This article first appeared in City & Country, The Edge Malaysia Weekly on March 27, 2023 - April 2, 2023

Ideal Property Group is set to develop its latest industrial offering — the RM4.2 billion Penang Technology Park @ Bertam — the first large-scale, modern industrial park in the North Seberang Perai District (SPU).

In an email interview, executive chairman Tan Sri Alex Ooi Kee Liang says the 880-acre freehold industrial park is located along Jalan Tun Hamdan Sheikh Tahir in Bertam, Kepala Batas. Its net saleable/leasable area is 700 acres, with 150 acres available for lease, 30 acres set aside for build-and-lease light industry factories and 520 acres of industrial land for sale. Prices range from RM65 to RM90 psf.

With a focus on the high-technology industry, Penang Technology Park @ Bertam is slated to bring together companies, research institutions and start-ups in the field of applied technology by providing a platform for collaboration, innovation and commercialisation. The development is in line with the objectives of Penang 2030 to promote a dynamic and diversified economy and foster innovation and entrepreneurship.

“The high-technology industry has become increasingly popular in recent years. With the rise of the internet, cloud computing, mobile devices, artificial intelligence and other cutting-edge technologies, the demand for high-tech products and services has grown exponentially. This has led to the emergence of new tech companies, as well as the expansion of established players in the industry,” says Ooi.

“Moreover, the Covid-19 pandemic has accelerated the adoption of digital technologies across various industries, leading to a greater need for high-tech solutions to support remote work, e-commerce, telemedicine and other areas. As a result, high technology has become more critical than ever, and the industry is expected to continue growing in popularity in the years ahead,” he adds.

For Penang Technology Park @ Bertam, Ideal Property Group is targeting local enterprises and foreign investors. So far, more than 100 potential investors from the US, Europe, Japan and China have registered their interest, says Ooi.

The developer broke ground on March 17, and construction will be divided into three phases. The development will feature a one-stop centre, 24-hour surveillance with a CCTV monitoring system, green recreation spaces, a bus parking station and F&B outlets.

“It will be a well-managed industrial park with the one-stop centre providing support services to tenants and investors. The industrial park will also offer high-speed internet, water and power supply, gas supply and a good transport system with convenient accessibility,” says Ooi.

Investors will enjoy an expedited process of approval from the state government and agencies, including for construction permits, he says, adding that Penang Technology Park @ Bertam “offers a cost-saving solution for businesses to operate efficiently and profitably” as it will be backed by a good transport system that provides convenient access to highways, the airport and seaport.

In terms of environmental, social and governance (ESG) standards, Ooi says they are important to the industrial park’s operations. Ideal Property Group’s commitment to sustainability can be seen in its plans to build a detention pond to manage rainwater flow, install solar panels for clean energy generation as well as utilise solar power for facilities, buildings, lighting and open spaces. It also plans to recycle industrial water and waste.

“We emphasise sustainable development, which takes into account the environmental impact of an [industrial] park. By adopting sustainable practices, such as using solar power, renewable energy sources and reducing waste, we can reduce the environmental footprint and enhance our technology park’s long-term viability,” he continues.

Penang Technology Park @ Bertam is situated 5km from the North-South Expressway, 23km from Butterworth Port and 42km from Penang International Airport.

Other amenities close by include educational institutions (Universiti Teknologi Mara — Penang branch, USM’s Institut Perubatan & Pergigian Termaju and Institut Latihan Perindustrian Kepala Batas), the Kepala Batas Fire and Rescue Station and Majlis Bandaraya Seberang Perai.

Ooi is confident of achieving a positive market response for Penang Technology Park @ Bertam as demand for industrial parks remains strong in Malaysia, particularly in areas with good connectivity that have access to skilled labour and government support.

“The federal government has been actively promoting industrial developments and investments through a range of initiatives. It also established the Malaysian Investment Development Authority (Mida) to facilitate investments and promote industrial developments in the country,” he says.

For example, Ooi notes that foreign investors in Malaysia get to enjoy income tax exemptions, investment tax allowance, and import duty and stamp duty exemptions. There are also wage subsidy programmes available to investors, he adds.

According to Ooi, there is high demand for industrial developments in many parts of the world, and industries related to technology and renewable energy in particular are experiencing significant demand and growth.

“Amid the ever-evolving global supply chain landscape, Southeast Asia has become a sought-after destination for foreign investors looking to relocate their operations and enhance their supply chain resilience,” he says, adding that Penang offers a host of attractive incentives and has emerged as a prime destination for those seeking to set up factories.

These incentives include a favourable investment environment, access to a skilled workforce, modern infrastructure, proximity to markets, government support, availability of key supply chain providers as well as ready facilities and amenities.

“With quality infrastructure, [a strategic location and a] myriad of advantages … our team is confident that Penang Technology Park @ Bertam will be a game-changer in the industrial development space, offering unparalleled opportunities for investors looking to capitalise on the region’s growing industrial sector,” says Ooi.

With Penang Technology Park @ Bertam, Ideal Property Group aims to encourage innovation, collaboration, entrepreneurship and economic growth in the fields of medical and research, education and incubation, space and cyber technology, innovation and smart initiatives, as well as financial and commercial, by offering an attractive environment for talents.

Ooi believes that by providing an ecosystem that nurtures creativity, innovation and collaboration, the industrial park will serve as a catalyst for the development of a robust technology-based industry in the region, positioning itself as a leader in the global economy. The developer is also exploring opportunities for more industrial parks.

As for residential and commercial developments, Ideal Property Group targets to launch 3,000 units annually. Its launches this year include affordable housing development Maldives Residences in Ideal City, Bayan Lepas, and high-end seafront condominium project Queens Residences Q3 at Queens Waterfront, Queensbay. Both are in Penang.

Maldives Residences is a freehold development offering 930 sq ft units, with three bedrooms and two bathrooms.

Queens Residences Q3 is the third phase of the Queens Waterfront project. It will offer units ranging from 950 to 1,400 sq ft, boast al fresco dining outlets on the ground and first floors, as well as feature indoor and outdoor recreational facilities.

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