George Town Central Business District, Penang

George Town Central Business District
George Town Central Business District
Central business district
Other transcription(s)
• Malay	Koridor George Town–Pulau Tikus(Rumi)
	From top, left to right: Gurney Drive ; Colonial-era bank buildings at Beach Street ; Komtar at night; Skyline as seen from the Penang Strait ; A ferry departing the Raja Tun Uda Ferry Terminal ; Skyscrapers along Northam Road ;
	Coordinates: 5°24′52.1″N100°19′44″E / 5.414472°N 100.32889°E
Country	Malaysia
State	Penang
City	George Town
Time zone	UTC+8 (Malaysian Standard Time)
Postcode	100xx
Area codes	+6042
UNESCO World Heritage Site
Part of	Melaka and George Town, the Historic Cities of the Straits of Malacca
Criteria	Cultural: ii, iii, iv
Reference	1223-002
Inscription	2008 (32nd Session)
Area	109.38 ha
Buffer zone	150.04 ha

Last updated October 28, 2024

The George Town Central Business District (CBD) is the financial and political centre of the city of George Town, the capital of the Malaysian state of Penang. The financial district, which was first envisioned by the Penang Island City Council's Local Plan 2030, lies entirely within the city centre, and is home to much of the city's banking and financial services.^[1] The term CBD is often used interchangeably with Downtown George Town, encompassing both the historic core and modern sections of the city centre.

Background

Beach Street is one of the oldest streets in George Town, and has been the mercantile and financial hub of the city since its early days. During the 19th century, the street was located adjacent to the old Port of Penang; European traders and merchants were concentrated around its northern end, near the piers and administrative institutions at Light Street.^[2] In 1875, the Chartered Bank of India, Australia and China (now Standard Chartered) became the first international bank to establish a branch at Beach Street.^[2]^[3] Several other banks and mercantile firms followed suit, such as the Hongkong and Shanghai Banking Corporation (now HSBC), the Netherlands Trading Society, and the Oversea-Chinese Bank Limited (now OCBC).^[4]^[5]

Between the 1870s and the 1890s, land reclamation was carried out to provide more land for mercantile trade, eventually pushing out George Town's eastern coastline.^[4]^[6] Following the reclamation, Beach Street no longer served as a coastal road, causing many trading firms to relocate to the newly created eastern side of the road, which was closer to the port.^[4]

In the 1990s, as the city's banks began reassessing their spatial requirements to accommodate greater business volumes, a number of commercial developments commenced along Northam Road.^[7]^[8] The commercial skyscrapers along this road quickly attracted various banking, auditing and other ancillary services, as the newer buildings offer more space and amenities that the colonial-era buildings at Beach Street lacked. By the early 2000s, Northam Road and the adjacent Gurney Drive emerged as a new financial precinct.^[9]

It was not unitl 2022 when the Penang Island City Council, the local government that administers George Town, released a draft of its Local Plan 2030, which formally proposed the CBD as one of the economic corridors within the city.^[1]^[10] Covering a significant portion of Penang Island's northeastern promontory up to the northern banks of the Pinang River, including areas such as the city's UNESCO World Heritage Site, Pulau Tikus, Kampung Siam, Kampong Serani and Ayer Rajah, the CBD was envisioned as the hub for financial and service sectors, with the aim of bolstering George Town's standing as a global city.^[1]

Economy

Much of George Town's financial, services and retail activities are concentrated within the CBD, home to several international banks including Standard Chartered, HSBC, Citibank and Bank of China. The CBD also houses federal financial institutions like Bank Negara and the Employees Provident Fund, along with various auditing, business intelligence and legal firms.

Tourism plays a significant role in the economy of the downtown area due to the UNESCO World Heritage Site's popularity as a tourist destination. Swettenham Pier and Raja Tun Uda Ferry Terminal are the two major entry points within the CBD, facilitating ease of access for tourists. The ongoing refurbishment of shophouses and alleys throughout downtown George Town has contributed to the growth of the area's retail centres and medical tourism.^[11] Among the well-known healthcare facilities within the CBD are Penang Adventist Hospital, Gleneagles Hospital Penang and Island Hospital.

