Brahmal Vasudevan and his wife, lawyer Shanthi Kandiah. Creador itself, set up in 2011, is a well-known private equity investor in Southeast Asia — backing brands like MR DIY, Hock Kee Kopitiam and BIG Pharmacy — and manages about US$3.1 billion in assets.

LBS Bina Group Bhd has secured MYDIN as the anchor supermarket for its flagship KITA @ Cybersouth township in Dengkil, Selangor, strengthening the range of retail and everyday amenities available within the growing development. MYDIN will become the first supermarket to operate within KITA @ Cybersouth, occupying approximately 1.37 acres of land with a built-up area of about 24,000 sq ft. The supermarket will serve residents of the 633-acre Malay Reserve Land township as the community continues to expand. The addition of MYDIN forms part of LBS Bina’s efforts to develop KITA @ Cybersouth into a more self-sufficient township by providing residents with convenient access to groceries, household necessities and other daily essentials closer to home. From left: LBS group managing director and CEO Datuk Lim Hock Guan, LBS group executive chairman Tan Sri Lim Hock San, MYDIN managing director Datuk Ameer Ali Mydin and MYDIN executive director Ahimmat Mydin Mohamed (Pix by LBS Bina Group). The supermarket will also complement the ongoing development of KITA Avenue Square, the township’s commercial component. Shoplots within the development are currently under construction, with prices starting from RM1.39 million. LBS Group Managing Director and Chief Executive Officer Datuk Lim Hock Guan said the introduction of MYDIN reflects the developer’s focus on ensuring that amenities within the township grow alongside the needs of its residents. “As KITA @ Cybersouth continues to grow, it is important that the amenities and services within the township evolve in line with our residents’ needs. The introduction of MYDIN as the township’s first supermarket is another step towards creating a more complete community, where everyday essentials are within easy reach,” he said. KITA @ Cybersouth currently has an estimated population catchment of about 67,000 people, with younger homebuyers forming a significant proportion of the township’s demographic. Buyers aged 40 and below account for approximately 63% of the total, highlighting the development’s appeal among younger households and families. The township is planned to comprise approximately 16,000 units upon completion. Nearly 40% of the units have already been completed, while another 5% are currently under construction. The remaining 55% are at various stages of planning, providing further room for residential and commercial growth. MYDIN Managing Director Datuk Ameer Ali Mydin said the decision to establish a supermarket at KITA @ Cybersouth reflects the retailer’s confidence in the long-term growth potential of Cybersouth. He said the collaboration with LBS is significant given the property developer’s experience in developing established communities as well as emerging growth areas. “Our decision to open MYDIN as the first supermarket in KITA @ Cybersouth also reflects our confidence in the strong potential of Cybersouth, which is developing rapidly and attracting a growing number of residents, particularly young families,” he said. The partnership is expected to further strengthen KITA @ Cybersouth’s retail offering as the township’s population grows, while providing residents with greater convenience and supporting the development of a more integrated residential and commercial community.