Bayan Bay is now QUEENSBAY

[aen]

CP: Revived mall to bring in RM42mil sales

CP Group, which has spent RM200mil to take over and rescue the abandoned Bayan Bay MegalWorld Mall in Bayan Lepas, Penang, expects the redeveloped project to bring in revenue of RM42mil in mixed rental in the first year of its operations.

The new shopping mall, named Queensbay Mall, is expected to attract some 15 million visitors a year, executive chairman Tan Chew Piau said.

Construction work on the mall started on July 1 and was ahead of schedule, he said.

''According to the rescue scheme (set by Penang Development Corp, which will slowly phase out its 30% stake over the next five years), we are obligated to complete the mall by July 2007.

''However, we plan to complete it by the end of next year and we will,'' Tan said at the mall's launch in Petaling Jaya yesterday.

The mall will have Jusco stores as its main anchor tenant and 15 junior anchor tenants. International brands like Dorothy Perkins, Guess and Top Shop have signed up as tenants.

Penang Chief Minister Tan Sri Dr Koh Tsu Koon, who officiated at the launch, said the mall could be accessed through the second Penang Bridge that linked the island to the mainland.

[TYW]

Queensbay waterfront project ready in 7 years

The RM1.5 billion Queensbay waterfront project in Penang, undertaken by the CP group, will be fully completed in seven years. The revived project, formerly known as Bayan Bay, has been abandoned since 1997 as a result of the Asian financial crisis.


Since taking over the 73-acre project in July 2003, the CP group has renamed it Queensbay to reflect its importance as a premium development project in Penang.


By the end of next year, the first significant part of the project, the Queensbay Mall, will be ready for shoppers in Penang as well as those in the northern region.


It will have Jusco as it main tenant as well as several other established junior tenants. Jusco signed an agreement with CP group yesterday to occupy 255,000 sq feet of the RM200 million mall.




Tan Chew Piau, chairman of CP group, said the group expects to achieve a revenue of RM42 million in mixed rentals during the first year of the mall’s operations.


Tan said the group has received an encouraging response for the other properties to be built at Queensbay. These include shop offices, bungalows, semi-detached houses, seafront villas, corporate suites and condominiums.


Currently, the CP Group owns 70 percent of the Queensbay project, while the Penang Development Corporation (PDC) owns the remaining 30 percent. Under a restructuring scheme, PDC will relinquish its 30 percent stake in Queensbay within the next five years.




The CP group also owns and operates the Eastin Hotel and CP Tower, both located in Petaling Jaya.

[TYW]

Queensbay Mall: Penang's future retail icon
Sujartha Kumarasamy



PETALING JAYA: Penangites will soon have a new place to shop once the Queensbay Mall opens its doors in December 2006. A revived project by CP Mall Sdn Bhd, Queensbay Mall was unveiled during a signing ceremony between CP Group chairman Tan Chew Piau and Aeon Co (M) Bhd managing director Nagahisa Oyama. Oyama was representing the Jusco group, which will be the anchor tenant at the mall.

"The Queensbay Mall is set to become the pearl in the Pearl of the Orient," said Penang Chief Minister Tan Sri Dr Koh Tsu Koon, who was guest of honour at the unveiling.

The 9-storey mall will have a built-up of 2.5 million sq ft and 500 retail lots, with pedestrian skybridges linking it to the surrounding buildings. Jusco will take up 255,000 sq ft of space on a lease that spans 25 years, joined by 15 other junior tenants.

The mall will also feature international retailers such as Guess, La Senza, Raoul, Dorothy Perkins and Topshop. Apart from some retail lots that were previously sold, lots in Queensbay will be leased from RM4 to RM25 psf. "We're looking at RM42 million in rental income per annum," said June Yeo, executive director of CP Group.

Queensbay Mall will open with 60% occupancy and this is expected to rise to 90% by March 2007. The developers are targeting foot traffic of 15 million visitors in a year.

The RM200 million mall will replace the Bayan World Megamall, which was a feature under the Bayan Bay project. The development, helmed by Bayan Bay Development Sdn Bhd in a joint venture with the Penang Development Corp, stalled in 1998 as a casualty of the Asian financial crisis. CP Group signed an agreement with Bayan Bay Development to take over the project in 2003.



"We committed to this project for three important reasons. Firstly, because of its strategic location. Secondly, our sense that Penang is ready for a top-quality lifestyle development, and thirdly, our strong confidence in the long-term economic prospects of Penang," said CP Group's Tan.

