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| PGCC Boost For Penang |
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| PENANG: Three decades after being dubbed the “silicon island”, Penang is set to move on to the world stage as a global city centre. |
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| The RM25bil Penang Global City Centre (PGCC) masterplan, covering 104ha at site of the Penang Turf Club, was unveiled yesterday by Datuk Seri Abdullah Ahmad Badawi. |
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| The project will comprise, among others, hotels, condominiums, commercial centres and a central park. |
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| The Prime Minister, a Penang boy, said this would be a “meaningful” project to the state and country. |
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| “As Prime Minister, I know that it will contribute significantly to the national economy,” Abdullah said. |
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| “While Kuala Lumpur has its KLCC (Kuala Lumpur City Centre), Penang will have its very own PGCC. Both make me proud. |
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| “PGCC is a high-impact project to complement the Northern Corridor Economic Region. I know Penang will do well,” he said when unveiling the masterplan at a hotel here. |
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| Also present were Chief Minister Tan Sri Dr Koh Tsu Koon, Equine Capital executive chairman Datuk Patrick Lim and Abad Naluri chairman Datuk Seri Kamal Hashim. |
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| Abad Naluri, an associate company of Equine Capital Bhd, will undertake the project. |
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| Abdullah, who is the Finance Minister, said PGCC would offer excellent facilities to foreign investors and an alternative avenue for them to set up offshore offices beyond the Klang Valley. |
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| “This project will make the northern region viable for economic development. I hope this project will be implemented as soon as possible after getting the necessary approvals from the relevant authorities,'' he added. |
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| Abdullah thanked the Penang Turf Club for allowing the development of PGCC. |
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| “If it is not for them, this will not happen,” he remarked. |
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| Abad Naluri bought the land for RM488mil in 2002 when the Penang Turf Club committee felt that the existing facility could no longer cope with the demands of modern-day racing. |
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