It was recently announced that the master plan for the RM3 billion Straits City in Penang, which will be the showpiece development of Singapore Exchange-listed The Straits Trading Co Ltd and Malaysia Smelting Corp Bhd (MSC), will be made public.
In the heart of Butterworth’s thriving beachfront central business district is where you’ll find the 16.19-hectare (ha) mixed-use complex known as Straits City. Components for living, shopping, going out to eat, and doing business are all present.
MSC group chief executive officer (CEO) Datuk Patrick Yong stated that the firm owned around 5.58 hectares (ha) of land inside the development area, which is the location of the company’s former tin smelting factory.
It takes time especially since of Covid-19, we ended up losing two years…we are doing the cleaning up, he said at a press conference yesterday after the pairing celebration of the Straits City development. “We are in the process of transferring and it takes time,” he said. “We lost two years because of Covid-19.”
MSC is the third-largest comprehensive tin producer in the world, and Straits Trading owns a share in the company equal to 52 percent.
Yong claims that the smelter is getting closer and closer to closing its doors for good.
According to Eric Teng, CEO of Straits Developments Pte Ltd., the completion of construction on Straits City, which plans to serve as a model for intelligent and environmentally responsible integrated development in Penang, is set for the year 2038.
“As it stands in with us planning, the variables we are looking at is somewhere around RM3 billion in terms of a gross development value (GDV), but we are in the process of evaluating it, especially just after 2 years of Movement Control Order,” he said. “As it stands in our making plans, the criteria we are searching at is around RM3 billion throughout aspects of the gross development value.”
The very first phase of a construction will consist of a hotel that has four stars and 23 stories, as well as 3,885.48 sq metres of retail space that may be rented out. It is anticipated that the GDV for first phase will be in the amount of RM250 million.
According to Teng, the hotel will include 343 rooms in addition to a retail platform and facilities for holding meetings, incentives, conferences, and exhibitions.
According to Teng, the first phase of the properties would start taking guests in the 3rd quarter of 2023.
According to him, the hotel owner will be decided upon with the end of the third quarter of next year.
According to him, the competition has been narrowed down to a select group of major worldwide hotel operators.
According to Teng, once the first phase of work is over, the subsequent phases of the project, which will include the construction of commercial, business, and residential structures, will get underway.
In addition to this, he stated that innovative technology would be implemented in order to enhance the standard of living in Straits City. Some examples of this innovative technology include artificial intelligence-based security systems & Internet of Things solutions.
Straits City will incorporate environmentally friendly features, such as footbridges, walkways, & cycling lanes, to connect the many parcels that make up the development. This will help reduce the need for automobiles and increase the number of people who walk.
Next to the neighbourhood of Taman Selat, which Straits Trading established in the 1980s, is where you’ll find Straits City.
It is a timely development, right on the heels of Malaysia’s lofty ambitions for the Greater Butterworth region, which includes Butterworth and Seberang Perai.
According to the plan developed by the State Government for Vision 2030, the population of Butterworth is forecast to reach 1.2 million by the year 2030, which will account for 55% of the overall population of the state.