The precision engineering parts maker, which is currently operating in six factories across Penang and Kedah, said it is buying the land to consolidate its production operations in Penang into a single premise for enhanced efficiency and potential cost savings.
CapitaLand Malaysia said the facility marks its largest loan facility to-date and is linked to the sustainability performance targets of Queensbay Mall.
As part of the deal, Chin Hin Group will award construction works of the development to a member company of the Ivory group as the turkey builder.
Citing its statement on Wednesday, the “tragic incident” involved foreign construction workers, however, the property developer did not disclose the details of the workers.
The contract covers the execution and completion of 69 units of three-storey semi-detached and three-storey terraced houses for the proposed development at Seksyen 2, Pulau Andaman in Penang.
“Despite the PSI project being scaled down by scrapping Island B and Island C, we are not overly disappointed as the local government still maintains its plan to develop Island A (Silicon Island) with more concrete details and a timeline.
Zestron’s expansion at the Penang Technology Park @ Bertam will bring in an estimated investment of approximately RM60 million, and its new facility, which is scheduled for completion by 2025, is expected to be approximately five times the size of its current location.
Bukit Bintang Member of Parliament Fong Kui Lun pointed out that the Penang LRT project, spanning 23 stations, is estimated to cost RM10 billion, while the five revived stations under LRT3 will cost RM4.
In a filing with Bursa Malaysia on Tuesday, Sunway Bhd confirmed that its 70%-owned subsidiary Umech Land received a notice of termination of the JDA from PDC last Friday.
She will hold a “grand concert” entitled 'Jilid Akhir: Ella Puteri Kota' at Setia SPICE Penang on Oct 28.
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