[4] In the 1990s, as the city's banks began reassessing their spatial requirements to accommodate greater business volumes, a number of commercial developments commenced along Northam Road.

[1][10] Covering a significant portion of Penang Island's northeastern promontory up to the northern banks of the Pinang River, including areas such as the city's UNESCO World Heritage Site, Pulau Tikus, Kampung Siam, Kampong Serani and Ayer Rajah, the CBD was envisioned as the hub for financial and service sectors, with the aim of bolstering George Town's standing as a global city.

The CBD also houses federal financial institutions like Bank Negara and the Employees Provident Fund, along with various auditing, business intelligence and legal firms.

Swettenham Pier and Raja Tun Uda Ferry Terminal are the two major entry points within the CBD, facilitating ease of access for tourists.

The ongoing refurbishment of shophouses and alleys throughout downtown George Town has contributed to the growth of the area's retail centres and medical tourism.