<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 22): The ban on short-term rental in Penang has resulted in an increase in property values and rental yields, according to Eastern &amp; Oriental Bhd (E&amp;O).</p></div>

<div class=newsTextDataWrapInner><p>E&amp;O executive chairman Datuk Tee Eng Ho said the group's property development in Penang was never intended to be marketed as an investment play.</p></div>

<div class=newsTextDataWrapInner><p>"Whichever condominium without Airbnb, their property price goes up, rental even much better," he told reporters and analysts at E&amp;O's 2QFY2024 results briefing on Wednesday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"Our [development in] Andaman Island, we never targeted it for people to do Airbnb," Tee added.</p></div>

<div class=newsTextDataWrapInner><p>Tee was referring to the Andaman Island development, an artificial island off the Northeast coast of Penang that is set to be launched in the first quarter of 2024.</p></div>

<div class=newsTextDataWrapInner><p>Effective May 25 this year, the state government of Penang imposed a ban on almost all types of short-stay accommodation, making it the first state in Malaysia to impose such a ban.</p></div>

<div class=newsTextDataWrapInner><p>Excluded from the ban are six types of commercial properties: serviced apartments, small office home offices (SoHo), small office flexible offices (SoFo), small office virtual offices (SoVo), office suites and duplex offices.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/690916" target="_blank">E&amp;O’s 2Q net profit surges to RM30m on higher revenue, absence of forex loss</a></em></p></div>


The ban on short-term rental in Penang has resulted in an increase in property values and rental yields, according to Eastern & Oriental Bhd (E&O).

E&O executive chairman Datuk Tee Eng Ho said the group's property development in Penang was never intended to be marketed as an investment play.

Short-term rental ban in Penang has led to increase in property value, rental yield, says E&O

KUALA LUMPUR (May 10): Datin Seri Rosmah Mansor faces another legal action, this time revolving around from 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd and subsidiaries over luxury goods that were obtained through misappropriated funds.

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Preparations for Saturday's polling day for the Kuala Kubu Baharu (KKB) by-election are running smoothly, said Election Commission (EC) secretary Datuk Ikmalrudin Ishak.

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SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.

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Malaysia’s unemployment rate remained steady in March as the number of people without jobs fell while the workforce expanded, official data on Friday showed.

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The proposal by American marine robotics company Ocean Infinity to resume the search for Malaysia Airlines flight MH370, which vanished en route to Beijing 10 years ago, will be presented to the Cabinet in August.

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Malaysia’s industrial output rose at a faster-than-expected pace in March from a year earlier with the manufacturing sector leading broad gains, the Department of Statistics Malaysia (DOSM) said on Friday.

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Tan Sri Abdul Ghani Salleh, the chairman of the Election Commission (EC), retired from his position on May 9 after four years.

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<p>TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.</p>


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<p>The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.</p>


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<p>Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.</p>


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<p>Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.</p>


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<p>Apple Inc issued a rare apology for an advertisement touting its latest iPad Pro that upset many creatives and other customers. The company also said it won’t air the ad on television as planned.</p>


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<p>Malaysia’s industrial output rose at a faster-than-expected pace in March from a year earlier with the manufacturing sector leading broad gains, the Department of Statistics Malaysia (DOSM) said on Friday.</p>


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<p>US President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.</p>


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<p>Aggressive tariff rises under a possible second Donald Trump presidency would likely result in a reduction in US and global output in comparison to an illustrative baseline scenario with no further increases, according to Fitch Ratings.</p>


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<p>SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.</p>


<p>A Hong Kong court has ruled in favour of creditors in cases involving a controversial credit protection mechanism popular among China’s borrowers.</p>


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<p>Entities are expected to submit a declaration of compliance to the Securities Commission on the Guidelines on Technology Risk Management (GTRM) by the first quarter of 2025, as part of the regulator's commitment to promote cyber hygiene practices.</p>


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