Property newcomer Rackson Group is set to transform the Bayan Lepas skyline with a landmark project valued at RM1.5 billion in gross development value (GDV). This ambitious development, scheduled for completion by the fourth quarter of 2027, will feature the Le Meridien Penang Airport hotel and Rackson’s Avion Serviced Apartments, both strategically located near Penang International Airport (PIA).
The project was launched during a groundbreaking ceremony, which was officiated by Chief Minister Chow Kon Yeow and attended by Human Resources Minister Steven Sim Chee Keong. Rackson Group’s chief executive officer, Kelvin Lor, highlighted the project’s significance, stating that it will be the first iconic skyscraper visible upon arrival at the airport.
According to Lor, the development is designed to cater to the needs of the 7-8 million passengers who pass through the airport annually, as well as serving transit passengers, over 300 multinational corporations, local tourists, and the burgeoning developments in southern Penang, including Silicon Island.
The Le Meridien Penang Airport hotel will redefine luxury hospitality with 200 guest rooms, including presidential suites. The hotel will also feature a 300-capacity ballroom, a sky infinity pool, all-day dining outlets, and world-class amenities designed for both business and leisure travellers.
Rackson’s Avion Serviced Apartments will comprise 608 meticulously designed units with one-, two-, and three-bedroom configurations to suit diverse lifestyles. The apartments will be equipped with premium facilities, including an infinity swimming pool with panoramic views, a multipurpose hall, a state-of-the-art gymnasium, and a sky lounge. A card access system and 24-hour surveillance will ensure a safe and sophisticated living experience.
The project is designed as a transit-oriented development, offering seamless connectivity to PIA, the upcoming LRT station, and the Mitsui Outlet Park. This integration is expected to make the development an attractive proposition for both residents and investors. Lor emphasized that the development promises not only an exceptional living experience but also significant rental yield potential and capital appreciation, given its prime location.
As a newcomer to Penang’s property development sector, Lor underscored Rackson Group’s commitment to innovation and excellence, guided by three core pillars. Chief Minister Chow Kon Yeow noted that the construction of these projects is set to boost Penang’s growth as a global destination for business, tourism, and innovation.
The construction is expected to create over 1,000 jobs, and once operational, the projects will generate approximately 300 direct employment opportunities. Chow highlighted that these projects will benefit from their strategic integration with Penang’s evolving transportation ecosystem, strengthening Penang’s position as a leader in modern infrastructure development.
He also mentioned that last year, PIA welcomed nearly 7 million passengers, while the meetings, incentives, conferences and exhibitions (MICE) sector contributed an estimated RM1.03 billion to the state’s economy.
Sources:
- https://www.malaymail.com/news/money/2024/11/23/property-newcomer-rackson-group-seeks-to-transform-bayan-lepas-skyline-with-rm15b-serviced-apartments-near-penang-airport/157825
- https://rackson.com.my/Projects
- https://www.nst.com.my/property/2024/11/1138806/rackson-group-transform-bayan-lepas-skyline-rm15bln-gdv-project%C2%A0