PDC, PE Land ink pact on premium retail outlet for Penang
Johor Premium Outlet
The Penang Development Corp (PDC) has signed a purchase and development agreement for the construction of a premium retail outlet in Bandar Cassia, Batu Kawan.
The agreement, signed between PDC and developer PE Land Sdn Bhd, will see the nation’s second premium outlet after the Johor Premium Outlet.
Commercial real estate services firm CB Richard Ellis (M) Sdn Bhd (CBRE) will act as the principal consultant.
The premium outlet, costing about RM200mil, will be built on a plot of 16ha land that will also include a 300-room international-class hotel, cafes and food and beverage outlets, a landscaped garden as well as residential units.
It is part of a mixed development in Bandar Cassia branded as the Penang Designer Village with a gross development value of about RM1bil.
Penang Chief Minister Lim Guan Eng said PE Land had won the project in an open tender, and would own, build and operate the facilities while CBRE would act as the principal consultant.
“Payment for the land premium of RM65.34mil would be within three months from today,” he said in Komtar yesterday.
He added that the setting up of the premium outlet was the latest component in the state’s plan to develop Batu Kawan with new attractions towards a quality place to work, live, learn, shop and play.
“We hope that the outlet would help to make residential living in Batu Kawan more attractive for affordable homes built by PDC (12,000 units).
“The state government wishes to dispel negative perceptions that this new satellite township in Batu Kawan was inferior to living on the island,” he said, adding that with catalytic projects like educational institutions, private hospitals and premier industrial companies, the state hoped to establish the satellite township as a quality place to work, live, learn, shop and play.
PE Land chairman Jason Tai said the project was the company’s first investment in Peninsular Malaysia.
The company had been given three years to complete the construction of the premium outlet, but would try to do it in two years’ time, he said, adding that the project was expected to create about 3,000 job opportunities.
PE Land currently operates Sarawak’s premier mall, Kuching’s The Spring Mall.
Source: StarProperty.my
Wow… this will make Penang mainland better. Hope this can be dream come true for people who stay in mainland to have quality place to work, live, learn, shop and play as mentiend above. Welldone!
Good news to mainlander !
But main land house price is shooting up again…
Mainland property price still have room to increase in near future..Next focus point is ecoWorld project, hope i can get one.
Completed in 2 years time? Can or not?
huu next time can take 2nd bridge there to shop, is it cheap…?
Well, The Spring mall did finish construction rather fast, probably because they’re fighting with another mall to be the first modern mall in Kuching.
Just pray that they will build enough parking this time.
Is there any buy & lend package for this project?