George Town Central Business District, Penang
Central business district of George Town in Penang, Malaysia From Wikipedia, the free encyclopedia
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.
George Town Central Business District | |
|---|---|
| Other transcription(s) | |
| • Malay | Koridor George Town–Pulau Tikus (Rumi) |
   _(cropped_4to3,_KOMTAR_centred).jpg)   From top, left to right:
| |
 | |
| Coordinates: 5°24′52.1″N 100°19′44″E | |
| Country |  Malaysia |
| State |  Penang |
| City |  George Town |
| Time zone | UTC+8 (Malaysian Standard Time) |
| Postcode | 100xx |
| Area codes | +6042 |
| 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 |
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]
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.
1km
0.6miles
0.6miles
36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
Locations of major businesses and landmarks within the George Town CBD.
Click link at the top right corner to zoom in.
Click link at the top right corner to zoom in.
1
Komtar2
1st Avenue3
Prangin Mall4
HSBC5
Standard Chartered6
Bank of China7
OCBC8
Al-Rajhi Bank9
China Construction Bank10
UOB11
Citibank12
Deloitte13
KPMG14
PwC15
IHS Markit16
Informa17
Gleneagles Hospital18
Penang Adventist Hospital19
Island Hospital20
Loh Guan Lye Hospital21
Penang Plaza22
Marriott23
Setia V24
Gurney Plaza25
Gurney Paragon26
EPF Tower27
Ascott Gurney28
Mansion One29
MBf Tower30
BHL Tower31
Boustead Tower32
GAMA33
Penang Times Square34
Eastern & Oriental Hotel35
SEGi College36
Wawasan Open University .jpg)
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.
Wikiwand in your browser!
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
