A 6-acre freehold prime land parcel next to Gurney Bay and Andaman Island will be offered for public auction on Oct 7, 2026, with a reserve price of RM313.632 million.
Located at P.T. 858 (Plot 7A), Section 2, Bandar Tanjung Pinang, Northeast District, Penang, the land carries a reserve price of RM1,200 per sq ft. The auction will be held at 11am at Level 51 of KOMTAR.
The auction is part of the Penang state government’s efforts to support the completion of the Ayer Itam-Tun Dr Lim Chong Eu Expressway project, which is being undertaken by Consortium Zenith Construction Sdn Bhd (CZC).
As at Aug 31, 2026, the road project had achieved 92.46% physical progress, while financial progress stood at 81.69%.
Unlike conventional projects funded through cash payments to the contractor, the project is financed through a land-swap arrangement, whereby land parcels are transferred based on claims for completed works.
CZC has so far claimed land worth RM695.977 million. Of this, 11.6183 acres valued at RM427.657 million have already been transferred, while land worth RM225.768 million that has been claimed remains to be transferred.
The state government said CZC requires assistance to monetise the land through sales to generate cash flow and ensure the project can be completed by April 2027.
As part of this arrangement, the state has agreed to auction the 6-acre Plot 7A, which forms part of CZC’s land claims for works already completed. Proceeds from the sale will be shared between the Penang state government and CZC.
