The property development- based company, whose "Queensbay Penang" project in Bayan Lepas is being marketed as Penang's next "central business district", is also planning a RM150 million five-star hotel at the same location. The RM100 million three-star hotel, which is yet to be named, will boast 380 rooms and is due to open by the end of 2008. "We hope to begin work by the second half of this year," CP Land Sdn Bhd chief executive officer Tony Lim told reporters at the project site in Penang. He said the five-star hotel at "Queensbay" will boast 400 rooms and its completion was targeted for 2011. "It is likely that this will be an Eastin Hotel," he added. Since 1993, the CP Group of companies has completed various projects, including the CP Tower, Eastin Hotel in Petaling Jaya, along with residential properties such as Kota Villa, Taman Bukit Serdang and Semenyih Impian. Following the construction of the RM300 million "Queensbay Mall", Lim yesterday announced that CP Land is now set to introduce two waterfront projects with a gross development value of RM200 million. The company's landbank at Queensbay totals 29.6ha, and so far, only half the area has been developed. Lim said the whole area is expected to be fully developed in eight to 10 years. The RM100 million "BayStar Condominium" project will sit on a 1.44ha land and comprise two blocks of 11-storey upmarket condominiums priced from RM450,000 to RM1.2 million. Meanwhile, the RM100 million "BayCapital" project will comprise a 13-storey office tower-cum-retail podium. "BayCapital's location in the designated Multimedia Super Corridor Cyber City of Penang will serve as a plus for MSC-status companies," Lim added. He also said 80 waterfront villas called "Bay Villas" will be launched by the third quarter of this year. Priced from RM2 million and above, owners of these properties will also have access to yacht berthing facilities. Lim said the area will also boast a jetty and a 'Fisherman's Wharf' like those found in Sydney and San Francisco.
Source : Hotels
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