Seeking investors for Penang Bay

  • Metro News
  • Wednesday, 12 Feb 2020

Jagdeep explaining about the proposed Penang Bay project at the press conference in Komtar. With him is MBSP mayor Datuk Rozali Mohamud.

PENANG is seeking interested parties to invest in its Penang Bay project at the 10th World Urban Forum (WUF10) which is being held in Abu Dhabi until tomorrow.

State local government committee chairman Jagdeep Singh Deo said he was leading a Penang delegation to present the project at the forum.

“The aim of the delegation is to secure investors who are interested in the Penang Bay project, ” he said at a press conference in Komtar held a few days before the forum.

“Penang Bay is an ambitious long-term vision for the waterfronts of Butterworth and George Town.”

The project is a partnership between the Penang government and Think City and developed by the George Town Conservation and Development Corporation to create a city core between Butterworth on the mainland and George Town on the island.

Jagdeep said the Penang Bay project would incorporate Gurney Wharf, light rail connectivity, Jelutong landfill, the George Town north and east seafront projects plus waterfront development in Butterworth.

He said the project would deliver significant new opportunities for Penangites via publicly accessible waterfront promenades plus retail, education, lifestyle and transport amenities.

“The project will be accelerated by two new components which are the George Town central business district (CBD) and Butterworth.

“The George Town CBD will be the creative and technology precinct which will integrate the east and north seafronts projects.

“It will be connected to Gurney Wharf via a new coastal walkway and to Butterworth via a high-speed ferry, ” he said.

Jagdeep also said that an innovation hub was being planned around Penang Sentral in Butterworth and there would be port facilities that incorporate vertical factories for industries of the future with 5G wireless technology.

“The hub will also have education and recreation components plus ferry and rail connections, ” he said.

The Penang Bay project was selected from over 100 projects around the world for the WUF10 Cities Investment Platform.

Jagdeep said it was among nine projects shortlisted to be showcased to a distinguished global investor panel that included leading financing organisations and urban technology players.

“During WUF10, we will also be launching the Penang Bay Ideas Competition to seek ideas from architecture and planning professionals from all over the world.

“A six-member jury will select the top three winners and three additional honourable mentions, ” he said, adding that the results would be available for public viewing in the middle of this year.

Meanwhile, at the same press conference, Think City programme director Matt Benson said the delegation would not only be looking for funds for the project but also smart investors who could contribute creative ideas.

“We are also looking for pre- feasibility funding from interested investors, ” he said.

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