A white knight developer has emerged to revive the long-stalled Penang World City (PWC) project in Bayan Baru, Penang. This ambitious RM10 billion development, spanning 102 acres of existing and reclaimed land, is set to move forward after years of inactivity. According to The Edge Malaysia, the new developer is restructuring Hemat Tuah Sdn Bhd, which had been mired in financial trouble following the collapse of MBI Group in 2018.

The project’s revival comes on the heels of a turbulent history. Originally launched in 2011, PWC was a joint venture between Ivory Properties Group Bhd and Tropicana Corp Bhd, operating under Tropicana Ivory Sdn Bhd. The development promised to transform the Penang skyline with residential, commercial, and mixed-use components. However, technical delays pushed reclamation works to 2017, and the project faltered due to financial woes and changes in ownership.

By 2018, both Tropicana and Ivory exited the venture, selling their stakes to Hemat Tuah. The latter’s ties to MBI, led by Tedy Teow, further complicated matters. MBI’s pyramid scheme led to its collapse, leaving investors stranded and casting a shadow over PWC’s future.

However, recent developments signal a fresh start. Activity has been observed at the project site, including the sales gallery, while signboards list China Communications Construction Company as the contractor and Mutiara Metropolis Sdn Bhd as the developer. Mutiara Metropolis, formerly Tropicana Ivory, plans to launch 326 serviced apartments and 20 commercial shop offices across from the reclamation site.

Local agents are optimistic about the renewed efforts. “The location is highly strategic, being close to the Penang Bridge and Queensbay Mall. This project will uplift the surrounding areas,” one agent told The Edge Malaysia.

If successful, PWC’s revival could catalyze further growth in the vicinity, complementing projects like Ideal Property’s Queens Waterfront and Asia Green Group’s QuayWest Residence and The Zen. Asia Green also has plans to launch The Pier, featuring 934 serviced apartments and 64 commercial units.

As the new developer finalizes its plans, with a launch expected next year, the focus shifts to reclaiming PWC’s vision of a world-class urban hub. While challenges remain, the emergence of a white knight offers hope for completing one of Penang’s most anticipated developments.

Source: The Edge Malaysia