Lee Weng Khuen / theedgemarkets.com May 02, 2023 | Updated 1 day ago
- OCBC Bank will also be offering an attractive end-financing package to qualified end purchasers of the industrial park.
KUALA LUMPUR (May 2): OCBC Bank (Malaysia) Bhd has extended financing of RM700 million to Penang-based Ideal Property Group for the group to partially finance the acquisition of land, construction, and infrastructure costs for the upcoming Penang Technology Park @ Bertam project.
Spanning across 880 acres (356.12 hectares) of freehold land, the RM4.2 billion industrial property development recently began construction, with aims to establish a sustainable industrial park and attract high-tech industries to the region.
Once completed, it is expected to play a critical role in incubating local technology companies, and thus significantly contribute to the growth and development of the technology industry in the region, fostering innovation and promoting sustainable development.
OCBC Bank managing director and head of corporate and commercial banking Jeffrey Teoh said the bank will also be offering an attractive end-financing package to qualified end purchasers of the industrial park.
“This will not only enhance the appeal of the development, but also strengthen its competitive edge, making it more attractive to a diverse range of industries seeking to establish their presence in the region,” he said in a statement on Monday (May 1).
Meanwhile, Ideal Property executive chairman Tan Sri Alex Ooi Kee Liang said the funding will help the group accelerate its progress towards creating a sustainable industrial park that will not only attract high-tech companies, but also create a conducive environment for local enterprises and businesses from around the world to grow.
“The industrial park is a key component of our vision to drive economic growth and development in the region, and we are excited to collaborate with OCBC Bank to make this vision a reality. With this financing in place, we are confident that we can deliver an exceptional industrial property development that will benefit the local community and the generations to come,” he added.