KUALA LUMPUR: UDA Holdings Bhd expects the first phase of its RM165mil residential project as part of the redevelopment of Tanjong Tokong in Penang to be completed by the end of 2014.

“The first phase will see the development of 550 apartment units to be spread out in eight to 10-storey blocks worth RM87mil while the second phase is expected to start construction after the completion of the first phase. It will consist of 650 apartment units build for the 1,200 original settlers of the area.

“The apartment units, costing an average RM120,000 each, will be given free to the area’s original settlers, while the remaining units will be sold at a discount to residents who have been renting houses for over 10 years in the area.

“As of now, we are assessing about 20 over contractors to undertake the project and we plan to announce the decision in two to three weeks time,” UDA chairman Datuk Nur Jazlan Mohamed told reports at the press conference yesterday on the upcoming groundbreaking ceremony of the project to be launched by the Prime Minister Datuk Seri Najib Tun Razak on Dec 8.

Nur Jazlan explained that this project would be the final chapter of redevelopment and resettlement of Tanjong Tokong that put an end to an entanglement that started when UDA was given the reponsibility to redevelop the area about four decades ago mandated by the former prime minister the late Tun Razak Hussein in 1972.

Source: The Star