Magni-Tech snaps up RM133 million Tanjong Bungah beachfront land for property pivot
Source: Penang Today
Magni-Tech Industries Bhd, best known for its garment manufacturing and packaging products, is making a bold pivot into property development with the acquisition of a prime 4.7-acre beachfront parcel in Tanjong Bungah, Penang, for RM133.33 million cash.
The 4.7-acre freehold site, priced at approximately RM649 per sq ft, sits adjacent to Dalat International School and was previously used as a car park.
According to a Bursa Malaysia filing, the purchase will be funded entirely through internally generated funds. Magni-Tech’s wholly-owned subsidiary, Magni Land Sdn Bhd, has signed a sale and purchase agreement with Neoh Choo Ee & Company Sdn Bhd, an investment holding company controlled by the Neoh family.
The land transaction marks a dramatic appreciation in value. Originally acquired by the vendor in 1973, the site carried an audited net book value of just RM1.01 million as at December 31, 2025 — a testament to how sharply Penang’s prime coastal property values have risen over the decades.
Magni-Tech described the location as highly attractive, surrounded by established hotels, resorts and international schools, factors the company believes enhance both its appeal and development potential.
At the helm of Magni-Tech is 79-year-old Penang tycoon Tan Sri Tan Kok Ping, who serves as executive chairman and substantial shareholder, holding a direct 5.25% stake and an indirect 13.95% interest in the company.
The acquisition is expected to be completed in the second half of 2026, signalling a significant new chapter for the manufacturer-turned-developer.
Source: Penang Property Talk
