Gamuda Bhd-led project delivery partner — SRS Consortium Sdn Bhd — for the Penang Transport Master Plan (TMP) estimates the cost of reclaiming two islands measuring about 1,300 acres (526.1ha) and 2,100 acres to be about RM7 billion to RM8 billion.
Its project manager Szeto Wai Loong said the reclamation, identified as a land swap model to finance the RM27 billion TMP, is expected to take off in 2018 once federal and state approvals for the project components are attained.
It is located on prime land which is also the most difficult to develop.
THE weakened ringgit and the Penang Transport Master Plan (PTMP), which has been put in place to ease traffic congestion in the state, have improved the prospects of property development on the island.
In the pipeline: A map showing the various components of Penang Transport Master Plan and location of the man-made islands (in yellow).
The RM27bil Penang Transport Master Plan (PTMP) might be funded through the auction of two plots of reclaimed land in the southern coast of Penang island.
Held at Gurney Paragon Mall in George Town, Penang, until tomorrow, 20 exhibitors are featuring their latest real estate offerings.
Penang Development Corporation is showing off three projects with low-medium cost and affordable housing units of up to RM350,000 in Teluk Kumbar, Batu Kawan and Kampung Jawa in Butterworth.
The annual rate of appreciation for homes has dropped from 12.2% in the fourth quarter of 2012 to 5.9% in the second quarter of 2015, said Datuk Abdul Rahman Dahlan.
The Urban Wellbeing, Housing and Local Government Minister in wrapping up the ministry's debate on Budget 2016 at the committee stage in the Dewan Rakyat said this signified a reduction by almost half.