PTC general manager and secretary Leow Khin Ming said PTC would spend about RM60mil on the seven-storey retirement resort on the 1.2ha site near the race course.
“The premier retirement resort will be for those who can afford such homes. If the project is successful, we will consider expanding it as PTC still has land bank available for development,” he said, adding that the gross development value of the project would be about RM140mil after including land cost.
He said a segment of the local population could afford high-end retirement homes providing quality healthcare services, but there were presently no such places in Penang as most retirement homes here were run by charity organisations.
Leow said the club had engaged Australian-based architect consultancy firm Cox Rayner Architects and Planners to create a concept for the resort. Its local architect consultancy firm was Arkitek Neoh.
Construction work is expected to start in January pending the issuance of planning and building permits by the local authorities.
Leow said there were no plans for now to shift the race course to Batu Kawan.
The developer plans to obtain the Green Building Index certification for the resort, which is targeted for completion in mid-2016.
– THE STAR