BUTTERWORTH (May 18): Singapore Exchange-listed The Straits Trading Company Ltd and Malaysia Smelting Corporation Bhd (MSC) have unveiled the master plan of Straits City, a flagship development that aims to be the beacon of smart and sustainable integrated development in Penang.
Straits Developments Pte Ltd chief executive officer Eric Teng said spanning 16.19 hectares on the prime seafront central business district in Butterworth, Straits City would comprise an integrated mix of residential, retail, hotel and commercial components, which is expected to be fully developed by 2038.
“As it stands in our planning, the parameters we are looking at is around RM3 billion in terms of the gross development value (GDV) but we are in the process of reviewing it, especially after the two years of Movement Control Order,” he told a press conference after the topping-out ceremony of the Straits City development here on Tuesday (May 17).
Straits City’s first phase of development will include a 23-storey 4-star hotel with a net lettable retail area of approximately 3,885.48 square metres and a GDV of approximately RM250 million.
Teng said the hotel would comprise 343 rooms, a retail podium and meetings, incentives, conferences and exhibition (MICE) facilities, which is scheduled for opening in the third quarter of 2023.
“The hotel operator will be finalised by the third quarter this year. We have shortlisted a few players and they are all leading international hotel operators,” he said.
He said smart technologies would be utilised to enhance the quality of life at Straits City, which include artificial intelligence-driven security systems and the Internet of Things solutions thus, contributing to a more efficient built environment management, better services for its community and lower energy consumption.
Meanwhile, MSC group chief executive officer Datuk Patrick Yong said the company owned about 5.58 hectares of land in the location of the development, where its old tin smelting plant is located.
“We are in the process of moving and it takes time, especially because of Covid-19, we lost two years. The smelter is still operating but towards the tail end and we are doing the cleaning up,” he added.
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