Penang: The Penang Development Corporation (PDC) has partnered with SP Setia Bhd to develop an industrial park in Bandar Setia Fontaines, Bertam, with a gross development value (GDV) ranging from RM1.2 billion to RM1.6 billion.
According to BERNAMA News Agency, SP Setia chief operating officer Datuk Zaini Yusoff announced that the development of the light and medium industrial park, covering approximately 130 hectares, is slated to commence this year. The collaboration is intended to benefit Penang residents by providing job opportunities for locals.
“We will prioritize the industrial concept-designating the area as a ‘gated, guided industrial area’-and will focus on implementing an environmental, social, and governance (ESG) strategic plan, setting a precedent for industrial areas in Penang,” Zaini stated at the Memorandum of Collaboration Signing Ceremony between PDC and SP Setia.
During the signing event, PDC CEO Datuk Aziz Bakar represented the corporation, while SP Setia was represented by its president and CEO Datuk Choong Kai Wai and Zaini. The ceremony was witnessed by Chief Minister Chow Kon Yeow.
Zaini highlighted that the industrial park will be situated within Bandar Setia Fontaines, a development encompassing approximately 684 hectares and including housing, commercial buildings, retail spaces, parks, green landscapes, educational institutions, and various infrastructure.
“The development in Bandar Setia Fontaines comprises multiple components. With PDC, our collaboration focuses solely on the industrial park, which will not be delayed, given its substantial GDV,” he remarked.
Chief Minister Chow, also the PDC chairman, emphasized that the development aims to balance Bertam’s rapid industrial growth with sustainable property development. He highlighted the necessity of sustainable development to achieve economic, environmental, and social balance amidst Penang’s economic activity.
“The state government welcomes the SP Setia and PDC collaboration to develop a high-value industrial park adhering to ESG principles, designed to attract high-value investments,” Chow stated. “The industrial site will offer factory sites of varying sizes, from one to two acres to five to ten acres, catering to diverse industries to enhance and strengthen the supply chain.”
Chow noted the importance of supply chain support for multinational companies and expressed confidence that the industrial sites would provide opportunities for small and medium enterprises to establish factories. “I congratulate all parties involved in realizing this collaboration and hope these efforts will catalyze more initiatives benefiting the state in the long term,” he concluded.