Business

Tuesday July 31, 2007

RM18b Penang Global City Centre to be completed in 15 years



BUTTERWORTH: The RM18bil Penang Global City Centre (PGCC) project will take 15 years to complete.

The PGCC project is by Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd.

Equine holds a 25% stake in Abad Naluri, which is developing PGCC on the 260-acre site where the Penang Turf Club is presently located.

The PGCC is one of the projects highlighted in the Northern Corridor Economic Region (NCER) blueprint.

Equine executive chairman Datuk Patrick Lim said two award-winning architects, one each from New York and Paris, would design the PGCC project.

"Hani Rashid from Asymptote Architecture in New York will design the architecture, which includes two iconic towers, while Nasrine Seraji from Atelier Seraji in Paris will design the master plan," he told reporters after the launch of the NCER Penang portion blueprint by Prime Minister Datuk Seri Abdullah Ahmad Badawi on Tuesday.

Lim said the PGCC master plan would be unveiled in September while the project would be launched in eight to 12 months.

The first phase would involve the development of a 26-acre park, and road infrastructure to smoothen the traffic flow for the project, he said.

"The park will be connected to the Botanical Garden. We will use the necessary technologies, such as thermal treatment, to develop PGCC into a carbon-free city," he said.

Lim said the PGCC project would have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.

Lim said there were many options to fund the project, including joint ventures and issuing capital bonds.

"We are also applying to obtain MSC-status to attract information and communications technology companies to set up regional offices at the park," he said.

On the Penang International Equestrian Centre in Batu Kawan, Lim said Abad Naluri would start work on the centre once construction work commenced on the second Penang bridge.

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