From left: OCBC Bank managing director and head of commercial banking Kevin Choo Cham Woon, OCBC Bank managing director and head of corporate and commercial banking Jeffrey Teoh, Ideal Property Group executive chairman Tan Sri Alex Ooi Kee Liang, Ideal Property chief operating officers Datuk Goh Teng Whoo and Connie Ang.
KUALA LUMPUR: OCBC Bank (M) Bhd has extended RM700mil financing to Ideal Property Group to partially finance the acquisition of land, construction, and infrastructure costs for the upcoming Penang Technology Park (PTP) @ Bertam
project.
In a statement, the bank said the project aimed to establish a sustainable industrial park and attract high-tech industries to the region.
The RM4.2bil 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.
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.
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.
