OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 75 ANNUAL REPORT 2024 government’s RM1.5 billion expansion of Penang International Airport, designed to increase its capacity from 6.5 million7 to 12 million passengers annually by 2028. The expansion includes new terminal buildings, additional aircraft parking bays and upgraded facilities, which are expected to attract more international flights and bolster tourism8. Penang, which has seen robust GDP growth in 2023, is strengthening its capabilities for tourism and the meetings, incentives, conferences and exhibitions (“MICE”) sector. The completion of the Penang Waterfront Convention Centre (“PWCC”) situated within The Light City development will offer 330,000 square feet (“sq ft”) of MICE-dedicated space with versatile configurations. Coupled with the upcoming LRT station near the venue, these developments enhance Penang’s appeal as a premier destination for business events, further supporting economic growth and investment opportunities. MARKET REVIEW In 2024, a topping-out ceremony for PWCC at The Light City was held. Following that, a signing ceremony for three key agreements with four industry players was also conducted. The agreements included a tripartite memorandum of understanding for a 5G-ready infrastructure, a hotel franchise agreement with Hyatt International AsiaPacific to debut the ‘JdV by Hyatt’ brand in Penang, and a hotel management agreement. Additionally, to establish PWCC as the premier venue for world-class events and exhibitions in Malaysia, South Korean convention centre specialist KINTEX has been appointed as the operator. Leasing activity gained significant traction in the latter half of 2024, driven by strong 7 CBRE: Market Outlook 2024 (n.d.) (https://cbre-wtw.com.my/wp-content/uploads/2024/01/CBRE-WTW-Malaysia-Real-Estate-Market-Outlook-Report-2024.pdf) 8 The Star, (Mar 2024) (https://www.thestar.com.my/news/nation/2024/03/14/tender-out-for-penangs-airports-rm15bil-expansion-project)
RkJQdWJsaXNoZXIy NTM2MDQ5