PETALING JAYA: Titijaya Land Bhd and Penang Development Corp (PDC) have signed a memorandum of understanding (MoU) for the development of a RM9.9 billion Medi-Tech City occupying a 230-acre land in Batu Kawan, Penang.
This project is expected to complete in 10 years.
Medi-Tech City is earmarked to be an integrated, sustainable and hi-technology medical city and business hub in Penang which is already occupied by more than 300 multinational companies. It will be a development with compliance to the responsible business alliance and environmental, social and corporate governance.
Upon its completion, Medi-Tech City will serve as a medical hub providing eco-tourism and global business services with facilities including hospital, medical campus, medical supply hub, corporate suites, rehabilitation centre, retirement village, hotel, wellness centre, sports centre, electrical and electronics sectors, logistics and distribution hub.
Titijaya also has a 20-acre built-to-suit development in Penang situated at Bayan Lepas with close proximity to Penang International Airport and Sultan Abdul Halim Muadzam Shah Bridge, providing value added logistical support to the project which is aimed to capture the demand from various sectors in the vicinity of Bayan Lepas.
“Titijaya is honoured to work with PDC and we are proud to be entrusted to jointly develop this land. We anticipate this project, with its future international investors, will continue to support PDC’s vision to achieve international city status for Penang,” said Titijaya group managing director Lim Poh Yit in a statement today.
PDC CEO Aziz Bakar said the signing of the MoU is in line with PDC’s role in working alongside with private organisations in realising its vision to make Penang a conducive state for sustainable socio-economic developments as well as attracting more international investors to Penang.
“We are confident that PDC’s venture with Titijaya to develop Medi-Tech City with their experience in working with international investors and successful projects will ensure that this project will benefit Penang’s overall development,” said Aziz.