George Town Central Business District, Penang

See also: Central George Town, Penang

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″N 100°19′44″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

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]

Commercial skyscrapers along Northam Road

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.

CBD

Swettenham Pier

Gleneagles Hospital

Loh Guan Lye Hospital

Penang Adventist Hospital

Island Hospital

Ferry Terminal

HSBC

Bank of China

OCBC

Standard Chartered

Al-Rajhi Bank

Citibank

UOB

China Construction Bank

KPMG

IHS Markit

Informa

Deloitte

PwC

Chinese Consulate

Indonesian Consulate

Thai Consulate

Japanese Consulate

UNESCO
World Heritage
Site

class=notpageimage|

Locations of international firms and other major facilities within the CBD, outlined in red.

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

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.

See also

• Central George Town
• Greater Penang Conurbation

References

1. "Draf Rancangan Tempatan Pulau Pinang (Pulau) 2030 Jilid 1". Penang Island City Council.
2. 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. 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.