The project will be on a part of the two Penang Island City Council (MBPP) plots in Perak Road that will be used for residential and mixed purposes.
The proposed site is divided into two plots – Lot A (2.53ha) and B (2.55ha).
MBPP city and town planning officer Zulfiqar Badri said the council had leased Lot A for 99 years to Ideal Home Properties Sdn Bhd for a mixed development project.
“Ideal Homes Properties is expected to build a link bridge from Lot A to Lot B, build the new market and settle the compensation to existing traders.
“The project will take place in phases so that the 300 existing traders will not be affected at once,” he said during a press conference after the full council meeting at City Hall on Thursday.
Zulfiqar added that the market would consist of three levels with a car park area on the ground floor.
“The market will be placed on the second floor in case of floods. There will be a community hall on the third floor.
“There will be a drop-off area on the second floor and an open space will be created in front of the community hall on the third floor.
“We plan to rent out the area for activities including roadshows.
“The hawkers at the temporary hawker sites (TPS) nearby will shift into the new market once it is built.
“Those TPS will be demolished to make way for an escalator and stairs to the second floor.
“The existing market will be left vacant and we might convert it to a badminton court,” he said.
The market is expected to be completed by 2022.
Earlier, councillor Gooi Seong Kin tabled a motion to approve the construction of the market.
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