Each party will hold 50 per cent equity in the project and they could start anytime soon, Penang Chief Minister Lim Guan Eng told reporters after the signing ceremony yesterday.
PDC was represented by general manager Datuk Rosli Jaafar while YTL Land by executive director Datuk Yeoh Seok Kian.
A hotel was originally to be built on the site by PDC Heritage Hotel Sdn Bhd, a joint venture between YTL Hotels & Properties Sdn Bhd (a wholly-owned subsidiary of YTL Corp Bhd) and PDC.
After the project was shelved due to the economic slowdown, PDC Heritage Hotel sought to change the type of development from hotel to luxury apartment.
Subsequently, it applied to change the type of landholding to freehold and the condition of land use to residential and business.
"The state government approved PDC Heritage Hotel's application on June 3 2009 subject to three additional conditions," Lim said.
He said the building height must follow the Unesco guidelines which was not more than five storeys and all costs pertaining to condition changes which exceeded RM8.2 million must be borne by YTL Hotels.
Finally, PDC's equity must increase by 1 per cent from 49 per cent to 50 per cent and the cost is fully paid by YTL Hotels, he said.
The new project comprises three six-storey 76-unit apartment blocks including an underground basement, a clubhouse and a restaurant.
By Bernama
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