Ideal Property Group inks deal with lithium battery maker to develop Penang Technology Park

• In a statement on Wednesday (July 26), the developer said the project entails 880 acres of freehold land.

KUALA LUMPUR (July 26): Penang-based Ideal Property Group has inked a memorandum of understanding with lithium battery separator industry player ShenZhen Senior Technology Material Co Ltd to develop Penang Technology Park (PTP)@ Bertam.

In a statement on Wednesday (July 26), the developer said the project entails 880 acres of freehold land.

The decision by ShenZhen Senior Technology Material to invest in PTP @ Bertam came as a response to Penang's efforts to attract and foster foreign investments.

Ideal Property Group executive chairman Tan Sri Alex Ooi Kee Liang said the collaboration represents a significant milestone for both companies and marks the beginning of a promising venture that will contribute immensely to Penang's economic growth and prosperity.

Ooi said ShenZhen Senior Technology Material plans to initiate the investment in PTP @ Bertam in several stages, each phase designed to ensure a steady and successful implementation of their vision for the project.

He said the collaboration aims to leverage ShenZhen Senior Technology Material's global expertise and Ideal Property Group's local insights to create a cutting-edge industrial park that will cater to the evolving demands of the lithium battery separator industry and allied sectors.

“The project will foster job creation, knowledge exchange, and technology transfer, bringing forth a wave of opportunities for the local community,” said Ooi.