GEORGE TOWN, Oct 11 — With a RM1 billion “designer village” on the cards for Batu Kawan, Penang is hoping draw hordes of shoppers and tourists into the sleepy hollow on its mainland in three years.
Developer PE Land Sdn Bhd, which currently operates Sarawak's premier mall, Kuching's The Spring Mall, has won a tender from the Penang Development Corporation (PDC) in an open bid for the ambitious project that includes a premium retail shopping outlet and hotel to be built in Batu Kawan within three years.
“The whole project will cover an area of 40 acres and it will have an upmarket outlet shopping mall, a 300-room international-class hotel and other facilities such as food and beverage outlets, playground and landscaped gardens,” said Penang Chief Minister Lim Guan Eng.
Today, PE Land signed the purchase and development agreement with PDC to build and operate the facilities.
The massive project is expected to complete in three years' time from the signing of the agreement while PE Land will pay for the land premium of RM65.34 million within three months' time.
Lim said the project will complement the rapid development of Batu Kawan.
“This development is in line with PDC's policy to promote and sell land to attract catalyst projects to Batu Kawan's Bandar Cassia,” he said in a press conference at his office today.
PE Land chairman Jason Tai said the retail shopping outlet mall is expected to create 3,000 job opportunities for residents there.
PE Land has a paid-up capital of RM3.7 million and is the property development arm of PE Holdings and under the Pan Sarawak Group.
“We expect to complete the outlet mall in two years' time,” Tai said.
CB Richard Ellis (Malaysia) Sdn Bhd will act as the principal consultant for the project.