It will be situated at the intersection of Magazine Road, Carnavon and Tek Soon streets, adjacent to the Sia Boey Park.

[4] During the initial planning of the Penang Urban Centre between 1969 and 1970, the site around Sia Boey Market was designated for demolition and replacement under the project's fifth phase of development.

[5] After the project evolved into Komtar, the land which the market stood upon was sold in July 1991 for RM31 million, although no progress was done, despite plans for a mixed retail, office, and residential development set for construction in 1995 or 1996.

[6] In 2002, the Penang state government repurposed Sia Boey Market into a centralised transportation hub, with a terminal of a proposed light rail transit line in Penang Island, a precursor to the present Mutiara line.

[8][9] This revival did not succeed, and by the mid-2010s the project stalled again due to funding concerns and political opposition from the federal government.