Sunway JV into Umech Land to develop 559 acres of prime industrial land in Batu Kawan

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.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Sunway , Sunway Property , Batu Kawan , Umech Land


Next In Business News

HLIB disposes of HLI Trading Ltd for RM36mil
Ringgit eases against US dollar on better us non-farm payroll data
Jentayu’s Telekosang Hydro 2 power plant in Sabah achieves initial operating date
Moody's affirms Axiata's Baa2 ratings, outlook remains stable
MAHB appoints former S P Setia president and COO as director
DRB-Hicom, Geely Holding sign joint venture agreement
Straits Energy signs MoU for reforestation project
MAG adds 248 flights by March 2024 to meet festive season travel demand
Censof gets RM9.47mil JPJ contract
Last-minute buying interest pushes FBM KLCI up

Others Also Read