The Star – October 15, 2013
GEORGETOWN: Developer PE Land Sdn Bhd, which owns and operates The Spring shopping mall in Kuching, has won a tender from the Penang Development Corporation (PDC) in an open bid for the Penang Designer Village project.
The ambitious project includes a premium retail shopping outlet and hotel to be built in Batu Kawan within three years.
A purchase and development agreement was signed between PDC, PE Land and CB Richard Ellis (M) Sdn Bhd (CBRE) here recently.
Present during the ceremony were PDC general manager Datuk Rosli Jaafar, PE Land chairman Jason Tai, managing director James Ling and executive director Joanna Ling as well as CBRE managing director Allan Soo and executive chairman Christopher Boyd.
With a gross development value (GDV) of RM1bil, the project will include an outlet shopping mall tenanted by luxury international brands retailing branded items at discounted prices, a 300-room hotel, cafes and food and beverage outlets, a landscaped garden with a children’s playground and residential units.
The shopping mall, hotel and related developments are expected to be completed within 36 months from the date of the purchase and development agreement, while the residential development is expected to take 72 months.
PE Land will own, build and operate the facilities while CBRE Malaysia will act as the principal consultant.
Tai said the project was the company’s first investment in Peninsular Malaysia.
The company had been given three years to complete the construction of the premium outlet, but would try to do it in two years’ time, he said, adding that the project was expected to create about 3,000 job opportunities.
PE Land is the property development arm of PE Holdings under the Pan Sarawak Group, while CBRE is a Fortune 500 and Standard & Poors 500 company with headquarters in Los Angeles, California in the US.
|Mutual benefit: Rosli (left), Tai (third from left) and Soo (third from right) shaking hands on the purchase and development agreement while Lim (second from left) looks on.|