George Town Central Business District, Penang

Central business district of George Town in Penang, Malaysia

See also: Central George Town, Penang

Central business district in Penang, Malaysia

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
* CBD skyline
* A ferry off the Raja Tun Uda Ferry Terminal
* Skyscrapers along Northam Road

Coordinates: 5°24′52.1″N 100°19′44″E﻿ / ﻿5.414472°N 100.32889°E﻿ / 5.414472; 100.32889
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

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

[edit]

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 until 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

[edit]

Commercial skyscrapers along Northam Road

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 role 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.

560m
610yds

Wawasan
University

SEGi
College

E&O
Hotel

Penang Times
Square

GAMA

Boustead

BHL Tower

MBf Tower

Mansion One

Ascott

EPF Tower

Gurney Paragon

Gurney Plaza

Setia V

Marriott

Penang Plaza

Loh
Guan
Lye
Hospital

Island
Hospital

Penang
Adventist
Hospital

Gleneagles
Hospital

Informa

IHS Markit

PwC

KPMG

Deloitte

Citibank

UOB

China
Construction
Bank

Al-Rajhi
Bank

OCBC

Bank of China

Standard
Chartered

HSBC

Prangin Mall

1st Avenue

Komtar

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

Komtar

1st Avenue

Prangin Mall

HSBC

Standard Chartered

Bank of China

OCBC

Al-Rajhi Bank

China Construction Bank

UOB

Citibank

Deloitte

KPMG

PwC

IHS Markit

Informa

Gleneagles Hospital

Penang Adventist Hospital

Island Hospital

Loh Guan Lye Hospital

Penang Plaza

Marriott

Setia V

Gurney Plaza

Gurney Paragon

EPF Tower

Ascott Gurney

Mansion One

MBf Tower

BHL Tower

Boustead Tower

GAMA

Penang Times Square

Eastern & Oriental Hotel

SEGi College

Wawasan Open University

## Governance

[edit]

The Penang High Court sits at the top of Penang's hierarchy of courts.

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.

## See also

[edit]

* Downtown Core

## References

[edit]

1. ^ a b c "Draf Rancangan Tempatan Pulau Pinang (Pulau) 2030 Jilid 1". Penang Island City Council.
2. ^ a b Khoo, Salma Nasution (2007). Streets of George Town, Penang. Penang, Malaysia: Areca Books. ISBN 9789839886009.
3. ^ Hockton, Keith (2012). Penang: An Inside Guide to Its Historic Homes, Buildings, Monuments and Parks. Kuala Lumpur: MPH Group Publishing. ISBN 9789674153038.
4. ^ a b c 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.
6. ^ Cheah, Jin Seng (2013). Penang 500 Early Postcards. Editions Didier Millet. ISBN 9789671061718.
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.
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.

* v
* t
* e

State of Penang

Capital: George Town

Topics|

* Constitution
* Elections
* 2008
* 2013
* 2018
* 2023
* Constituencies
* Government
* Executive
* Governor
* Chief Minister
* Deputy Chief Minister
* Legislature
* Speaker
* Geography
* History
* George Town
* Symbols
* Anthem
* Coats of arms
* Flag

Society|

* Architecture
* Tallest skyscrapers in George Town
* Cuisine
* Demographics
* Chinese
* Indians
* Economy
* Education
* List of schools
* Transportation
* Streets in George Town
* Tourist attractions

Administrative
divisions|

| Metropolitan
area|

* George Town Conurbation

|

George Town|

| Local
government|

Penang Island City Council

|

Downtown
and suburbs|

* Ayer Itam
* Balik Pulau
* Batu Ferringhi
* Bayan Lepas
* FIZ
* Downtown George Town
* CBD
* Gelugor
* Gertak Sanggul
* Jelutong
* Pantai Acheh
* Paya Terubong
* Penang Hill
* Relau
* Tanjong Bungah
* Tanjong Pinang
* Tanjong Tokong
* Teluk Bahang
* Teluk Kumbar

Residential
neighbourhoods|

* Ayer Rajah
* Bandar Baru Air Itam
* Bandar Sri Pinang
* Batu Lanchang
* Batu Maung
* Batu Uban
* Bayan Baru
* Bukit Dumbar
* Bukit Jambul
* Clan Jetties
* Kampong Serani
* Kampung Siam
* Macallum Street Ghaut
* Minden Heights
* Mount Erskine
* People's Court
* Pulau Tikus
* Rifle Range
* Sungai Ara
* Sungai Dua
* Sungai Nibong
* Sungai Pinang
* Taman Free School
* Taman Tun Sardon
* The Light

Villages|

* Kampung Buah Pala
* Kampung Seronok
* Permatang Damar Laut
* Teluk Tempoyak

Islands|

* Andaman
* Betong
* Gazumbo
* Jerejak
* Kendi
* Lovers'
* Penang
* Rimau
* Silicon
* Tikus

Districts|

* Northeast
* Southwest

Seberang Perai|

| Local
government|

Seberang Perai City Council

|

Downtown
and suburbs|

* Batu Kawan
* Bukit Mertajam
* Bukit Minyak
* Bukit Tambun
* Bukit Tengah
* Butterworth
* Juru
* Kepala Batas
* Mak Mandin
* Nibong Tebal
* Perai
* FIZ
* Permatang Pauh
* Seberang Jaya
* Sungai Bakap
* Sungai Jawi
* Tasek Gelugor
* Teluk Air Tawar

Residential
neighbourhoods|

* Alma
* Bagan Ajam
* Bagan Dalam
* Bagan Jermal
* Bagan Luar
* Cherok Tok Kun
* Penanti
* Pinang Tunggal
* Simpang Ampat
* Sungai Dua
* Val d'Or

Villages|

* Machang Bubok New Village
* Mengkuang Titi
* Permatang Pasir
* Permatang Rambai
* Permatang Tinggi

Islands|

* Aman
* Gedung

Districts|

* North Seberang Perai
* Central Seberang Perai
* South Seberang Perai

* Commons
* Wikisource
* Category
*   * Tourist attractions

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template