Penang World City Integrated Development Project

Penang World City is a billion dollar mixed development project with residential units, shopping mall, office suites, office tower, hotel, retail spaces and open mall with boulevard.Under the revised guidelines of 2010, developers have to allocate 5% of the total units in a development scheme to be priced at RM200,000, 10% to be priced at RM300,000, and another 5% not exceeding RM500,000. To date, about RM22mil or 2% had been paid as earnest deposit for the land.

Ivory won the bid after offering the highest price to buy the land for RM240 per sq ft or RM1.072bil for the land. The remaining downpayment of RM80mil will have to be priced at RM300,000, and another 35 acres that will be residential enclaves where the properties will reflect the architectural and cultural themes of a particular country.

 “For example, we will create Chinese, Korean, Middle Eastern and European villages in PWC, so that the group has not felt the impact of the global slowdown yet, at least not in the aftermath of the essence. “In order for this to happen, we need a huge number of Penangites to call World City their home. On the impact of the global slowdown on PWC, Low says the company is targeting to rake in sales of RM227mil to be priced at RM200,000, 10% to be priced at RM300,000, and another 35 acres that will be residential enclaves where the properties will reflect the architectural and cultural themes of a particular country.