G.E. Tan & Associates is a key player and thought leader in the Penang real estate market. With a finger on the pulse of the Malaysian economy, we provide insights into local real estate issues. Find out more about the latest developments in Malaysian real estate and also our company’s news and events here.
City Centre Projects is Set to Create Over 40,000 Jobs in Penang
September 9, 2007
PENANG: The Penang City Centre – a multi-billion-ringgit urban redevelopment private sector project under the Northern Corridor Economic Region (NCER) – is set to change the face of the island.
Described as iconic, the project, to be launched by the Prime Minister in September, will have an added boost – a Metropolitan Park which will link it with Penang Hill, Municipal Park (Youth Park) and Botanic Gardens.
It is understood that the government has insisted that at least 348ha of green lung be protected as part of its commitment to keep urban open spaces accessible to the public.
Datuk Seri Abdullah Ahmad Badawi is also expected to provide details of public activities at the green lung, which would improve the living standards of Penangites.
Place to relax The Municipal Park will be linked with Penang Hill and the Botanic Gardens to create a 348ha green lung.
To be developed by Abad Naluri Sdn Bhd, a subsidiary of Equine Capital Bhd, the project is expected to turn Penang into a new global city with top-class facilities. It has the approval of the federal government’s high-impact projects committee.
In an interview with The Star, Minister in the Prime Minister’s Department Datuk Seri Effendi Norwawi said:
“The Penang City Centre is a mixed development which we are facilitating and assisting. It will be iconic and exciting.”
The project will be sited at the 113ha, 63-year-old Penang Turf Club in Batu Gantung, which is expected to be relocated.
Sources said that the project, expected to take 15 years to complete, will have condominiums, service apartments, upmarket retail stores, international conference centres, public realms, a performing arts centre and five-star hotels.
It is understood that the planners of the Penang City Centre have proposed that the RM1.1bil monorail link, which is part of the NCER proposal, run through the sprawling complex.
“Penang needs such infrastructure if we want the state to be on the international radar screen as Singapore has Suntec City, Hong Kong its Convention and Exhibition Centre and Kuala Lumpur the KL Convention Centre.
“For shopping, Bangkok has its Siam Paragon and Singapore its string of upmarket malls along Orchard Road,” the sources said, adding that it would have a direct boost to tourism in Penang.
Abdullah is expected to provide details of the project, which is being planned by prominent foreign and local architects.
The Penang City Centre is expected to be worth RM18bil with development cost of RM8bil. It is expected to create 5,000 jobs in construction, 2,000 in service and healthcare residence, 20,000 in retail, 4,000 in the hotel industry and 10,000 in offices.
Source: Star Nation
News shown here are for informational purposes only. G.E. Tan and Associates is not responsible for any third party content.