PDC, SP Setia Team Up To Develop Industrial Park With RM1.2 Bln GDV
GEORGE TOWN, March 3 (Bernama) -- The Penang Development Corporation (PDC) has partnered with SP Setia Bhd to develop an industrial park in Bandar Setia Fontaines, Bertam near here with a gross development value (GDV) of RM1.2 billion to RM1.6 billion.
SP Setia chief operating officer Datuk Zaini Yusoff said the development of the light and medium industrial park covering an area of approximately 130 hectares is expected to be implemented this year.
He said this collaboration aims to benefit the people of Penang and provide job opportunities for local residents.
“So, we will prioritise the industrial concept itself -- the area as a ‘gated, guided industrial area’, and we will emphasise the implementation of the environmental, social and governance (ESG) strategic plan, so that it becomes the best industrial area in Penang,” he told reporters after the Memorandum of Collaboration Signing Ceremony between PDC and SP Setia near here today.
During the signing event, PDC was represented by its chief executive officer Datuk Aziz Bakar, while SP Setia was represented by its president and chief executive officer Datuk Choong Kai Wai and Zaini. The signing was witnessed by Chief Minister Chow Kon Yeow.
Zaini said the industrial park is built within Bandar Setia Fontaines, which covers an area of around 684 hectares and includes mixed development, namely housing, commercial buildings, retail, parks, green landscapes, educational institutions, recreational and social infrastructure.
“The development in Bandar Setia Fontaines has various components, so with PDC, we are collaborating only for the industrial park and we are not waiting long to develop it as it involves a GDV of RM1.2 billion to RM1.6 billion,” he said.
Meanwhile, Chow, also the PDC chairman, said the development of Setia Fontaines Industrial Park aims to balance the rapid industrial development in Bertam with greener and more sustainable property development.
He said that given the rapid pace of economic activity in the state, sustainable development is a necessity to achieve a balance between economic growth, environmental preservation and social well-being.
“The state government welcomes the collaboration between SP Setia and PDC to develop a high-value industrial park that adheres to ESG principles as a modern industrial site with good management that can attract high-value investments.
“I believe the industrial site will provide factory sites of various sizes, ranging from one to two acres to five to 10 acres to meet the demands of various industries which can enhance and strengthen the ecosystem and supply chain,” he said.
Chow said multinational companies need supply chain support from small and medium enterprises, and the industrial sites there would provide many opportunities for SME factories to be established.
"I also congratulate all parties who have worked hard to realise the collaboration and hope that these efforts will be a catalyst for more initiatives that will provide long-term benefits to all, especially this state," he said.
-- BERNAMA