The Penang island (Bloomberg filepix)
GEORGE TOWN (March 25): The Penang Development Corporation (PDC) will allocate RM5 billion to implement 15 high-impact projects under the 2024-2028 Strategic Plan, including RM3 billion to grow its landbank.
PDC chief executive officer Datuk Aziz Bakar said the RM5 billion is expected to be spent in the next seven- to eight years and it will be a catalyst for Penang’s economic growth.
He said the plan is anchored on four pillars, namely land innovation, asset innovation, business sustainability and smart professional (abbreviated as PDC LABS).
“PDC has allocated RM3 billion to increase the landbank through the proposed repossession of 1,214.06 hectares (ha) for the planned opening of a new industrial park, but the location is yet to be finalised.
“This is the main focus and the existing PDC land is expected to be fully developed by 2030,” he told reporters after Penang Chief Minister Chow Kon Yeow launched the plan here on Monday.
Aziz said the PDC will also develop a complete ecosystem with the development of a 13.10-ha (32.38-acre) logistics and distribution park in the area adjacent to Bayan Lepas International Airport and a 9.96-hectare (24.61-acre) logistics hub in the Batu Kawan Industrial Park, Bandar Cassia.
He said the two locations have been identified as direct distribution centres encompassing air and land transport, and will complement existing facilities with the added value of an existing ecosystem.
Meanwhile, Chow, who is also PDC chairman, said the strategic plan is expected to make the PDC more competitive, given the expectation that the private sector is interested in developing industrial parks in the state.
“We cannot prevent the private sector from developing an industrial park here. In fact, there is one being developed in Bertam, Kepala Batas.
“We expect more people to be interested (to do so) due to the surge in investment entering Penang,” he said.
On efforts to revive Kompleks Tunku Abdul Razak (Komtar), Aziz said the PDC has appointed a consultant to review the iconic building’s development.
“We will increase efforts to liven up Komtar and consider what needs to be done to make the place more buoyant.
“We expect to get a proposal from a consultant within three months and will begin engagement sessions with individual owners because Komtar is not 100% owned by PDC,” he said.
