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.
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.
“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.
