Mixed development plan for New World Park

Property News/ 19 February 2016 Leave a comment

new-world-parkPPB Group Bhd will submit plans before mid-2016 to redevelop the New World Park, a landmark heritage site in Penang, into a mixed development project.

PPB (property division) chief operating officer Chew Hwei Yeow said the group was still talking to the authorities to understand what was allowed and not allowed to be developed at the five-acre site.

PPB Group Bhd, a company with links to Robert Kuok, owns and manages the New World Park.

It is learnt that the group is proposing a mixed development scheme at the site in Swatow Lane, George Town, which, according to sources, would include a 20-storey hotel-cum-serviced suites and a food and beverage facility to accommodate the current food operators.

Chew said the gross development value of the project had yet to be worked out.

There is no need for the group to apply to the authorities to rezone the site for the mixed development project, according to Chew.

“Presently, the plot ratio given for the area is five times, which means on a acre land one could develop over 200,000 sq ft.

“This is sufficient for the mixed development project being proposed,” he said.

He spoke at a press conference held after a charity luncheon hosted by PPB Group at the New World Park.

Also present was state executive councillor Chow Kon Yeow.

Chew said in the meantime, the tenancy lease with the 28 food operators and five retailers would be extended when it expired at the end of April.

“The exact period of the new tenancy lease has yet to be finalised,” he said.

Officially launched on Jan 18 2008, the park known to locals as Sin Sei Kai, was the entertainment spot in George Town from the late 1930s to the 1960s.

Source: TheStar.com.my

  1. Kenneth Oh
    February 19th, 2016 at 18:25 | #1

    My two cents .. perhaps more to PPB’s planners. Hope this would not be just merely a development of swanky hotel, serviced units and eateries alone … but one that captures the essence and sense of place of the old Sin Sei Kai which was the entertainment magnet and hub. People in Penang flocked here for entertainment of the day viz, old movie reruns, opera performances, pop culture & variety shows, annual trade fair, boxing competitions, launching of new remote car racing games, why… even a hot-air balloon moored outside the Lido Cinema when Around The World In 80 Days was screened. And of course, food.
    Can the new Sin Sei Kai retain its hold for Penangites and visitors alike to enjoy today’s brand of entertainment, hobbies and pastimes as it did in the past? And still echo its shine as a heritage landmark… otherwise, call it another name.

  1. No trackbacks yet.
(You can also Login/Register to submit your comment using unique ID)

Comment Guidelines
  • Avoid political discussion.
  • Comments with inappropriate wordings or personal attack may be moderated or deleted.
  • Developer must register before comment. All anonymous comments claimed to be from developer without registration will be deleted.
  • All advertisement in the comment will be deleted. Please contact us for advertising details.

To advertise your property in this page under "Related Properties for Sale/Rent":
 1. Submit your property at PenangPropertySale.com, it's FREE!
 (Please do not advertise your property in the comment)