PENANG: S P Setia yesterday signed a memorandum of collaboration (MoC) with the Penang Development Corp (PDC) to jointly develop approximately 350 acres of land within Setia Fontaines into a mixed and/or industrial development.

This collaboration marks a milestone in S P Setia's efforts to kick off the potential industrial estate for the company’s development in Penang. “With PDC’s proven track record of transforming Penang into a thriving industrial region, this partnership is both timely and essential in accelerating growth,” stated S P Setia in a media release.

Setia Fontaines, a 1,691-acre mega township located in the heart of North Seberang Perai, is in the process of rezoning approximately 350 acres of total development as part of S P Setia's strategy to expand its green-themed industrial parks portfolio. The company is also focusing on developing green-themed industrial parks at Setia Alaman in Shah Alam and Tanjung Kupang in Johor. The company has identified 1,000 acres of landbank for industrial purposes.

“We are thrilled to enter this collaboration with the Penang Development Corp, which has played a pivotal role in Penang's industrial success. This partnership will accelerate the growth and boost our regional industrial land strategy. With our focus on developing green-themed industrial parks, including Setia Alaman and Setia Tanjung Kupang, we are confident that this initiative will contribute significantly to our sales growth and profitability," said president and CEO of S P Setia Datuk Choong Kai Wai.

“The development of these industrial estates will create a robust foundation, leveraging high demand in the industrial real estate sector to ensure enduring value and growth to be injected into Setia REIT in the future,” Choong added.