George Town Central Business District, Penang

1km
0.6miles

Wawasan
University

36

SEGi
College

35

E&O
Hotel

34

Penang Times
Square

33

GAMA

32

31

30

29

28

Ascott

27

EPF Tower

26

Gurney Paragon

25

Gurney Plaza

24

Setia V

23

Marriott

22

Penang Plaza

21

Loh
Guan
Lye
Hospital

20

Island
Hospital

19

Penang
Adventist
Hospital

18

Gleneagles
Hospital

17

Informa

16

IHS Markit

15

PwC

14

KPMG

13

Deloitte

12

Citibank

11

UOB

10

China
Construction
Bank

9

Al-Rajhi
Bank

8

OCBC

7

Bank of China

6

Standard
Chartered

5

HSBC

4

Prangin Mall

3

1st Avenue

2

Komtar

1

Locations of major businesses and landmarks within the George Town CBD.
Click link at the top right corner to zoom in.

1

Komtar

2

1st Avenue

3

Prangin Mall

4

HSBC

5

Standard Chartered

6

Bank of China

7

OCBC

8

Al-Rajhi Bank

9

China Construction Bank

10

UOB

11

Citibank

12

Deloitte

13

KPMG

14

PwC

15

IHS Markit

16

Informa

17

Gleneagles Hospital

18

Penang Adventist Hospital

19

Island Hospital

20

Loh Guan Lye Hospital

21

Penang Plaza

22

Marriott

23

Setia V

24

Gurney Plaza

25

Gurney Paragon

26

EPF Tower

27

Ascott Gurney

28

Mansion One

29

MBf Tower

30

BHL Tower

31

Boustead Tower

32

GAMA

33

Penang Times Square

34

Eastern & Oriental Hotel

35

SEGi College

36

Wawasan Open University

Governance

The CBD also functions as the political centre of the entire State of Penang, where the executive and legislative branches of the Penang state government are located. The Chief Minister's Office, along with state government agencies and departments, are situated within Komtar, the tallest skyscraper in George Town. The Penang State Assembly Building is where the 40-member Penang state legislature convenes, while the Penang High Court is the highest court in the state. The Penang Island City Council's headquarters is also located at the City Hall. Additionally, all four consulates in George Town - China, Indonesia, Japan, and Thailand - are situated within the CBD.

Related Research Articles

Penang is a Malaysian state located on the northwest coast of Peninsular Malaysia along the Strait of Malacca. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay Peninsula. These two halves are physically connected by the Penang Bridge and the Second Penang Bridge. The state shares borders with Kedah to the north and east, and Perak to the south.

George Town is the capital of the Malaysian state of Penang. It is the core city of the George Town Conurbation, Malaysia's second largest metropolitan area with a population of 2.84 million and the second highest contributor to the country's GDP. The city proper spans an area of 306 km² (118 sq mi) encompassing Penang Island and surrounding islets, and had a population of 794,313 as of 2020.

The Tun Abdul Razak Complex is a civic complex of five buildings within the central business district of George Town, Penang. It first opened on 2 December 1976. At the time of its completion in 1985, the central skyscraper of the complex, Komtar Tower, at 231.7 metres (760 ft), was the tallest skyscraper in Southeast Asia. The complex contains 1,420,000 square feet (132,000 m²) of office and retail space on a 27-acre (11 ha) superblock. It is a major bus terminal for Rapid Penang, and the seat of the Penang state government and the chief minister of Penang.

Balik Pulau is a suburb of George Town within the Malaysian state of Penang. Located 12.7 km (7.9 mi) southwest of the city centre, it lies near the southwestern corner of Penang Island and is also the administrative seat of the island's Southwest district.

