With future development in Penang been catered for rapid growth, any discerning investors and developers that concerned with their investment and development of the Penang state would be keen to know what are in store for them in the near future.
Lately we've KL's developers like #EcoWorld is coming over to Penang to buy lands both in island and mainland. News circulation mentioned that Eco World has acquired 5.26ha in Air Itam, Penang Island; 24.28ha in Seberang Prai, Penang. Another been #Tropicana (previously Dijaya) with their maiden project #Tropicana #218Macalister. On my part I'm working with developers from KL as they're keen to have their maiden projects both here(Penang) and Johor.
Few weeks ago media annoucement of major road projects and undersea tunnel in Penang(refer to attachment). Total estimate value is RM6.3billion to be built in Penang with target completion dates as follow:
(a) Third Tunnel Link: 6.5km of undersea tunnel to be completed by 2025. This third connection is between Gurney Drive(Penang Island) to Bagan Ajam(Butterworth).
(b) Gurney Drive-Tun Dr. Lim Chong Eu Expressway By-pass: 4.2km of expressway and a by-pass to be completed by 2022.
(c) Tun Dr. Lim Chong Eu Expressway to Bandar Baru Air Itam By-pass: 4.6km expressway and a by-pass to be completed by 2019.
(d) Tanjung Bungah-Teluk Bahang Paired Road: A four-land, 12km road to be completed by 2018. (The news for this came out in March, 2013 that caused price for bungalow land near the project increase from RM110 psf to RM140psf. I made some land transactions there).
Also been mentioned is that Consortium Zenith BUCG Sdn. Bhd. jointly with China Railway Construction Corporation International(CRCC) together with Beijing Urban Construction Group to undertake feasibility studies and detailed design works(FSDD) for the planned Penang highway and traffic mitigation projects.
"The FSDD is a critical component of the total project plan to ensure that we meet the requirements," said Consortium Zenith BUCG Sdn. Bhd. chairman Datuk Zarul Ahmad Zulkifli adding that initial phase of the FSDD project will take approximately a year and a half after which upon approval together with environment impact assessment(EIA) approval will then commence the initial phase of tunnel and road works.
There'll be 70/30 split on construction works between CRCC and Beijing Urban Construction Group.
The major infrastructure projects is also to improve connectivity and help to bring about development in Seberang Perai Utara(SPU). This balanced development is to give SPU a link after Seberang Perai Tengah has the 1st Penang Bridge and Seberang Perai Selatan has the 2nd Penang Bridge to achieve "one Penang, two halves, three links". Henceforth, the title of this blog message.
On the funding of this mega project, it'll be funded exclusively by local and international banks. In terms of funding concessions, the state government will award 110 acres of net leand in its permitted land bank on Eastern & Oriental Bhd's Sri Tanjung Pinang 2 and a 30-year toll concession to operate the tunnel with the same rate as that of the Penang 2nd Bridge.
This article has been written by VULCAN INT'L Real Estate Research Institutehttp://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .
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