OCBC Bank (Malaysia) Berhad has extended financing of RM700 million to Ideal Property Group to partially finance the acquisition of land, construction, and infrastructure costs for the upcoming Penang Technology Park (PTP) @ Bertam project.
The project aims to establish a sustainable industrial park and attract high-tech industries to the region. The financing agreement between OCBC Bank and Ideal Property Group marks a significant step towards realising this goal.
The RM4.2 billion industrial property development in Bertam, Penang recently began construction. The project is located on 880 acres of freehold land and will provide state-of-the-art facilities for high-tech industries in the North Seberang Perai district.
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.
According to OCBC Bank Managing Director and Head of Corporate Commercial Banking Jeffrey Teoh, the Bank is pleased to be the sole financier of an industrial park that is poised to become a leading economic hub in the region, as its completion is expected to create thousands of new jobs and boost the region's economy. In addition to providing financing to Ideal Property Group, OCBC 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.
“[email protected] is a sustainable master plan designed to nurture high- technology companies that focus on environmental, social, and governance (ESG) initiatives. The project aims to promote harmonious co-existence between human resources and technology while prioritising the well-being of multiple stakeholders in the community. We are excited to be part of this significant journey as [email protected] aims to be a collaborative hub for financial and educational institutions and spur job opportunities and economic growth within the region. This is very much in line with our overarching purpose to help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs,” he said.
He added that the landmark ESG project is also notable for its detention pond to manage rainwater flow and solar panels for clean energy generation.
During the Memorandum of Understanding signing ceremony, Executive Chairman of Ideal Property Group, Tan Sri Datuk Alex Ooi Kee Liang expressed appreciation for the bank's trust and confidence in the company.
“We are thrilled to have secured this financing from OCBC Bank for our Penang Technology [email protected] project. This funding will help us accelerate our 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, Tan Sri Datuk Alex Ooi said.