CP Land expanding Queensbay Mall

CP Land expanding Queensbay Mall
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By DAVID TAN

CP Land is expanding the Queensbay Mall, which had attracted various potential buyers. However, CP group executive chairman Tan Chew Piau said nothing had materialised so far.

He said CP Land was undertaking an expansion exercise to add 400,000sq ft of lettable floor area in view of the growing demand for retail space.

“CP Group views Queensbay Mall, which is 95% occupied, as a long term investment,” he said, adding that there were approaches by the Emplyees’ Provident Fund (EPF) and other investors but nothing had materialised.

He was responding to a report that Queensbay Mall had been sold to EPF for about RM400mil.

CP Land will launch the sales of 130 units of corporate suites, known as BayCapital next month. The BayCapital office block is one of the MSC compliant buildings next to Queensbay Mall, which is along the Penang Cyber City corridor.

Tan said CP Land would also develop a two-storey 10,000 sq ft purpose-built glazed showroom (part of BayCapital) later this year.

“The showroom is suitable for banks and high-end automobile showrooms,” he said.

Tan added that about 65% of the 160 units of BayStar exclusive condominiums, had been sold prior to the official launch.

CP Land will introduce the BayVillas, comprising 80 units of individual landed homes, fronting the sea next year.

“We have commenced construction of the Citro Hotel, scheduled for opening at the end of 2008. The Eastin Group will manage it. We are introducing another hotel, called Eastin Penang, next year,” he said.

Tan said CP Land was now collaborating with Japanese property consultants to turn the gated and guarded residential properties within the Queensbay project as second homes for Japanese.

“They are attracted to the project because of its proximity to Queensbay Mall, medical centres, Pulau Jerejak, which has been earmarked for eco-tourism activities, the Penang International Airport, and Penang Bridge,” he said.

Tan said in the pipeline for the Queensbay project, CP Land would develop a specialist medical centre to attract medical tourism, and a fisherman’s wharf, similar to the one in Darling Harbour in Sydney.

“We will also develop jetties and marina-related activities at the wharf,” he said.

Tan said Queensbay , with an estimated gross development value of more than RM2bil, was being transformed into a major landmark for integrated tourist activities.

“The entire project is surrounded by essential amenities such as local universities and colleges, shopping malls, hypermarkets, nearby housing estates, and future eco-tourism projects,” he said.