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

Pulau Jerejak could potentially emerge as a financial hub to complement the semiconductor and high-tech sector located in Bayan Lepas, according to Deputy Investment, Trade and Industry Minister Sim Tze Tzin. Deputy Minister Sim stated that around 32.37 hectares of Pulau Jerejak will undergo an integrated development comprising a financial centre, resort, serviced apartments and hotel.

This will create an ecosystem conducive to attracting investors to establish operations, addressing the need for financial institutions to support the growth of technology companies in the region. As the Bayan Baru MP and Minister, Sim highlighted the government's support in transforming Pulau Jerejak into a financial zone to entice venture capitalists, banks and private equity firms to establish offices near the Bayan Lepas industrial area.

Approximately 85 per cent of Pulau Jerejak is designated as a forest reserve, with development restricted to land acquired by the developer and subject to height limitations due to its proximity to flight paths. Additionally, a new bridge linking Pulau Jerejak to the Penang mainland is projected to facilitate the island's development.

The bridge, spanning one kilometer, is estimated to cost RM500 million and is expected to take three years to complete, with a projected completion date of March 2029. The bridge will feature four lanes, along with pedestrian and bicycle paths. The design of the bridge has been proposed by Sim, who aims to make it an iconic landmark.

International designers and a local architect have been engaged to bring this vision to life. The Penang Island City Council granted planning permission for the redevelopment of Jerejak Rainforest Resort and mixed-use development in March 2018, while the state government gave approval for the bridge connecting Pulau Jerejak to the mainland.