PENANG: Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd, is investing approximately RM40mil into the development of a 40ha Metropolitan Park in the 104ha Penang Global City Centre (PGCC) development.
Equine Capital holds a 25% stake in Abad Naluri, the developer of the RM25bil PGCC which is located at the present Penang Turf Club site.
The state government had recently approved the conversion of the 104ha PGCC land for mixed-development use.
The PGCC, patterned after the Kuala Lumpur Convention Centre, will feature two five-star hotels, a performing arts centre, high-end retail outlets, two iconic towers, residential properties and a world-class meeting and convention centre.
Equine Capital executive chairman Datuk Patrick Lim said in an earlier interview that the Metropolitan Park would be linked to the Youth Park and Botanical Garden.
“The state government will acquire some additional land to link the Metropolitan Park with the Youth Park and Botanical Garden to form one contiguous park,” he said.
“In the Metropolitan Park, we plan to put in place public recreational facilities, water features, garden pavilions and amphitheatres.
“To maintain PGCC as a carbon-free city, there will be facilities built to reduce carbon monoxide. Solar lighting will be used at night.
“With such environmentally friendly technology, the carbon footprint of our park will be minimised, all of which will contribute to our quest to build one of the first zero-carbon developments in the region,” he said.
Lim said that the development of PGCC would create some 5,000 construction jobs.
“Once completed, PGCC will potentially employ about 37,000 workers, required by corporate offices, the medical services, the retail sector, and the hotel and MICE (Meeting Incentives Convention Exhibition) industries,” he said.
According to Raine & Horne (Penang) senior partner Michael Geh, the Metropolitan Park would boost the PGCC’s land value beyond “the current peak net value of RM250 per sq ft (psf) of net for commercial development land.”
Penang’s current (peak) prices are only a quarter of those of the current prime commercial redevelopment land prices in Kuala Lumpur’s golden triangle and near the Kuala Lumpur city centre, which are over RM1,000 psf.