A FINANCIAL centre, resort, serviced apartments and hotels are among development plans for Pulau Jerejak, which will be linked to Penang island by a RM500mil bridge.
Bayan Baru MP Sim Tze Tzin said the project on a 32ha site by developer Tropical Island Resort was intended as an ecosystem attracting investment players to support Penang’s technology and semiconductor industries.
Sim told reporters in Sungai Nibong that the proposed financial centre could complement nearby Bayan Lepas industrial area by bringing investors closer to engineers and young entrepreneurs.
“Penang needs venture capitalists, private equity funds, bankers and technology investors to set up offices in one location so that they can interact with technology companies and potentially channel funding into new ventures.
“We have about 20,000 integrated circuit design engineers.
“Many are now working for salaries because they do not have funders to help them start their own companies.
“Investors can set up offices anywhere, but we want them to be together,” he said, likening the concept to the clustering of financial and technology companies in Silicon Valley in the US.
Sim, who lived in Silicon Valley for six years, believed a similar ecosystem could help Penang’s technology sector grow.
“The industrial area will have a lot of engineers and young entrepreneurs.
“They must create that kind of symbiosis. They must be able to meet each other every day, talk to each other and exchange new ideas.”
Sim said the development would also be subject to restrictions on building height and density.
He said construction of the 1km elevated bridge, with two lanes in each direction as well as pedestrian and cycling lanes, would kick off with road widening works next month.
Works will involve widening Persiaran Bayan Indah near Queens Waterfront, and building a connecting road from the Tun Dr Lim Chong Eu Expressway to the bridge.
“Construction will take three years, with completion expected by March 2029.”
The bridge will connect the area beside Jambatan Harapan near Queensbay Mall to Pulau Jerejak, providing direct road access to the island which currently relies on boat services.
Sim said he had urged the developer to make the bridge an iconic structure.
“They have accepted my ideas and will hire one local and two international architects to design it.”
He said the bridge would improve access to Pulau Jerejak, making the island a more attractive destination for tourists.
Sim said the state government had requested the developer restore several heritage sites on the island.
He stressed that as 85% of Pulau Jerejak was gazetted as forest reserve, those would remain untouched.
Pulau Jerejak, which encompasses about 360ha, has a long history as a quarantine and medical site and later as a detention centre.
