Penang Technology Park will be the state’s next exciting ‘satellite city’, says Ideal Property Group head
20 Mar 2023
The new Penang Technology [email protected], which will be completed in two years, will be the next exciting satellite city for Penang, according to Ideal Property Group executive chairman Tan Sri Datuk Alex Ooi.
Ooi further said that the technology park, with a gross development value of RM4.2 billion, represented a new milestone for the Group.
Penang Technology Park is situated on 356 hectares of freehold property in the municipality of Bertam. It will be the first cutting-edge technology park built in the North Seberang Perai district.
Ooi said that the group began this project to create a vibrant hub for talent, creativity, and technology.
“This technology park is not only attracting foreign investments but also from the local technology companies as well,” he said.
According to Ooi, it is intended to offer new areas for investors in the research and technology sector, as well as to allow potential synergies and innovation (through) new and emerging technologies.
“The technology park which is designed to attract high technology industries as a catalyst to diversify the economy in the region will be constructed in three phases,” he said after the recent groundbreaking ceremony officiated by Penang Chief Minister Chow Kon Yeow.
Ooi said that the park’s vital role in incubating local technology enterprises would greatly contribute to the region’s technology industry’s growth and development, supporting innovation and promoting sustainable development.
He said that Ideal Property Group will work with the Malaysian Investment Development Authority and the Northern Corridor Implementation Authority to jointly market the park both locally and internationally, as well as to attract and facilitate investments and provide incentives and subsidies.
Meanwhile, Chow said the project was a timely boost for the state as it will spur the development of other related projects, especially in the north Seberang Perai district.
He said the technology park will uphold the state’s competitive edge, optimising the state’s resources to harness its full potential for strategic investors.
“The park is also designed with sustainability in mind, incorporating features such as green spaces, energy efficient facilities, recycling and waste management systems. This shows that Ideal Property Group is not only focusing on economic success, but also on the environment and social well-being,” he said in his speech.