Penang Malaysia, 23 January 2024 – Equalbase, an established real estate group specialising in sustainable commercial and industrial logistics developments in Asia, has invested RM300 million (US$63.6 million) for its first carbon-neutral logistics facility in Valdor, Penang.
Spread over approximately 4.6 hectares, with a total gross floor area exceeding 600,000 square feet, Valdor I will achieve energy efficiency levels exceeding those of the average Malaysian warehouse by more than 50 percent. This is due to the building materials Equalbase uses low carbon concrete which will achieve a 30 percent reduction in CO2 emissions.
The goal is to neutralise embodied carbon emissions over a span of 40 years, with the potential to generate 4,620 MWh of solar energy annually.
Paul Lee, Executive Director at Equalbase and Managing Partner at Northmod, said: “The groundbreaking for construction of Valdor I marks a significant milestone for Equalbase as we look to strengthen our footprint in the region. This development stands out for its commitment to sustainability, aligning with our aspirations to achieve carbon neutrality across all our developments by 2040, surpassing the standard benchmark by a decade.”
He added: “Our focus on Penang is strategic as the state has a thriving and investor-friendly economy with a diverse array of companies in an established Global Business Services environment.”
Slated to be completed in the second quarter of 2025, Valdor I is situated about 6km to Batu Kawan Industrial Park and just over 30km to Penang International Airport, and is well-connected to the North South Highway and Penang’s Second Bridge.
Penang state is developing Bandar Cassia Technology Park and Batu Kawan Industrial Park 3 for industries such as electrical and electronics, semiconductors, automotive and others.
The state has identified the need for the development of a logistics hub in the Seberang Perai area, with the additional development of the Penang Science Park South as an area for general and halal food industries.
Founded in 2009 and headquartered in Singapore, Equalbase is known for its expertise in developing high-quality commercial and industrial logistics properties in Asia. It is expanding its footprint in Malaysia, Singapore, South Korea, Germany, Indonesia and Vietnam, together with its integrated fund manager Northmod.
Through Equalbase and Northmod’s strategic investments via the real estate development fund Amberock Malaysia Pte Ltd, they are confident of increasing their investments, not just within Penang but across Malaysia.
To date, the company has invested US$400 million and has completed over 4 million sqft of warehouse space in Malaysia.
Last November, Equalbase and Sunway Group broke ground for a carbon-neutral free commercial zone in Sunway City Iskandar Puteri, Johor.