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More projects planned by CP Group at Queensbay site



(from left) Tan, Abdul Rahman, Lim and Yeo at the official opening of the Eastin Hotel Penang


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

CP Group executive director Datin Jane Yeo said these projects would be located on 35 acres out of the 75 acres yet to be developed at the site. She said this at a press conference after the official opening of the Eastin Hotel Penang.

"These projects will be the cream of our development in Queensbay.

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

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

She added that CP Group was also looking at expanding the Eastin Hotel brand in the country and abroad, either on its own or with other parties. With an investment of RM130 million, Eastin Hotel Penang is the first extension for 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 CP Group in 2004.

The hotel has been enjoying an occupancy rate of 78% since it was opened to the public in November.

CP Group executive chairman Datuk Tan Chew Piau said despite facing uncertainties during the 2008 financial crisis, CP Group carried on and speeded up construction instead of slowing down like other industry players.

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

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

"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.
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