Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, February 18, 2008

Penang agency to build RM100m office tower

PENANG Development Corp (PDC), the state's development arm, plans to build a RM100 million office tower in Bayan Mutiara on the island, which is set to be its flagship commercial building.

It is also in talks with Citigroup to make the US bank the anchor tenant of the 16-storey building. PDC is also wooing other Fortune 500 companies to open their offices there.

"PDC has made its presentations and submitted proposals to Citigroup, and the latter is said to be deliberating the matter at its head office in the US.

"The corporation is also eyeing other top global names to invest there," an industry source said.

Bayan Mutiara is an integrated project on 40ha of seafront land.

It is also located within the Penang Multimedia Super Corridor Cybercity.

The project will comprise high-end and affordable homes, schools, mosque and government administrative complex, including the state legislative assembly building.

The project will encompass four precincts. The state administrative complex will also house elected representatives' offices and the office of the Chief Minister.

Sources said the new office complex will take up 1.2ha. PDC intends to build and then rent the offices to software companies and other international firms.

Last June, PDC sold 0.82ha to the Inland Revenue Board to build a 16-storey corporate tower.

The Marine Police Department has bought 4ha.

The corporation, through its property arm PDC Properties Sdn Bhd, has started building landed residential properties and selling them.

It will launch its condominium project soon.

By New Straits Times (by Marina Emmanuel)

No comments: