KUALA LUMPUR, Aug 18 — Developers AME Elite Consortium Bhd and Majestic Builders Sdn Bhd will be joining hands to build a new high-value industrial park in Seberang Perai Tengah, Penang.

During a deal signing ceremony today, AME Elite executive director Simon Lee said that the 175.98 acre development would be environmentally friendly and bring new jobs to people in neighbouring areas, while businesses such as restaurants and stores will see increased footfall.

"Besides selling our factories, our aim is also to accommodate multinational corporations (MnCs) that want to lease factories,” he said at the ceremony held at the EQ Kuala Lumpur hotel here.

The development will be completed via a 50-50 joint venture between AME Elite’s wholly-owned subsidiary, Northern Industrial Park Sdn Bhd, and Majestic Builders — through a special purpose vehicle (SPV) named Suling Hill Development Sdn Bhd.

Ta Wee Der, director of Majestic Builders, added that the industrial park is predicted to have a gross development value (GDV) of RM1 billion.

The developers said they will be working with buyers to customise their individual factories so that customers are able to move in immediately after the development is completed.

Their targeted clientele is from the logistics solutions, semiconductor, electrical and electronics as well as medical device manufacturing industries.

The land will be accessible via major highways coming into Penang and is located about 15.5km away from Penang Port.

Today, Suling Hill also entered into a sale and purchase agreement with landowner Waz Lian Holdings Sdn Bhd to acquire the 175.98-acre freehold development land required for the project, at a price of RM130.0 million.

AME Elite was previously well known for building industrial parks in Johor, such as i-Park@Indahpura, and i-Park@Senai Airport City; while Majestic Builders recently completed The Annex at Cheras, Residensi Medan at PJS4 and the Bukit Rampai Industry Park in Melaka.