KUALA LUMPUR: Sunway Bhd, in collaboration with Umech Land Sdn Bhd, has signed a joint development agreement with Penang Development Corp (PDC) to develop a 559-acre industrial park in Batu Kawan.
The project is expected to have a gross development value (GDV) of at least RM3.5bil.
Sunway said in a statement that as part of the partnership, it and Umech are providing PDC with a land entitlement valued at RM646mil.
Sunway believed the land is an ideal site for the proposed industrial park, complementing the growing industrial areas in Batu Kawan, including Batu Kawan Industrial Park 1 (BKIP1) and Valdor Industrial Park.
“The vision for the industrial park is to create a dynamic, innovation-driven ecosystem that serves as a global hub for cutting-edge industrial technology, research, development and collaboration building upon the success of BKIP1,” it said.
Sunway Property managing director Sarena Cheah said the proposed development marks the second addition to its industrial development portfolio this year.
“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 Penang by attracting investments and fostering technological advancements in the region,” she said in the statement.
Cheah believed the proposed development aligns with Sunway Property’s commitment to advancing innovation, technology, and sustainable development in the industrial sector, while also meeting the evolving needs of businesses in the digital era.
In August, Sunway Property acquired a 245-acre freehold industrial parcel in Kuang, Rawang, with plans to develop an industrial tech park that will comprise factories, industrial lots, and commercial components, and is expected to have a GDV of at least RM2bil.
Sunway aims to set pioneering industry standards with the new industrial park, leveraging its property arm’s expertise in sustainable development and technology utilisation, while meeting the demands of the industrial sector.
“With a total land bank 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,” the company said.