Penang LRT project to go on with other financing options

December 1st, 2020 No comments


Penang will not give up on its proposed Light Rail Transit (LRT) project despite Putrajaya withdrawing its guarantee, said Chow Kon Yeow.

The Penang chief minister said the state will continue with its LRT project as it generally has several other financing options to fund projects under the Penang Transport Master Plan (PTMP).

“At the same time, the state government will continue to win the federal government’s confidence in prioritising the financing of the LRT project and give equal treatment to Penang as we have continued to play an important role by taking the lead in attracting foreign direct investments and creating thousands of job opportunities not only for the state but also for northern Malaysia,” he said in a statement today.

Chow was responding to a recent announcement by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz that the federal government will not provide a government guarantee for a US$500 million (RM2 billion) loan application for Penang to partially finance the RM9.5 billion LRT project.

He expressed his disappointment in the finance minister for repeatedly stating the rejection of the state’s application for a loan guarantee to fund the LRT project that will link Komtar to Bayan Lepas despite the importance of the project for the state’s economic development.

“I wish to remind the Finance Ministry and Perikatan Nasional that former prime minister Tun Dr Mahathir Mohamad wrote to me, in a letter dated October 1, 2019, that the federal government will provide a guarantee for the bonds issued by the state for the project,” he said.

Chow said he presented the above arguments to Minister in the Prime Minister’s Department Datuk Seri Mustapa Mohamed during a discussion session on allocations under the 12th Malaysia Plan (RMK-12) for Penang on November 26.

“I also stated the same to Tengku Zafrul during a dialogue session on the Budget 2021 Consultation for Penang organised by the Northern Corridor Implementation Authority on August 8 and during RMK-12 engagement sessions with Datuk Seri Mohamed Azmin Ali on August 2 last year,” he said.

Source: MalayMail.com


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Ambay Garden @ Pearl City

December 1st, 2020 1 comment


Ambay Garden, the latest addition of residential component to Pearl City township by Tambun Indah in Simpang Ampat. Located along Jalana Tasek Mutiara 7, next to Pearl Saujana Permai and Ambay Park. It is only 5 minutes drive to GEMS International Schools, about 10 minutes to SMJK Jit Sin II.

This development comprises 128 units of 2-storey terrace houses with two different design types, and 50 units of 2-storey semi-detached house with an indicative price of RM568,000 onwards.

Property Project : Ambay Garden
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-storey terrace & semi-detached
Total Units: 128 (terrace), 50 (semi-detached)
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM568,000 onwards (semi-d)

Register your interest here. We will keep you updated on the upcoming project.

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Not enough low-cost housing to meet the demand in Penang Island

November 30th, 2020 No comments 中文版


State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo, said that as of 30 September, there were 3,866 applicants in the Southwest District waiting for the allocation of low-cost housing, but there were only 1,175 low-cost housing units (RM42,000) available waiting to be allocated.

He said that the above project is the Idaman Prestij low-cost flat (also known as K Park) in Balik Pulau, which will be completed in December this year and handed over to the Penang state government, of which 612 units will be offered under a rent-to-own scheme.

“The first round of the selection has already been done on October 5.” He said during the recent State Assembly.

Jagdeep said that with the latest changes in the affordable housing policy, the state government has also opened the above project for the applicants from the Northeast District.

He explained that in the past, the low-cost and low-medium-cost housing allocation was based on district, but now the allocation is by City Council, namely Penang Island City Council and Seberang Perai City Council.

“As for the Penang Island City Council, it covers the Wortheast and Southwest District of Penang Island whereas Seberang Perai City Council will overs Northern, Central and Southern District of Seberang Perai.”


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AFFORDABLE: Balik Pulau / Alamkhas Sdn. Bhd.

November 30th, 2020 No comments


Proposed affordable housing development by Alamkhas Sdn. Bhd. at Balik Pulau.  Located on a 2.86 acres land adjacent to Taman Prestij 3 and K Park, just a stone’s throw away from P3 Residence by PLB Home. It is about 10 minutes drive to Balik Pulau Town Centre and at least 30 minutes to commute to work at Bayan Lepas Free Industrial Zone.

