The state government, however, has over 2,000 acres (800ha) of industrial land earmarked for development, including sites under acquisition, reclamation or request-for-proposal stages, to ensure long-term availability for future growth.
Chow was responding to a question on the availability of industrial land in the state to cater to future investors.
“At 100 acres a year, 2,000 acres will last us for decades. For example, one of our industrial parks, which spans over 1,000 acres, took more than 15 years to complete since it was initiated in 2008,” he told reporters here today.
Chow said not all investors want land, adding that Chinese investors, for example, are content with taking up idle factories so they have a quick turnaround.
He said these Chinese investors would rather purchase or lease existing factory sites and repurpose them instead of waiting for new land to be made available.
“They want to start quickly, so they look for idle or underutilised factories. Sometimes, these are leased or bought from companies with excess capacity,” he said.
He also said there are factories with enough land to expand within their compounds, and they build new facilities there.
“These count as fresh investments, too,” he said.
He said Penang recorded RM13 billion in approved investments recently, but this figure covers various areas, including brownfield sites, digital economy initiatives and existing infrastructure.
Earlier, Chow launched the Penang Industrial Master Plan 2030, which will help expand and improve industrial land supply, infrastructure, and human capital, with a total of 44 projects estimated to cost RM41.2 billion.
The plan covers both physical and non-physical industrial development, including zoning of new greenfield sites, upgrading existing greyfield and bluefield industrial areas, and rehabilitating brownfield sites.
Greenfield areas are untouched land meant for brand-new industrial parks, while greyfield zones are older, underused sites that can be upgraded.
Bluefield areas combine new development with the revitalisation of existing spaces, and brownfield sites are former industrial areas that may be polluted or abandoned, targeted for clean-up and reuse.
Penang currently has 54 industrial parks and more than 8,900 manufacturing-related establishments, the majority located in Seberang Perai.
Key industries include machinery and equipment, electrical and electronics, basic and fabricated metal products, and food processing technology.
The plan forecasts a total of 5,310ha of industrial land available by 2030, with new zones identified for future development in Batu Kawan, Bertam, and Penang South Island (reclaimed island).