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Tuesday, March 9, 2010

CP Group plans more projects in Penang

GEORGE TOWN: A five-star hotel, a convention centre, a hospital and high-end condominiums are among the projects lined up by the CP Group for its Queensbay site.

CP Group executive director Datin Jane Yeo said these projects would be located on the remaining 35 acres (14ha) of the total 75 acres which has yet to be developed.

"These projects will be the cream of our total development of Queensbay," she told a press conference after the official opening of Eastin Hotel Penang.

"To date, the gross development value (GDV) is more than RM1 billion, including the Eastin Hotel. We will launch Parcel 4 by the end of this year which will be a condominium project with a GDV of RM500 million,"

Yeo said talks were underway with interested parties to set up the hospital while plans for the convention centre were also being finalised.

She added that CP Group was also looking at expanding the Eastin Hotel brand both locally and abroad, either on its own or in collaboration with other parties.

With an investment of RM130 million, Eastin Hotel Penang is the first extension of CP Group's flagship hotel in Petaling Jaya.

The 14-storey four-star business class hotel with 328 rooms is located next to Queensbay Mall, which was part of the white knight package of the abandoned Bayan Bay project by the CP Group in 2004.

Since its opening in November 2009, the hotel has been enjoying 78% occupancy.

CP Group executive chairman Datuk Tan Chew Piau said in his speech that despite facing uncertainties during the 2008 financial crisis, the group carried on and speeded up construction activities instead of slowing down as most industry players had done.

"We finished the hotel in a record time of 15 months," he said at the official opening of the hotel by governor Tun Abdul Rahman Abbas, which was also attended by Chief Minister Lim Guan Eng.

Lim, meanwhile, proposed that a hospitality school be set up in Penang to cater to the demands of new hotels coming up in the state.

"According to statistics from the Tourism Ministry, the hospitality industry in Penang has shown an upward trend the past five years in hotel guests from 4.1 million in 2004 to 6.3 million in 2008, an increase of 53% over the past five years.

"There has also been a significant increase of hotel guests in Penang from the domestic market from 2.1 million in 2004 to 3.4 million in 2008," he said.

By The EDGE Malaysia

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