BATU KAWAN: Export-Import Bank of Malaysia Bhd (Exim Bank) entered into a facilities agreement with Urban Pinnacle Sdn Bhd for a property development of staff residential hub located in Batu Kawan.
Penang Development Corporation (PDC) had on Nov 10, 2023 signed an agreement with Urban Pinnacle Sdn Bhd to lease a piece of land in Batu Kawan to build a RM350 million workers’ village to house foreign workers. Urban Pinnacle Sdn Bhd was awarded the project after a Request for Proposal was called in 2022.
The village will be built on 7.27 acres of land situated south of Penang Science Park South. The construction work will take about two years for completion. This hostel would cater to the Penang Science Park and the booming Batu Kawan Industrial Parks, which are located nearby.
The project consists 836 apartment units to accommodate a total of 8,360 foreign workers. A commercial and facility block equipped with various facilities and amenities such as food court, outlets, convenience stores, surau, green space, 24-hours security surveillance will be included.
The project will be designed adhering to the standards in Act 446 implemented by the government as well as the world labour standards. The objective is to provide a better living environment for foreign workers in Malaysia, giving employers especially multinationals ease of mind without having to worry about their foreign workers’ welfare; as well as to meet the audit requirements and human right standards of European Union and developed nations. Upon completion, the hostel will be managed by Urban Pinnacle Sdn Bhd in partnership with a well-established operator.
Exim Bank president and CEO Nurbayu Kasim Chang said: “This partnership is a clear demonstration of Exim Bank’s dedication to supporting the country’s exports. We are facilitating investments by multinational corporations and local businesses in Penang, which plays a vital role in Malaysia’s global semiconductor supply chain.
Nurbayu also emphasised the economic impact of the project, noting that it would create new job opportunities, stimulate economic growth, and help reduce the unemployment rate in Penang. “Exim Bank is committed to helping local entrepreneurs strengthen their businesses and expand internationally. One of the ways we’re doing this is through the introduction of the Exporters’ Development Incentive Scheme, which has a funding allocation of RM750 million,” she said.
