PULAU PINANG, 28 February 2025 – Export-Import Bank of Malaysia Berhad (EXIM Bank) entered into a facilities agreement with Urban Pinnacle Sdn Bhd for a property development of staff residential hub located in Batu Kawan, Pulau Pinang.

The Penang Development Corporation (PDC) had on 10 November 2023 signed an agreement with Urban Pinnacle Sdn Bhd to lease a piece of land in Batu Kawan to build a RM350mil workers’ village to house foreign workers. Urban Pinnacle Sdn Bhd was awarded the project after a Request For Proposal (RFP) 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 (2) 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 of 836 units of apartment unit 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 partnership with a well-established operator.

EXIM Bank President and CEO, Nurbayu Kasim Chang, highlighted the bank’s commitment to boosting Malaysia’s export sector through strategic foreign direct investment (FDI) linkages, particularly in Penang. she explained, “This partnership is a clear demonstration of EXIM Bank’s dedication to supporting the country’s exports. We are facilitating investments by multinational corporations (MNCs) and local businesses in Penang, which plays a vital role in Malaysia’s global semiconductor supply chain.”

She added, “Our efforts align with Malaysia’s broader vision to position the country as a hub for a comprehensive E&E ecosystem, in line with the New Industrial Master Plan 2030 (NIMP2030).”

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 (SIP2), which has a funding allocation of RM750 million,” she added.

Chief Minster of Penang, YAB Tuan Chow Kon Yeow witnessed the signing, further underscoring the importance of this partnership. Stephen Wong, Executive Director of Urban Pinnacle Sdn Bhd, signed the agreement, while Nurbayu Kasim Chang, President and Chief Executive Officer of EXIM Bank represented the Bank. Also present at the ceremony, EXIM Bank Chief Business Officer, Faizah Mustapa and Head of Regional Office, Sarevenan Moorthi.

ABOUT EXIM BANK

The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures.  EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.