Pulau Jerejak as financial hub? Putrajaya backs plan to boost Penang’s high-tech sector

GEORGE TOWN, Aug 14 — Deputy Investment, Trade and Industry Minister Sim Tze Tzin has expressed support for the development of Pulau Jerejak as a financial hub to bolster Penang's high-tech sector. According to a briefing from developer Ideal Property, approximately 32.37 hectares on the island are earmarked for an integrated development, which includes a financial centre, resort, serviced apartments and hotel.

Sim, who is also Bayan Baru MP, pointed out that Penang is the high-tech industry hub of Malaysia, but lacks financial institutions to propel tech companies forward. He believes that the Pulau Jerejak project will complement the high-tech sector by attracting investors, venture capitalists, banks and private equity firms. He added that a new bridge connecting Pulau Jerejak to the mainland Penang is expected to facilitate the island's development, with the project estimated to cost RM500 million and take three years to complete, with an anticipated completion date of March 2029.

Planning permission for the redevelopment of Jerejak Rainforest Resort and the mixed-use development was granted by the Penang Island City Council in March 2018, while the state government gave approval for the bridge linking Pulau Jerejak to the mainland.