GROUNDBREAKING CEREMONY OF CAPSTONE CORPORATE SUITES
SPEECH BY YAB TUAN CHOW KON YEOW
THE CHIEF MINISTER OF PENANG
GROUNDBREAKING CEREMONY OF
CAPSTONE CORPORATE SUITES
6TH JANUARY 2024
YB. Jason H’ng Mooi Lye
Penang State EXCO for Local Government and Town & Country Planning
YBhg. Dato Aziz Bin Bakar
Chief Executive Officer of the Penang Development Corporation (PDC)
Mr. Lau Keng Ee
Political Secretary to the Chief Minister of Penang
YBhg. Dato Lim Aun Ghee
Vice Chairman of FMM Penang Branch
YBhg. Pemanca Datuk Jason Tai
Managing Director of Pansar Berhad
Mr. James Ling
Managing Director of PE Holdings Group
Mr. Ronald Ling
Deputy Managing Director of PE Holdings Group
Ms. Joanna Ling
Chief Executive Officer of PE Holdings Group
Mr. David Tai
Chief Operating Officer of Pasar Berhad
Distinguished guests,
Members of the media,
Ladies and gentlemen,
Good morning and thank you for being a part of this significant milestone as we gather for the Groundbreaking Ceremony of Capstone Corporate Suites. It is an honour to address you today as we witness the unfolding of a new chapter in the development of Penang, particularly within the vibrant landscape of Batu Kawan.
Batu Kawan, standing tall as a beacon of progress and promise, epitomizes the dynamic spirit of our state. Each addition to this burgeoning township is more than just a construction project, it signifies a collective vision for a flourishing and interconnected community.
Today, we celebrate the initiation of construction for Capstone Corporate Suites, a project that embodies the commitment to elevate Penang's business landscape. PE Land, known for leaving an indelible mark with the award-winning Design Village Outlet Mall and nearing completion of Anggun Residences, is set to pioneer the first Grade A office tower in the Northern region of Peninsular Malaysia.
The Capstone Corporate Suites, a 36-storey office tower spanning 2 acres, housing 395 office units and 17 retail units, symbolizes PE Land's dedication to fostering a hub that merges innovation, productivity, and a collaborative spirit. Designed to meet Malaysia Digital and GreenRE standards, it also stands as a testament to their commitment to environmental sustainability. This office tower aims not only to provide premier office spaces but to cultivate an environment that supports enterprises in every aspect, from work to relaxation and recreation.
As we break ground today, we usher in a new era where commerce, innovation, and environmental consciousness converge. PE Land's commitment to excellence is evident in every facet of this development, from its architectural brilliance to its sustainable design and state-of-the-art facilities. As pioneers in Batu Kawan, PE Land's journey, starting with Design Village in 2014, has been instrumental in shaping the landscape of Bandar Cassia, particularly in the Central Business District.
Ladies and gentlemen,
This ceremony marks a pivotal moment in Batu Kawan's journey towards becoming a self-sustaining ecosystem, solidifying its position as a destination not only for living and leisure but also for pioneering businesses, attracting investments, and fostering economic vibrancy.
Our state has experienced remarkable economic growth, with a GDP reaching RM112 billion in 2022, a 13% year-on-year increase. The services and manufacturing sectors, constituting 95% of our GDP, have displayed robust growth rates of 11% and 15%, respectively. Penang's role in the country's external trade is evident, with total exports reaching an unprecedented RM463 billion in 2022, representing 30% of the country’s total.
For January to September 2023, Penang recorded a remarkable total approved investment of RM44.9 billion across various sectors, encompassing manufacturing, services, and primary sectors. Notably, the approved manufacturing FDI inflows stood at an astounding RM35.8 billion, signifying an impressive 634% year-on-year increase. Penang has firmly solidified its position as the leading contributor to the nation's manufacturing FDI, capturing an impressive 42% share during this period.
As we bask in the glow of these achievements and look forward to the recovery in the global technology cycle in 2024, I am confident that Penang's versatile ecosystem and strong fundamentals will continue to attract investments. With that in mind, our state stands ready to support the growing needs of our industries and businesses.
To address challenges accompanying progress, the Penang State Government remains steadfast in creating a conducive business environment. Initiatives like the Penang Transport Master Plan, Bayan Lepas Light Rail Transit project, and efforts to secure federal support for traffic solutions, particularly for the construction of the Juru-Sungai Dua Elevated Expressway, underscore our dedication to holistic development.
Anticipating water scarcity by 2030, our collaboration with the Perak State Government and the RM1.1836 billion investment in the Penang Water Supply Corporation's Water Contingency Plan 2030 demonstrate our commitment to a sustainable water supply. In power supply, a RM500 million project to build an 8.5-kilometer monopole transmission overhead line from the mainland to the island, along with efforts to align with the Federal Government's Renewable Energy Transition initiative, emphasizes our focus on strengthening electricity supply.
In addition to seizing global opportunities, Penang places special emphasis on sustainability and STEM initiatives. We are proud to house diverse industry players who are committed to championing ESG practices and supporting programs like "Step Up Initiative," "STEM Future-Proofing," and "Technical Skills Learning," which aim to enrich our talent pool. All our collective efforts are directed towards propelling Penang towards its Penang2030 Vision of 'A Family-Focused Green and Smart State that Inspires the Nation.'
Today, as we stand on the cusp of transformative growth, we envision a future where Capstone Corporate Suites serves not only as a testament to our aspirations but also as a catalyst for economic progress, innovation, and prosperity in Batu Kawan and beyond.
Therefore, with joy and hope, I extend my heartfelt congratulations to PE Land for this remarkable undertaking. My gratitude goes to all stakeholders whose unwavering dedication and commitment have brought us to this momentous day.
Your presence, investments, and collaboration are not only welcomed but integral to our shared success. Together, let us continue to craft a future for Penang that pulsates with economic vitality, resonates with environmental stewardship, and thrives on social inclusivity.
With that said, I thank you all and wish PE Land every success. Thank you.