GEORGETOWN: Rackson Group has unveiled a landmark RM1.5 billion gross development value (GDV) project in Bayan Lepas, featuring Le Meridien Penang Airport and Avion Serviced Apartments.

Scheduled for completion by the fourth quarter of 2027, the project promises to transform the skyline near Penang International Airport (PIA).

Rackson Group chief executive officer Kelvin Lor said the development would be the first iconic skyscraper visible upon arrival at the airport.

“This project is designed to cater to the needs of 7–8 million passengers who pass through the airport annually, serving transit passengers, over 300 multinational corporations, local tourists, and the burgeoning developments in southern Penang, including Silicon Island,” Lor said during the groundbreaking ceremony in Bayan Lepas.

The event marked the launch of Le Meridien Penang Airport and Rackson’s Avion Serviced Apartments.

It was officiated by Chief Minister Chow Kon Yeow and attended by Human Resources Minister Steven Sim Chee Keong.

Meanwhile, Rackson’s Avion Serviced Apartments will feature 608 meticulously designed units with one-, two-, and three-bedroom configurations to suit diverse lifestyles.

“The development is equipped with premium facilities, including an infinity swimming pool with panoramic views, a multipurpose hall, a state-of-the-art gymnasium, and a sky lounge. A card access system and 24-hour surveillance ensure a safe and sophisticated living experience,” he added.

The project, designed as a transit-oriented development, will offer seamless connectivity to PIA, the upcoming LRT station, and the Mitsui Outlet Park, making it an attractive proposition for both residents and investors.

“The development promises not only an exceptional living experience but also significant rental yield potential and capital appreciation, given its prime location,” Lor said.

As a newcomer to Penang’s property development sector, Lor emphasised Rackson Group’s commitment to innovation and excellence, guided by three core pillars.

Meanwhile, Chow said the construction is set to boost Penang’s growth as a global destination for business, tourism, and innovation.

He highlighted that the construction of these projects is expected to create over 1,000 jobs, and once operational, the projects will generate approximately 300 direct employment opportunities.

“At the heart of this progress lies the Penang Gateway project, a visionary initiative, and today marks the start of two projects that will transform urban living and hospitality in Penang,” he said.

He also said that these projects will benefit from their strategic integration with Penang’s evolving transportation ecosystem.

“Located near PIA, the upcoming LRT airport station, and the planned Mitsui Outlet Park, these developments focus on accessibility, connectivity, and smart urban planning.

“This synergy strengthens Penang’s position as a leader in modern infrastructure development, which is vital to our continued growth,” he added.

He noted that last year, PIA welcomed nearly 7 million passengers, while the meetings, incentives, conferences and exhibitions (MICE) sector contributed an estimated RM1.03 billion to the state’s economy.

Source: New Straits Times, November 25, 2024