Datuk Goh Teng Whoo, chief operating officer of Ideal Property Group, and president of Penang Master Builders and Building Material Dealers Association.
George Town: Industrial land prices in Penang have increased by about 10% compared to a year ago.
One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said the market price in the state ranged between RM65 and RM85 per sq ft.
The price depends also on the property’s location, whether it is freehold or leasehold and the infrastructure development of the industrial park.
Industrial land prices in Penang are higher than in Kulim, where they range between RM55 per sq ft and RM60 per sq ft.
“The price has increased because of the shortage of industrial land in Penang and the steady demand from foreign investors,” Chandra said.
In Penang Technology Park @ Bertam
(PTP), industrial land is priced at about RM85 per sq ft.
This is because of its freehold status and the developed infrastructure.
“Ideal Capital Bhd has spent substantially for PTP’s infrastructure development. We expect the interest for industrial properties in Penang to remain healthy until 2025,” he said.
Meanwhile, Ideal Capital is undertaking the RM260mil Ideal Business Hub project in PTP in the second half of 2024.
Ideal Property Group chief operating officer Datuk Goh Teng Whoo said the project was on a 28-acre freehold site in Penang Technology Park.
The scheme comprises 88 bungalows, semi-detached and cluster-type factories.
The units offer an innovative flexi-space concept that caters to manufacturers specialising in warehousing, packaging, processing, logistics and light production.
“We aim to create a complete business ecosystem to provide opportunities for businesses to access their supply chain network conveniently,” Goh said.
The column-free design factories feature a spacious layout with a 9.15-m high ceiling for all storage racks and large machinery for most light industry usage.
The units have a 200 to 300 AMP power supply, a 1.5-tonne floor capacity and a dedicated loading bay.
“All aspects aim to enhance productivity and maximise efficiency for all types of businesses,” he added.
Ideal Business Hub’s distinguishing feature is its one-stop industrial solution for business owners.
Construction begins in November this year.
The project is scheduled for completion in 2026.
PTP’s first phase is now approximately 50% taken up by local and foreign companies in various sectors.
These include the semiconductor, lithium battery and automobile electronic manufacturing, electronics assembly, medical devices, trading, warehouse and logistics sectors.
PTP is 23km from the Penang Port in Butterworth and 42km from the Penang International Airport.
According to the latest National Property Information Centre (Napic) report, the existing industrial property stocks recorded 122,151 units for the first half of 2024.
The incoming and planned supplies of industrial properties recorded 3,814 and 6,493 units, respectively.
Selangor leads in existing stock with over 40,000 units, holding a market share of 34.9%.
This is followed by Johor with 19,241 units (15.8%) and Penang with 9,863 units (8.1%).
Selangor maintains the highest incoming supply, similar to the first half of 2023, although it has decreased by 32.3% in quantity to 1,217 units.
Melaka ranks second with 773 units, followed by Johor with 477 units in incoming supply.
According to the latest Napic report, the industrial sub-sector’s overhang situation improved in the first half of 2024.
The half-year registered 746 overhang units with a value of RM0.78bil.
This reflected a decrease of 7.7% in terms of quantity and 20.8% in terms of value compared to the previous half-year. By DAVID TAN
davidtan@thestar.com.my
