New factories going for a song

In a further move to help small and medium-scale enterprises (SMEs), Penang is offering 20 units of factories in Batu Kawan at discounted rates.

Chief Minister Chow Kon Yeow said the ‘SME Village Batu Kawan Phase 4A’, which was completed on Jan 24, would be sold at promotional rates of 15% less to enable entrepreneurs to purchase them for their operations.

“The Penang Development Corporation (PDC) who is the developer of the project is offering the factories at RM3,183,496.50 from the original price of RM3,745,290 (savings of RM561,795.50), ” said Chow at a press conference at Komtar yesterday.

Chow said the hire purchase agreement was specially introduced for the SMEs where they could rent the semi-D factory units for three years with a monthly rental of RM10,500 which is RM1.50 per sq ft.

“They will be given a choice to buy the factory premises which was agreed in the sales and purchase agreement.

“Other than that, a portion of the rental paid which amounts to RM140,000 could be used as deposit to purchase the units.”

The rental, which will be used are 50% of the first year rental (RM52,500), 40% of the second year rental (RM50,400) and 30% of the third year rental (RM37,800).

As such, Chow said it would be a good opportunity for SMEs to make full use of the promotion rates to rent or buy the units.

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