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Monday, December 21, 2009

YTL, PDC to build luxury apartments

The Penang Development Corporation (PDC) and YTL Land & Development Bhd today signed an agreement to develop luxury apartments on a 1.38-ha land in Lebuh Farquhar, Penang.

Each party would hold 50 per cent equity in the project.

Originally, a hotel was to be built on the site by PDC Heritage Hotel Sdn Bhd, a joint venture between YTL Hotels & Properties Sdn Bhd (a wholly-owned subsidiary of YTL Corporation Bhd) and PDC.

After the hotel project was shelved due to the economic slowdown, PDC Heritage Hotel sought to change the type of development from hotel to luxury apartment.
Subsequently, it applied to change the type of land holding to freehold and the condition of land use to residential and business.

The new project comprises three six-storey 76-unit apartment blocks including an underground basement, a clubhouse and a restaurant.

By Bernama

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