This development comprises two 16-storey towers, offering a total of 192 affordable units in each tower. There will be only affordable Type A (low-cost) and Type B (low-medium cost), which will be priced from RM42,000 and RM72,500 respectively:


Project Name: (to be confirmed)
Location : Balik Pulau
Property Type : Low-cost & low-medium cost housing
Total Units : 192 (low-cost), 192 (low-medium-cost)
Land Tenure : (to be confirmed)
Indicative Price : RM42,000, RM72,500
Developer: Alamkhas Sdn. Bhd. (a subsidiary of Runnymede Group?)

Location Map:


DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Putrajaya pulls back govt guarantee for Penang’s RM2b loan to finance LRT project

November 29th, 2020 15 comments 中文版

Proposed Bayan Lepas LRT

Putrajaya has decided not to proceed to grant a government guarantee for a US$500 million (RM2.04 billion) loan application by Penang to partly finance its RM9.5 billion light rail transit (LRT) project.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the decision was in line with the revised revenue and income projections for the country, as well as the government’s focus to restore the economy, following the Covid-19 pandemic.

Find out more about Bayan Lepas LRT

Should the loan go through, Tengku Zafrul said it will increase the federal government’s commitment on operational and development expenditure, as well as other off-budget projects borne by the government such as the MRT Line 1 and 2 (RM71 billion), LRT3 (RM17.7 billion), the Pan Borneo Sarawak Highway (RM13 billion) and the East Coast Rail Link or ECRL (RM48.85 billion).

“Any new loan with a government guarantee should be scrutinised as much as possible, as it will increase the government’s contingent liability. Unchecked increases in the government’s contingent liability could increase fiscal risks and affect Malaysia’s credit rating given by international rating agencies.

“Therefore, it is prudent for the government to limit the exposure of government guarantees by reorganising the projects according to the priority and repayment capacity of the debt,” Tengku Zafrul said in a parliament written reply dated Nov 25.

As of Sept 30, the total value of government guarantees stood at RM289.8 billion or 20.1% of the country’s GDP, he said.

Tengku Zafrul was responding to a question by Tanjong MP Chow Kon Yeow, who is also the chief minister of Penang, on whether the federal government will provide a government guarantee to Penang for the loan applications to finance the state’s LRT project.

In November last year, Chow said the state government will form a special purpose vehicle (SPV) to issue bonds to raise funds to pay for the project.

At the time, he said then prime minister Tun Dr Mahathir Mohamad had assured that Putrajaya will provide a sovereign guarantee for bonds issued through the state’s SPV, to raise money for the LRT project under the RM46 billion Penang Transport Master Plan (PTMP).

Chow added that Penang would not have been able to raise enough in the bonds market, without Putrajaya’s guarantee.

Tengku Zafrul, in the written reply, said the finance ministry received a letter from the Asian Development Bank (ADB) dated Jan 25, 2019, with regards to the application by the Penang government to obtain a loan from ADB to finance the LRT project.

He said that according to ADB’s financing terms, the loan will be charged at a higher repayment rate and cost of financing, as the bank places Malaysia as an upper middle income country, which has a higher maturity premium, with a spread of 0-50 bps, compared with 0-20 bps previously.

The minister said if the government agrees to the loan from ADB, the allocation should be provided for, in the annual budget and the rolling plan of the Malaysia Plan.

“The Penang state government needs to re-examine the projects based on priority.

“The prioritised projects should then be submitted for further study by the Economic Planning Unit, Prime Minister’s Department to be considered under the upcoming rolling plan of the Malaysia Plan,” Tengku Zafrul said.

The LRT project, the first of its kind in the state, spans 19 stations across a 22km line linking the city centre of George Town to Bayan Lepas down south. The Bayan Lepas LRT line is said to be one of the priority projects to be delivered under PTMP.

Source: EdgeProp.my


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