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Tuesday, October 23, 2007

Penang 'Queens City' draws good response

By New Straits Times

AN INTEGRATED and self-contained township called "Queens City" on the southwest end of Penang island has attracted interests from Malaysian and foreign buyers.

The 6.4ha waterfront development to be undertaken by Kuala Lumpur-based CP Group is to offer retail and food and beverage outlets, fully-furnished serviced residents, office suites and a five-star hotel, its developers say.

It carries a gross development value of RM1 billion and will offer a waterfront promenade and view of the Penang Bridge.

"We are currently in talks several international hotel chains on managing the water-fronting hotel, " CP Land Sdn Bhd chief executive officer Tony Lim told Business Times.

The CP Group, which owns and manages the Eastin Hotel in Kuala Lumpur, is investing in excess of RM100 million for a business-class hotel (also under the Eastin brand) at "Queensbay" which is slated for completion by the end of 2008.

The "Queens City" project forms part of the 30ha "Queensbay" masterplan development.

Lim said the five-star hotel will boost among others a 2,000 person capacity ballroom and the "Queen City" project is expected to commence next year and is slated for completion by 2012.

"The four blocks of office suites are planned to cater for Multimedia Super Corridor-status firms," he added, "and we are currently building a back-up 33kv power substation which will be ready in two years to meet the needs of the MSC-status companies which will be operating from Queensbay".

Meanwhile, Lim also said the CP Group is exploring the Vietnam property market currently.

"Nothing is firmed up as yet, but we are looking into an integrated property project in Hanoi," he added.

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