THE Penang Port Commision (PPC) has signed a lease agreement with MPDT Capital Bhd for the company to redevelop the port's three old warehouses and part of Tanjung City Marina within the next two years.
The agreement will allow MPDT Capital to invest RM120mil to develop Warehouse 5, 7 and 8 and a portion of land between Weld Quay to the Swettenham Pier Cruise Terminal (SPCT).
PPC chairman Datuk Tan Teik Cheng said the company was selected from among several eligible ones through a request for proposal which was opened from Nov 16 to March 15.
"Proposals were received from several companies and after evaluation, we approved MPDT Capital Berhad based on a 30-year lease with an option for a 15-year extension... (and) after considering its credibility and experience in implementing local and international projects," he said on Friday (Aug 6).
The project, dubbed "MPDT 1880 Heritage Reborn", will feature several attractions housed in a 24,956sq m area.
Among them is a food and beverage area with an "eat by the sea" concept, a research and development laboratory, photography studio, event studio and co-working space, electric car showroom, multipurpose e-sports arena, various restaurants including an open food court, fast food restaurants, as well as an array of sports, recreational and entertainment facilities.
"The project is expected to take between 18 and 24 months to be completed," Tan said in a statement after the signing of the agreement, which was witnessed by Transport Minister Datuk Seri Dr Wee Ka Siong.
The redevelopment is part of the Eastern Seafront Development project.
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