KUALA LUMPUR: Sunway Bhd has signed a joint development agreement with Penang Development Corporation (PDC) to collaboratively develop a 559-acre parcel of prime industrial land at Batu Kawan, Penang in exchange for a land entitlement of RM646mil to PDC.
Sunway said its wholly-owned subsidiary, Sunway Bukit Gambier Sdn Bhd, through its joint venture with Umech Land Sdn Bhd signed the agreement with PDC.
The land is strategically situated around 4km from the Penang Second Bridge, offering excellent connectivity, and is just a 20-minute drive from Penang Island, as well as a 30-minute drive from the Penang Port.
The strategic location makes it an ideal site for the proposed Industrial Park, which would complement the Batu Kawan region’s burgeoning industrial areas such as the Batu Kawan Industrial Park 1 (BKIP 1) and Valdor Industrial Park.
Sunway said the proposed Industrial Park will comprise factories, industrial lots and commercial components with a gross development value (GDV) of at least RM3.5bil.
"This investment signifies Sunway Property's commitment to not only create a sustainable industrial park but also to contribute to the economic growth and prosperity of the state of Penang by attracting investments and fostering technological advancements in the region,” Sunway Property managing director Sarena Cheah said in a statement.
“The strategic development aligns seamlessly with Sunway Property's dedication to advancing innovation, technology, and sustainable development within the industrial sector, while accommodating the ever-changing requirements of businesses in the digital era,” she added.
With a total landbank of 3,312 acres and a potential gross development value of RM53.9bil over a period of more than 15 years, Sunway Property is poised for resilient growth.