The shopping centre was already 60% complete before CP Group revived the project in July. "According to the rescue scheme, we are obligated to complete the mall by July 2007. However, we plan to complete the mall by the end of next year," said Tan.

Koh said that this stipulation for the mall project to be prioritised was made in consideration of the 200 investors who purchased units in the mall. "We feel they should be given due consideration," he added.

The moniker Queensbay, explained Tan, was chosen because of its feminine element. A feng shui adviser informed them that the Queensbay location would be led by female spending power for the next two decades. "I would say Penang ladies are very lucky," Tan quipped.

The overall development cost for the 73-acre Queensbay mixed-development township is expected to be RM1.5 billion. This will be completed within seven years with 60% of the land set aside for commercial development, since it is strategically located in the Bayan Lepas area, which is part of the multimedia super corridor. The freehold mixed-development project is accessible via major roads like the Bayan Lepas and Jelutong Expressways. A second bridge to be built in the southeastern part of the island means that Queensbay would be sandwiched by two bridges that link the island to the mainland.

Once the mall is completed, the developers will concentrate on building a 4-star hotel that will feature close to 400 rooms. Phase 1 of the Queensbay project will include 3-storey shopoffices (Bay Avenue), 3-storey seafront and garden villas (Bay Villas) and two blocks of 1-storey corporate suites (Bay Suites). It will also include 160 units of medium-high cost condominiums (Bay Star), with a tentative price of RM250 psf onwards.

It is understood that plans for a yacht club that was a feature in the earlier Bayan Bay project has been shelved.

The CP Group began in 1972, with interests in construction, telecommunications and hospitality. Its portfolio includes Eastin Hotel and development projects such as Suria Semenyih, Taman Bukit Serdang and Kota Villas.

[TYW]

The mall will also feature international retailers such as Guess, La Senza, Raoul, Dorothy Perkins and Topshop. Apart from some retail lots that were previously sold, lots in Queensbay will be leased from RM4 to RM25 psf. "We're looking at RM42 million in rental income per annum," said June Yeo, executive director of CP Group.

meaning the 8 screen TGV will still be there?? cool!

BTW, is JUSCO from Japan??

[SEED]

very cool updates! that whole thing is just..

The moniker Queensbay, explained Tan, was chosen because of its feminine element. A feng shui adviser informed them that the Queensbay location would be led by female spending power for the next two decades. "I would say Penang ladies are very lucky," Tan quipped.

now i understand why they rename it to 'QUEENS'bay

[szehoong]

Originally Posted by TYW

meaning the 8 screen TGV will still be there?? cool!

BTW, is JUSCO from Japan??

Yes....Jusco is from Japan. Where they got say TGV?

[szehoong]

Originally Posted by TYW

Queensbay Mall

Anyone interested have to call KL numbers......very weird

[aen]

...."female spending power" ..huh....kindda scary ...hahaha

[aen]

tgv was indeed one of the proposed tennants when the mall was still bayan bay. not sure if they'll still be interested to set up their cineplex there.

jusco in japan is more like convenience stores - they are everywhere, just like 7-11.

[TYW]

Originally Posted by szehoong

Yes....Jusco is from Japan. Where they got say TGV?

retail lots that were previously sold

i remembered there was a TGV when it was still called Bayan World Megamall. so, they might still be there i think

[globocentric]

the good news is that the mall will take the mainland traffic away from streets of Georgetown especially Gurney Drive as Gurney Plaza is the most visited mall by visitors from Butterworth and Kedah and the roads in that area just cannot accomodate their traffic whereas the coastal highway should have enough room to accodomate the extra traffic although i cant rule out any form of congestion

[Pablo]

Originally Posted by TYW

i remembered there was a TGV when it was still called Bayan World Megamall. so, they might still be there i think

Wah u comprehended the text so ''deep''

[TYW]

Originally Posted by Pablo

Wah u comprehended the text so ''deep''

ha ha...i just happened to think about it

[TYW]

latest pics of Queensbay Mall

[TYW]

another pic

[TYW]

the shop offices that were completed before Bayan Bay was abandoned

[Pablo]

My turn

[Pablo]

[TYW]

Originally Posted by Pablo

My turn

i love this angle, it looks so long!
i was trying to get this angle, but my pics turned out blurry.

[Pablo]

Originally Posted by TYW

i love this angle, it looks so long!
i was trying to get this angle, but my pics turned out blurry.

Great, both of us take different angle