Choong (third from left) and Aziz (third from right) pose with the agreement documents while (from left) Muhamad Zaili, Zaini, Chow, Mohammad Azhar and Roslan look on.

PETALING JAYA: Property developer SP Setia Bhd (SP Setia) has signed a Memorandum of Collaboration (MoC) with Penang Development Corporation (PDC) to jointly develop approximately 350 acres of land within Setia Fontaines into a mixed or industrial development or both.

Setia Fontaines, a 1,691-acre township located north of Seberang Perai, is in the process of rezoning approximately 350 acres of total development as part of SP Setia's broader strategy to expand its green-themed industrial parks portfolio. 

“This partnership (with PDC) 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 SP Setia president and chief executive officer Datuk Choong Kai Wai. 

Also present were Penang Chief Minister Chow Kon Yeow, PDC chief executive officer Datuk Aziz Bakar, senior deputy chief executive officer Datuk Mohammad Azhar Hamdan, deputy chief executive officer Roslan Hassan, SP Setia divisional general manager Datuk Muhamad Zaili Muhammad Yusof and chief operating officer Datuk Zaini Yusoff.

The developer also said it is also focusing on developing green-themed industrial parks at Setia Alaman in Shah Alam and Tanjung Kupang in Johor and has identified 1,000 acres of land banks for industrial purposes, and expects that the developments will contribute to the company’s revenue in 2025. 

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