Ideal Capital in RM700mil funding for PTP project

From left: OCBC Bank managing director and head of commercial banking Kevin Choo Cham Woon, OCBC Bank managing director and head of corporate and commercial banking Jeffrey Teoh, Ideal Property Group executive chairman Tan Sri Alex Ooi Kee Liang, Ideal Property chief operating officers Datuk Goh Teng Whoo and Connie Ang.

PETALING JAYA: Ideal Capital Bhd, better known as Ideal Property Group, has secured a RM700mil financing facility from OCBC Bank (M) Bhd for its landmark Penang Technology Park (PTP)@Bertam project in Penang.

The financing will partially finance the acquisition of land, construction and infrastructure costs for the project, while OCBC Bank also announced it will be offering an end-financing package to qualified end-purchasers of the industrial park.

OCBC Bank managing director and head of corporate and commercial banking Jeffrey Teoh said this will reinforce the development’s competitive edge and increase its allure for a variety of sectors looking to establish a presence in the area.

PTP@Bertam is designed to nurture high-technology companies that focus on environmental, social and governance initiatives.

The project aims to promote harmonious co-existence between human resources and technology while prioritising the well-being of multiple stakeholders in the community and create thousands of new job opportunities and boosting the region’s economy.

“This is very much in line with our overarching purpose to help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs,” Teoh said in a statement.

Ideal Property Group executive chairman Tan Sri Alex Ooi Kee Liang said the funding will help the group accelerate progress, as the industrial park was a key component of its vision to drive economic growth and development in the region.

“With this financing in place, we are confident that we can deliver an exceptional industrial property development that will benefit the local community and the generations to come,” Ooi said.

The RM4.2bil industrial property development in Bertam has recently begun construction and covers 880 acres of freehold land in the North Seberang Perai district.

The industrial park is expected to play a critical role in incubating local technology businesses, which will greatly contribute to the expansion of the region’s technology sector, stimulate innovation and advance sustainable development.

This is OCBC Bank’s latest financing agreement after the lender announced it is set to become the first financial institution in the country to formulate specific plans to help businesses decarbonise their greenhouse gas emissions.

The inked agreement will incorporate the Malaysian Green Technology and Climate Change Corp’s low carbon operating system or LCOS into the bank’s transition financing plan for corporate and small and medium enterprise customers.

Ideal Property Group is a property developer based in Penang and has completed over 15,000 residential and commercial development units with 20,000 more in the pipeline.