Penang Reclamation Project Gets Green Light
The proposed reclamation of three islands off the southern coast of Penang island has finally received federal approvals.
Chief Minister Chow Kon Yeow announced that the project, known as the Penang South Reclamation (PSR), has been given the green light by the National Physical Planning Council (MPFN), reported Free Malaysia Today.
READ MORE: Why not check out these other popular transit-oriented developments?
He revealed the project had been given 18 pieces of “advice” by the MPFN – which was chaired by Prime Minister Dr Mahathir Mohamad – without providing details on what they were.
“The Penang government will comply with the advice of the MPFN and relevant agencies as per the sections under the Town and Country Planning Act 1976,” said Chow.
With an area of almost 17 sq km, the PSR will have three islands measuring 3.23 sq km, 4.45 sq km and 9.3 sq km.
The reclamation project will be carried out by SRS Consortium Sdn Bhd, which is a joint-venture between Gamuda Bhd as well as Penang real estate development companies Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd.
The reclaimed land will be owned by the state government of Penang. However, it will be auctioned off later to finance the Penang Transport Master Plan (PTMP).
The RM46 billion PTMP targets to build a series of light rail transit (LRT) lines, highways and other modes of transport over the next 20 to 30 years.
Penang has revealed plans to start with the Pan Island Link 1 highway and the Komtar-Bayan Lepas LRT line first before proceeding with the other projects.
Let us help you determine your eligibility and how much the banks will loan you using our ‘Home Loan Pre-Approval’, with a 99.9% accuracy! Click here.
