The state government of Malaysia plans to build a new MYR300m ($99m) international convention centre in Bayan Baru.
The project will create a "Penang People's Park" that includes the country's first subterranean Penang International Convention and Exhibition Center (sPICE), a seven-acre public park on the rooftop and the refurbished and upgraded Penang International Sports Arena (Pisa).
Spanning 6,504m², it will also include a refurbished and upgraded aquatic centre, a four-star hotel with retail outlets and a 2,200-vehicle parking lot.
The Penang Municipal Council will contribute MYR11.55m ($3.7m) for the project.
Work on the project is expected to begin within three to six months and is slated to be complete by 2014, according to Malaysian Insider.