THE new Penang state government wants to develop the state into an outsourcing and training centre for new industries. Penang’s new Chief Minister Lim Guan Eng unveils new strategies to drive the state forward. More at Star Business report on Penang as outsourcing and training hub. Penang’s industrialisation, which started in early 1970’s, has transformed the manufacturing sector currently contributes 40% to state GDP.
Industrial Parks in Penang
According to the state government development agency, PDC’s website, the agency has developed six industrial parks with a combined size of 2,384 hectares (5,890 acres) and with about 686 existing factories of which only one industrial park is located on the Penang Island whilst the remaining five are located in mainland Penang of Seberang Perai. Click here to view the location map of Penang Industrial Parks. The six industrial parks are Bayan Lepas Industrial Park, Mak Mandin Industrial Park, Seberang Jaya Industrial Park, Prai Industrial Park, Bukit Tengah Industrial Park and newly developed Bukit Minyak Industrial Park.
Due to the scarcity of land on Penang Island, the state government has expanded the existing Bayan Baru Industrial park via land reclaimation along the south eastern coastal area of Penang Island. Future industrial expansions will continue to take place in mainland Penang particularly in Bukit Minyak Industrial Park and Batu Kawan township near to the proposed Second Penang Bridge.More related info at The new conurbation area in Central mainland Penang.
The state will likely to see new investments from South Korean’s Samsung which may invest RM3.5 billion at 32 ha site in Batu Kawan, near the Second Penang Bridge.
The sales price for leasehold industrial land in Bukit Minyak industrial area ranges from RM13 per square foot whilst selling price for freehold industrial land in central Seberang Perai ranges from RM20 per square foot.
For advisory on industrial lands and property investments in Penang, email to us at Izrin &Tan Properties Sdn. Bhd. or call us at +604 6588333 (Penang Office) or +603 92839782 (Kuala Lumpur Office) and we would be pleased to assist.
New Economic Agenda for Penang
The new administration has outlined its New Agenda for Penang and pledged to pursue investor friendly policies and to make Penang a dynamic economic, inter alia, to upgrade hi-tech industries, manufacturing and SMIs/SMEs on the global value chain, rejuvenate tourism and service industries such as building more green lungs, a new Penang Zoo, hotels and tourism heritage areas, Revamp and restructure Penang Development Corporation, InvestPenang, Penang Skill Development Centre and Penang Port Authority to stimulate greater foreign direct investments, comprehensive plan to promote Knowledge-based economy to secure Penang’s place in the rapidly changing globalised world and tapping into ‘Penang Diaspora’ to complement “Brain Gain” Programme.
Projects Pending Review
Several major infrastructure projects namely second Penang Bridge, PORR, monorail, airport and port expansion under the NCER initiatives will be continued as planned whilst some will be subject to close scrutiny. Two high profile projects in Penang namely PGCC and Gurney Paragon project are pending approval or review. Read more at Large projects to come under scrutiny, Snapshot of projects, Gurney project in Penang may be reviewed and Will Penang’s property market continue to boom?
A landmark industrial building in Prai Industrial Estate, mainland Penang visible along North-south Highway.