Pulau Tikus is a neighbourhood within the downtown core of George Town in the Malaysian state of Penang. Named after a rock just off the coast of Penang Island, this upper class neighbourhood is home to Eurasian, Thai and Burmese communities.

Tanjong Pinang is a suburb within the city of George Town in the Malaysian state of Penang. It lies 4.5 km (2.8 mi) northwest of the city centre and was created on land reclaimed off Tanjong Tokong in the 1990s. The suburb also encompasses Gurney Bay and the ongoing reclamation project of Andaman Island.

Beach Street is a major thoroughfare in George Town within the Malaysian state of Penang. Part of the city's central business district, it is also one of the oldest streets in Penang, having been created soon after the founding of the state by Captain Francis Light in 1786.

Burmah Road is a major thoroughfare in the city of George Town within the Malaysian state of Penang. The 3.7 km (2.3 mi) long road is a major artery leading out of the city centre towards the suburb of Tanjong Tokong.

Cycling in Penang Island refers to the use of bicycles in the city of George Town and elsewhere on Penang Island, Malaysia, either for recreational, touring or transportation purposes. While bicycles have long been in use in Penang, with rickshaws becoming a unique application of the pedal-driven vehicle in the state, the usage of bicycles has noticeably declined since the late 20th century due to the proliferation of cars as the main transportation mode.

LinkBike is a public bicycle sharing system serving the city of George Town in Penang, Malaysia. Launched in 2016, it is the first such system in Malaysia. Currently, there are 250 LinkBike bicycles and 25 stations throughout the city, including its UNESCO World Heritage Site, as well as suburban places like Queensbay Mall.

Komtar is a state constituency in Penang, Malaysia, that has been represented in the Penang State Legislative Assembly since 2004. It covers George Town's city centre, including the eponymous Komtar, which houses Penang's administrative centre.

Mansion One is a commercial skyscraper within George Town in the Malaysian state of Penang. Located at Northam Road within the city's Central Business District (CBD), this 30-storey building adjacent to Gleneagles Hospital Penang contains 277 suites and 110 hotel rooms.

George Town, the capital city of the state of Penang, is the second largest city in Malaysia and the economic centre of the country's northern region. The history of George Town began with its establishment by Captain Francis Light of the British East India Company in 1786. Founded as a free port, George Town became the first British settlement in Southeast Asia and prospered in the 19th century as one of the vital British entrepôts within the region. It briefly became the capital of the Straits Settlements, a British crown colony which also consisted of Singapore and Malacca.

<span class="mw-page-title-main">GAMA Supermarket & Departmental Store</span> Shopping mall in George Town, Penang, Malaysia

GAMA is a department store within George Town in the Malaysian state of Penang. Located at Dato Keramat Road within the city's Central Business District (CBD), GAMA was opened in 1967, making it the oldest department store in the Penang. In spite of competition from the nearby shopping malls, the department store still retains its customer base due to its cheaper pricing. The shopping centre contains a total of eight floors, including its basement parking lot.

Central George Town is the city centre of George Town, the capital of the Malaysian state of Penang. It corresponds to the eponymous subdivision of George Town, which is mostly identical to the original city limits established when George Town was granted city status in 1957.

The Standard Chartered Bank building is a historical building in George Town within the Malaysian state of Penang. Completed in 1930, the office building, situated at Beach Street within the city's Central Business District (CBD), was one of the tallest in the city at that time. It served as the Penang branch of Standard Chartered until 2017, after which the bank relocated to its new premise down the street. The building has since been reopened as Spaces Beach Street, one of IWG's coworking spaces in Malaysia.

The Bank of China Building is a historical building in George Town within the Malaysian state of Penang. Completed in 1905, the office building, situated at Beach Street within the city's Central Business District (CBD), originally served as the offices of the Netherlands Trading Society (NTS). Following a series of acquisitions, the building changed ownership multiple times. It was acquired by Algemene Bank Nederland, then by ABN AMRO and the Royal Bank of Scotland. Eventually, it was sold to the Bank of China, which relocated its Penang branch to the building in 2017.

