Crewstone International Sdn Bhd (Crewstone), a licensed and regulated private equity and private credit manager, today announced a RM10 million strategic funding commitment to Island LandCap Properties Group (Island LandCap) in support of Tasek Gelugor Xchange (TGX), a landmark mixed-use development in Tasek Gelugor, Penang, reinforcing Crewstone’s continued focus on asset-backed opportunities with near-term monetization visibility.
Strategically located in Tasek Gelugor, TGX is a RM320.9 million mixed-use development comprising 644 units in total, with 308 commercial units in Phase 1 and 336 residential units in Phase 2. Commercial products range from 1,182 to 9,272 sqft, residential units from 750 to 1,000 sqft, and selected pricing reaches up to approximately RM800 per square foot. The commercial proposition is further reinforced by 7 recognised anchor brands — Starbucks, 7-Eleven, Krispy Kreme, Kenny Rogers, Zus Coffee, Tealive and Anytime Fitness — together with a planned rooftop event space intended to extend footfall through weekend markets, private functions and outdoor team-building activities.
Crewstone’s support for Island LandCap reflects its confidence in a Penang developer led across two generations, combining longstanding market experience, continuity of leadership and a proven record of delivery.
With more than 2,000 units completed on schedule, a CIDB Grade 7 and ISO-certified construction platform, and recognitions including the Sin Chew Business Excellence Award and the Golden Eagle Award, Island LandCap represents the type of established operator Crewstone backs as it continues to originate and structure disciplined, asset-backed opportunities amid broader market volatility.
Across pricing, transaction activity and absorption, market fundamentals remain firm for well-positioned mixed-use developments. The Penang House Price Index rose to 211 in Q3 2024 from 207 in Q3 2023 and 197 in Q3 2019, pointing to sustained resilience in the state’s property market. In Seberang Perai Utara, residential transaction volume increased by 67.6%, while comparable developments in the broader submarket recorded take-up rates of 90%, 97% and 99%. Together, these indicators suggest that demand is not only present, but increasingly visible across multiple layers of the market.
The investment thesis is further supported by both TGX’s surrounding population base and wider corridor economics. The project sits within Tasek Gelugor’s 106,899-person constituency, while the broader Seberang Perai Utara district provides additional residential depth and spending power. That demand base is reinforced by Penang’s broader industrial momentum. The state recorded RM22.4 billion in approved manufacturing investments in 2025 across 232 projects, with an estimated 24,633 new jobs, supporting employment creation and commercial activity across the wider northern corridor. Against that backdrop, and with limited modern commercial alternatives in the immediate area beyond older retail stock, TGX is well placed to establish itself as the area’s primary contemporary commercial hub.
“This investment reflects Crewstone’s approach to responsible capital deployment, backing opportunities that are not only commercially sound, but also capable of delivering broader social and economic benefits,” said Keng Fai, Chief Executive Officer of Crewstone International. “We see Island LandCap’s development as one that can support community building, strengthen local activity, and contribute to more sustainable livelihoods over time.”
Datuk Oon Weng Boon, Founder and Executive Chairman of Island LandCap Properties Group, added: “Crewstone’s support is meaningful because they understand the business beyond the numbers and share our long-term vision for Penang’s growth. In developments like this, trust and aligned conviction matter, and we believe this partnership positions us well for the next phase of growth.”
The transaction marks another milestone in Crewstone’s continued expansion into new markets, following its previously announced expansion into Sabah.