KUALA LUMPUR, Feb 3 — Ideal United Bintang International Bhd’s wholly-owned sub- subsidiary, Solaris Consortium Sdn Bhd, has signed a memorandum of understanding (MoU) with the Penang Port Commission to build, operate and transfer development of the Swettenham Pier Cruise Terminal.
The project entails the redesigning and refurbishing three heritage buildings, namely Godown 5, Godown 7 and Godown 8 located at the seafront between the pier and Tanjung City Marina, Penang.
“Ideal would refurbish the three Godowns to be converted into a seafront tourist spot lifestyle destination including duty-free shops, food and beverage outlets, home-grown brands offerings, local made products and gift shops.
“This will be similar to Woolloomooloo in Sydney, with an iconic grand gateway to welcome the visitors,” Ideal said in a filing to Bursa Malaysia today.
The company said the refurbishment project would generate steady and constant income for the company with Phase 1 expected to be completed by 2021, while Phase 2 and 3 would be completed in 2022.
The expansion works of the terminal will allow it to cater to up to 1.7 million passengers a year and accommodate up to 12,000 passengers at any one time.
“With the strategic location, coupled with the inflow of tourists, Ideal expects this project to be profitable within three years and contribute positively to its revenue and earnings,” it added. — Bernama
