1 July 2010 | By: Mohamed Hairul Borhan

Penang’s Chief Minister Lim Guan Eng has invited Singapore and international investors to help build and develop some of the island’s landmarks projects and historical sites.

Among the projects include the high-end integrated development in Bayan Mutiara. The 24 hectare site will comprise prestigious offices, specialist medical facilities, commercial blocks, residential enclaves, retail and public spaces.

Another project is the construction of the 70,000 square metres Penang International Convention Centre (PICC) in Bayan Baru, and the upgrading of the existing Penang International Sports Arena (PISA) and Aquatic Centre nearby.

The Penang state government also would like investors to help restore and refurbish the iconic British Fort Cornwallis at the Esplanade and the Crag Hotel on Penang Hill and convert them into prestigious tourist attractions.

Speaking at a press conference at the sidelines of the ongoing World Cities Summit at the Singapore International Convention and Exhibition Centre, Mr Lim also called for proposals to build and operate a gold and jewellery bazaar on a strip of 0.4 hectare land near Komtar in an attempt to revitalise the area. He aims to promote the city as a regional gold and jewellery centre.

Mr Lim said that the decision was made to promote such projects in Singapore as he believed Singapore investors can offer quality proposals that are of international standard, and that local investors would be quite familiar with Penang as both shared a similar social and cultural background.

According to Wan Zailena Noordin, managing director for PDC Properties Sdn Bhd, the company which is coordinating the projects, only companies with a minimum paid-up capital of between MYR100,000 (S$43,181*) to MYR50 million are allowed to participate in the respective projects.

*Exchange rate correct as of 1 July 2010