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Sunway unit-Penang Development Corp to jointly develop industrial park

KUALA LUMPUR, Sept 27 — Sunway Bhd’s 70 per cent-owned subsidiary Umech Land Sdn Bhd has collaborated with Penang Development Corporation (PDC) to jointly develop a 226-hectare prime industrial park with a gross development value of at least RM3.5 billion in Batu Kawan, Penang.

In a filing with Bursa Malaysia today, Sunway said land owner PDC and developer Umech Land will undertake the proposed development with Umech Land providing technical, commercial, financial, management and marketing expertise.

PDC will receive RM646.02 million as a land entitlement for the proposed development, subject to any adjustment in terms of land size.

“The entitlement will be funded via Umech Land’s internally generated funds and banking facilities,” Sunway said.

Barring any unforeseen circumstances and subject to the relevant authorities’ approval and fulfilment of conditions precedent, the proposed development is expected to be completed by 2031.

Meanwhile, in a separate statement, Sunway Property managing director Sarena Cheah announced the proposed development of a second industrial parcel this year that would boost its industrial development portfolio.

“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 added. — Bernama