GEORGE TOWN (Dec 21, 2009): The Penang government will consider fast-tracking the development of a heritage hotel project here, valued at about RM100 million, in which the Penang Development Corporation (PDC) now holds a 50% stake.

Chief Minister Lim Guan Eng (2nd left) and Deputy Chief Minister (II) Mansor Othman (2nd right) witness the exchange of agreements for the development of a heritage hotel in George Town between YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian (left) and PDC general manager Datuk Rosli Jaafar (right).

Chief Minister Lim Guan Eng today stressed that that while the project’s approval would have to abide by all required procedures, the state would consider expediting the development in order to help "brighten" and add glamour to George Town’s heritage landscape.

Lim, who is also PDC chairman, said the corporation’s subsidiary PDC Heritage Hotel Sdn Bhd (PHH), would be developing 76 luxury condominium units in three blocks that would also house a clubhouse and a restaurant on the 1.4ha site.

The project would abide by Unesco height restrictions by having five storeys and one more in basement level.

He said this before witnessing the signing of a supplemental agreement and a re-stated joint venture agreement for the development by the PDC and YTL Land & Development Bhd, at the PDC.

Also present were deputy chief minister (I) Mansor Othman, YTL Land executive director Datuk Yeoh Seok Kian and PDC general manager Datuk Rosli Jaafar.

The supplemental agreement allows PDC to increase its stake in PHH from 49% to 50%.

On another matter, Lim said there was no need to make the Penang International Convention Centre (PICC), scheduled for completion by end of next year, bigger than what it is currently planned for.

Later, at a Christmas and New Year celebration in the PDC, Lim also announced that all non-management staff in PDC would be entitled to a year-end incentive payment of RM1,000 each.

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