PGCC Boost For Penang
PENANG: Three decades after being dubbed the “silicon island”, Penang is set to move on to the world stage as a global city centre.
The RM25bil Penang Global City Centre (PGCC) masterplan, covering 104ha at site of the Penang Turf Club, was unveiled yesterday by Datuk Seri Abdullah Ahmad Badawi.
The project will comprise, among others, hotels, condominiums, commercial centres and a central park.
The Prime Minister, a Penang boy, said this would be a “meaningful” project to the state and country.
“As Prime Minister, I know that it will contribute significantly to the national economy,” Abdullah said.
“While Kuala Lumpur has its KLCC (Kuala Lumpur City Centre), Penang will have its very own PGCC. Both make me proud.
“PGCC is a high-impact project to complement the Northern Corridor Economic Region. I know Penang will do well,” he said when unveiling the masterplan at a hotel here.
Also present were Chief Minister Tan Sri Dr Koh Tsu Koon, Equine Capital executive chairman Datuk Patrick Lim and Abad Naluri chairman Datuk Seri Kamal Hashim.
Abad Naluri, an associate company of Equine Capital Bhd, will undertake the project.
Abdullah, who is the Finance Minister, said PGCC would offer excellent facilities to foreign investors and an alternative avenue for them to set up offshore offices beyond the Klang Valley.
“This project will make the northern region viable for economic development. I hope this project will be implemented as soon as possible after getting the necessary approvals from the relevant authorities,'' he added.
Abdullah thanked the Penang Turf Club for allowing the development of PGCC.
“If it is not for them, this will not happen,” he remarked.
Abad Naluri bought the land for RM488mil in 2002 when the Penang Turf Club committee felt that the existing facility could no longer cope with the demands of modern-day racing.
Source :The Star 13/09/2007 Close Window