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Monday, November 19, 2007

State to soar higher with projects

PENANG: The proposed Penang Global City Centre and Seri Tanjung Pinang projects will enhance Penang's city status, according to an economic analyst.

UOB KayHian analyst Yee Nei Hui said Penang had the potential to soar to greater heights with such high-impact projects.

“With high-impact projects and vast potential under the Northern Corridor Economic Region (NCER) project, the state is poised to move to another level,” Yee said when presenting a paper on Penang high on the foreign fund managers' radar during the “NCER: Unleashing Penang's Potentials” seminar at the E & O Hotel here yesterday.

Yee said the seafront Seri Tanjung Pinang project in Tanjung Tokong that is being developed by E & O Property Development Bhd has proven to be a catalyst for development in the state.

Unlike the southern economic corridor initiative, Iskandar Development Region (IDR), which started from ground zero, NCER has a stronger base, the analyst noted.

The high-impact projects would attract more investors from Kuala Lumpur in view of the strong demand for residential projects in Penang.

“The price of houses will go up further, giving market players more room,” she said.

By The Star

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