Penang Chief Minister Chow Kon Yeow today said the industrial park in Batu Kawan had very few plots left due to the high take-up rate and would require land expansion southwards.
“We will be starting earthworks in Byram to get at least another few hundred acres ready in the next two years to meet the increasing demand for industrial land,” he told a press conference here today.
He said despite the soft market, demand for industrial land had been “exceptionally good” due to the US-China trade war.
“Because of the trade war, Southeast Asia as a whole has benefited from it, including Penang,” he said.
Chow, who is also the Penang Development Corporation (PDC) chairman, said the corporation’s strategy was to use township development to support industrial development.
“As evident in Bayan Lepas and Bayan Baru growing together and the (growth rate of the) township was speeding up from the industrial development. In Batu Kawan, the strategy is also similar, with industrial development being the driver for the township,” he added.
Earlier, Chow attended the grand opening of the first phase of IKEA’s shopping centre, with 80,000 sq ft of leasing space introducing more than 15 brand and concept outlets.
This marked the fifth shopping centre in the portfolio owned by IKEA Southeast Asia.