CP Group, which has spent RM200mil to take over and rescue the abandoned Bayan Bay MegalWorld Mall in Bayan Lepas, Penang, expects the redeveloped project to bring in revenue of RM42mil in mixed rental in the first year of its operations.

The new shopping mall, named Queensbay Mall, is expected to attract some 15 million visitors a year, executive chairman Tan Chew Piau said.

Construction work on the mall started on July 1 and was ahead of schedule, he said.

''According to the rescue scheme (set by Penang Development Corp, which will slowly phase out its 30% stake over the next five years), we are obligated to complete the mall by July 2007.

''However, we plan to complete it by the end of next year and we will,'' Tan said at the mall's launch in Petaling Jaya yesterday.

The mall will have Jusco stores as its main anchor tenant and 15 junior anchor tenants. International brands like Dorothy Perkins, Guess and Top Shop have signed up as tenants.

Penang Chief Minister Tan Sri Dr Koh Tsu Koon, who officiated at the launch, said the mall could be accessed through the second Penang Bridge that linked the island to the mainland.

Source : The Star 07/10/2005