Island LandCap secures RM10mil boost for mainland Penang project

KUALA LUMPUR: Island LandCap Properties Group has secured RM10 million in funding from Crewstone International Sdn Bhd for its RM320.9 million Tasek Gelugor Xchange (TGX) project in Seberang Perai Utara.

The investment into the mixed-use development signals growing confidence in Penang's mainland property market and the evolving northern corridor.

TGX features 644 units, comprising 308 commercial units in Phase 1 and 336 residential units in Phase 2. Commercial spaces range from 1,182 to 9,272 sq ft, while residential units span 750 to 1,000 sq ft. Selected units are priced up to RM800 per sq ft, reflecting strengthening pricing power in the state's secondary growth areas.

-Advertisement-
The Penang House Price Index rose to 211 in the third quarter of 2024, up from 207 a year earlier and 197 in 2019, according to market data.

In Seberang Perai Utara, residential transaction volumes have surged 67.6 per cent. Comparable developments in the submarket have achieved take-up rates between 90 per cent and 99 per cent.

TGX is located within a catchment area of over 100,000 people in Tasek Gelugor. The project aims to address the limited supply of modern commercial developments in an area currently dominated by older retail formats.


The state's industrial pipeline further supports this demand, with Penang recording RM22.4 billion in approved manufacturing investments across 232 projects in 2025, creating an estimated 24,633 jobs.

Crewstone chief executive officer Keng Fai said the investment aligns with the firm's strategy of backing developments that deliver financial returns and socioeconomic impact.

"We see Island LandCap's development as one that can support community building, strengthen local activity, and contribute to more sustainable livelihoods over time," he said.

Island LandCap founder and executive chairman Datuk Oon Weng Boon added that the partnership reflects a shared long-term conviction in Penang's growth trajectory.

"CrewStone's support is meaningful because they understand the business beyond the numbers and share our long-term vision for Penang's growth. We believe this partnership positions us well for the next phase of growth," he said.