The state's development arm, Penang Development Corp (PDC), has announced plans to build a RM100 million commercial building in Bayan Mutiara.

PDC intends to build and then rent the offices within the 16-storey building, to global companies. On its target tenant list are several Fortune 500 companies, including Citigroup, which it is currently in discussions with for anchor tenancy.

Located within the Penang Multimedia Super Corridor Cybercity, Bayan Mutiara is an integrated project on 40 hectres of seafront land.

The project, which will encompass four precincts, will comprise high-end and mid-range homes, schools, a mosque and a government administrative complex, including the state legislative assembly building.

The elected representatives' offices and the office of the Chief Minister will also be located within the state administrative complex.

In June last year, PDC sold a 0.82 hectare plot of land to the Inland Revenue Board to build a 16-storey corporate tower. A 4 hectare plot was sold to the Marine Police Department.

Its property arm, PDC Properties Sdn Bhd, has already started building and selling landed residential properties and will be launching a condominium project soon.