Investors have been urged to apply for renewal of leases on state-owned industrial land.
Penang Chief Minister Chow Kon Yeow said the leasehold on industrial lands was usually for 60 years, adding that some of the lease on the lands would expire in the next 10 to 15 years. He said a study will be conducted to determine the amount of land premium that the state can charge for the new 60-year lease.
Chow said land revenue is the biggest source of revenue for the state government, adding that the state will rely on the Valuation and Property Services Department to recommend the land premium.
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