Ambank grants RM222.8 mil financing for development of Northern TechValley in Penang

• Suling Hill Development is a 50:50 joint venture between Northern Industrial Park Sdn Bhd, a wholly-owned subsidiary of AME Elite Consortium Bhd (AME), and Majestic Gen Sdn Bhd.

KUALA LUMPUR (Aug 4): AmBank Group, through AmBank Islamic Bhd, has provided RM222.8 million in financing to Suling Hill Development Sdn Bhd to support the development of the Northern TechValley @ Butterworth-Kulim Expressway (BKE), a green-inspired, 71.06-hectare integrated industrial park in Seberang Perai Tengah, Penang.

Suling Hill Development is a 50:50 joint venture between Northern Industrial Park Sdn Bhd, a wholly-owned subsidiary of AME Elite Consortium Bhd (AME), and Majestic Gen Sdn Bhd.

In a joint statement, AmBank Group said the project is designed as a next-generation integrated industrial ecosystem, projected to have a gross development value of approximately RM1.3 billion.

Ambank Group managing director of business banking Christopher Yap said this financing reflects the bank’s commitment to support Malaysia’s industrial and economic growth, especially in key northern regions.

Meanwhile, Suling Hill Development director Dylan Tan said this joint venture is a significant milestone for AME as the group strategically expands its presence into the northern region.

“Northern TechValley @ BKE extends AME’s proven expertise in developing and managing sustainable industrial parks to Penang. The project will deliver a future-ready ecosystem that meets modern industrial demands and supports the growth of both local and multinational businesses,” he said.

The project’s prime location situated along the BKE, further enhanced by a proposed flyover link bridge developed by Suling Hill Development, provides direct access and offers seamless connectivity to Penang and Kedah. This makes it an ideal hub for high-value-added industries, including advanced manufacturing, high-tech and integrated logistics operations.

Officially launched on Oct 28, 2024, the development has already achieved GreenRE certification for both its township and buildings, aligning with national environmental, social and governance (ESG) compliance and green growth initiatives.

Does Malaysia have what it takes to become a Blue Zone, marked by health and longevity? Download a copy of EdgeProp’s Blueprint for Wellness to check out townships that are paving the path towards that.