The OCBC Building is a historical building in George Town within the Malaysian state of Penang. Completed in 1938, the office building, situated at Beach Street within the city's Central Business District (CBD), forms part of the Penang branch of the OCBC Bank.

The HSBC Building is a historical building in George Town within the Malaysian state of Penang. Opened in 1951, the office building, situated at Downing Street within the city's Central Business District (CBD), houses the Penang branch of HSBC.

References

1 2 3 "Draf Rancangan Tempatan Pulau Pinang (Pulau) 2030 Jilid 1". Penang Island City Council .
1 2 Khoo, Salma Nasution (2007). Streets of George Town, Penang . Penang, Malaysia: Areca Books. ISBN 9789839886009.
↑ Hockton, Keith (2012). Penang: An Inside Guide to Its Historic Homes, Buildings, Monuments and Parks. Kuala Lumpur: MPH Group Publishing. ISBN 9789674153038.
1 2 3 Langdon, Marcus. A Guide to George Town's Historic Commercial and Civic Precincts. Penang: George Town World Heritage Incorporated.
↑ "Banking in on preserving city's heritage - Community | The Star Online". www.thestar.com.my. Retrieved 2016-11-27.
↑ Cheah, Jin Seng (2013). Penang 500 Early Postcards. Editions Didier Millet. ISBN 9789671061718.
↑ "Penang's new financial hub - Business News | The Star Online". www.thestar.com.my. Retrieved 2017-11-18.
↑ Goh, Beng Lan (2002). Modern Dreams: An Inquiry Into Power, Cultural Production and the Cityscape in Contemporary Urban Penang, Malaysia. SEAP Publications. ISBN 9780877277309.
↑ "Penang DAP rep: Put all projects in Gurney Drive on hold". 2015-05-22. Retrieved 2016-11-27.
↑ McIntyre, Ian (20 Oct 2022). "Penang unveils island's draft local plan after long delay". The Vibes. Retrieved 28 Nov 2023.
↑ Ferrarese, Marco (24 Jun 2018). "George Town marks UNESCO anniversary amid debate". Nikkei, Inc. Retrieved 28 Nov 2023.

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[:2-1] 1 2 3 "Draf Rancangan Tempatan Pulau Pinang (Pulau) 2030 Jilid 1". Penang Island City Council .

[:1-2] 1 2 Khoo, Salma Nasution (2007). Streets of George Town, Penang . Penang, Malaysia: Areca Books. ISBN 9789839886009.

[:3-3] Hockton, Keith (2012). Penang: An Inside Guide to Its Historic Homes, Buildings, Monuments and Parks. Kuala Lumpur: MPH Group Publishing. ISBN 9789674153038.

[:03-4] 1 2 3 Langdon, Marcus. A Guide to George Town's Historic Commercial and Civic Precincts. Penang: George Town World Heritage Incorporated.

[5] "Banking in on preserving city's heritage - Community | The Star Online". www.thestar.com.my. Retrieved 2016-11-27.

[:4-6] Cheah, Jin Seng (2013). Penang 500 Early Postcards. Editions Didier Millet. ISBN 9789671061718.

[:02-7] "Penang's new financial hub - Business News | The Star Online". www.thestar.com.my. Retrieved 2017-11-18.

[8] Goh, Beng Lan (2002). Modern Dreams: An Inquiry Into Power, Cultural Production and the Cityscape in Contemporary Urban Penang, Malaysia. SEAP Publications. ISBN 9780877277309.

[:0-9] "Penang DAP rep: Put all projects in Gurney Drive on hold". 2015-05-22. Retrieved 2016-11-27.

[10] McIntyre, Ian (20 Oct 2022). "Penang unveils island's draft local plan after long delay". The Vibes. Retrieved 28 Nov 2023.

[11] Ferrarese, Marco (24 Jun 2018). "George Town marks UNESCO anniversary amid debate". Nikkei, Inc. Retrieved 28 Nov 2023.

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