THE 28 food operators and five retailers of New World Park in George Town will get to extend their tenancy agreement with PPB Group Bhd.
PPB (Property Division) chief operating officer Chew Hwei Yeow said the lease expiring in April would be renewed.
“We have yet to finalise the period of extension,” he said.
It is learnt that the group is proposing a mixed-development scheme at the site in Swatow Lane, George Town, which, according to sources, would include a 20-storey hotel-cum-serviced suites and a food and beverage facility to accommodate the current food operators.
Chew said the group is still in talks with authorities to understand what could be developed at the five-acre site.
“Presently, the plot ratio given for the area is five times, which means on an acre land one could develop over 200,000sq ft.
“This is sufficient for the mixed-development project being proposed,” he told a press conference after a charity luncheon hosted by PPB Group at the New World Park on Thursday.
Also present was state executive councillor Chow Kon Yeow who presented angpows to 40 senior citizens of Penang Home for the Infirm and Aged.
PPB Group Bhd, a company with links to Tan Sri Robert Kuok, owns and manages the New World Park at Swatow Lane.
The venue was the entertainment spot in George Town from late 1930 to mid 1960.