Almost five years after construction began, the Penang International Airport multi-storey car park is expected to begin operations next month.

The car park was supposed to be ready by the end of 2019.

According to Transport Minister Anthony Loke, works are progressing at 99.79 per cent and entering the final phase.

“This includes touch-up works as well as testing and commissioning of the mechanical and electrical (M&E) system.

“Malaysia Airports Holdings Bhd (MAHB) has given its assurance that the multi-storey car park shall be completed by the end of this month and will start to operate early next month.

“MAHB’s focus now is to complete the project so that the public will be able to use the facility soonest,” he told the New Straits Times when contacted.

Answering to an oral question at the state legislative assembly sitting back in May 2019, Chief Minster Chow Kon Yeow had then said that construction works for the car park building had begun in August 2018 and would take 14 months to complete.

The seven-storey car park, on the existing 650-bay open car park site, cost RM70 million to build.

The 2,200-bay covered car park will be able to cater to the needs of travellers who can now leave their vehicles at the airport when heading out on short trips.

The construction of the car park building was part of the airport expansion project mooted in 2008.

Loke said, prior to the pandemic, the project had achieved 88.8 per cent of work progress.

He said the Movement Control Order (MCO), construction material price hike post-pandemic, materials shipment disruptions, shortage of manpower as well as issues faced by the contractor had further contributed to the project delay.

“MAHB had carried out a recovery plan and has directly appointed the sub-contractors to complete the remaining works by the end of this month,” he added.

He was also asked if there was any truth to claims that the car park could not be used earlier due to construction issues.

Loke said, prior to the commencement, the multi-storey car park project had obtained approval from the Penang Island City Council (MBPP) for the planning approval and building plan approval.

He stressed that the Professional Architect had complied to the Uniform Building By-Laws (UBBL 1984) specifications and design.

“As such, the width of the ramp structure/flyover is sufficient for cars to enter.

“In addition, the ramp is also currently being used by cars and small lorries entering the project site (construction workers’ vehicles) without any problems,” he assured.

When tabling the 2023 Budget in Parliament recently, Prime Minister Datuk Seri Anwar Ibrahim had announced a project to expand the PIA and Subang Airport and halted plans to build a new airport in Kulim.

He had said that the expansion of the two airports, to be spearheaded by MAHB, would benefit the economy at a cost that was much lower than the cost of building a new airport in Kulim, which is estimated to cost RM7 billion.

During a recent visit here, Loke had said that expansion of the PIA will begin by the end of this year, and that he had directed MAHB to expedite the project.

The expansion will see the capacity of the airport, the third busiest in the country, increase to 12 million passengers annually from the current 6.5 million passengers. The floor space would also be increased by 100 per cent.

Source: NST Online

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E&O’s second serviced residence project at Andaman, Arica Executive Homes, follows the successful sales of The Meg, which is now fully sold out. Positioned adjacent to The Meg, Arica boasts similar benefits of convenient access to various commercial amenities in the future such as workplaces, educational institutions, hospitality, healthcare, wellness facilities, retail outlets, cafes, and restaurants. It is located just a short distance away from the waterfront promenades on Gurney Green, which provides an excellent venue for daily outdoor activities, coupled with stunning views of Gurney Wharf.

Arica comprises a 45-storey skyscraper with 380 residential units, featuring a built-up size ranging from 947 to 1,259 sq.ft. Every unit in Arica will come fully furnished with essential furniture and appliances inclusive of air-conditioners, TV, washer & dryer, fridge, oven and etc.

Project Name : Arica
Location : Andaman Island, Off Gurney Drive
Property Type : Serviced residence
Tenure : Freehold
Land Area: 2 acres
Built-up Area: 947sq.ft. – 1,259sq.ft.
Total Units : 380
Indicative Price: RM811k onwards
Developer : Persada Mentari Sdn. Bhd. (a subsidiary of E&O Berhad)

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.

The Penang South Islands (PSI) project is set to generate economic growth following the signing of the Project Development Agreement (PDA) between the state government and Silicon Island Development Sdn Bhd for Island A.

Chief Minister Chow Kon Yeow said Island A, measuring 2,300 acres, would be developed for the betterment of the people.

“This PSI project is a milestone for Penang as it will generate growth for the state.

“It is also considered a Penang Economic Transformation project to establish an internationally-renowned hub.

“We had in 2021 announced that the development of Island A will be implemented through a joint venture. This includes the public-private partnership between the SRS Consortium and the Penang Infrastructure Corporation (PIC),” he said in his speech during the signing ceremony at Dewan Sri Pinang.

Under this agreement, Chow said the state has permitted Silicon Island Development Sdn Bhd to develop Island A.

“SRS Consortium will bear the capital equity while the state will ensure Island A is developed accordingly,” he said.

Chow emphasised the project’s significance to Penangites in the future.

“PSI plays an important role in line with the state’s initiative to develop the electrical & electronics (E&E) sector.

“We plan to have a smart and green city that fulfils the Environmental, Social and Governance (ESG) concept,” added Chow.

He pointed out the project would generate 460,000 job prospects in various sectors.

“It can also address the brain drain issue in the state,” he said.

Chow said although the project would take a long time to materialise, the younger generation would benefit from the initiative.

“We hope to obtain a favourable Environmental Impact Assessment (EIA) report to ensure the project can kick start soon,” he added.

Source: Buletin Mutiara

RHB Research expects the central bank to hike the Overnight Policy Rate (OPR) by 25 basis points (bps) at the monetary policy committee (MPC) meeting on March 9.

Its view was predicated on three main catalysts, namely that core consumer price index (CPI) inflation is likely to remain elevated into 2Q23, the nominal effective exchange rate (NEER) is on a steep trajectory down, the risks of an announcement of a reinstatement of Goods and Services Tax (GST) in the second half of 2023 (2H23), and targeted fuel subsidy adjustment coming up.

“Our 2023 peak OPR forecast is maintained at 3.25%, with the balance of risks tilted towards a print of 3.5%,” RHB said in a note last week.

However, it said at a big picture level, the real interest rates are too low in an environment where the momentum of the economy is strong and is likely to remain above trend for the better part of 2023.

“This is a cause for concern since it generates demand side pressures and induces upside pressures on core CPI inflation.

“In addition, with financial markets continuously revising up their expectations of the US Federal Reserve(Fed) Bank peak Federal Funds Rate (FFR), pressure on Malaysia’s NEER to fall further (which has been on a steep decline recently), is likely. This will be an important consideration at Bank Negara Malaysia’s (BNM) March 9 MPC meeting,” it said.

On the fiscal policy front, RHB Research said risks are rising that an announcement of a reinstatement of the GST could be made in 2H23, with the timing of implementation unclear.

In addition, RHB Research maintains its base case assumption that a targeted fuel subsidy adjustment will ensue in 2023.

Hence, it opined that these two potential policy changes could raise inflation expectations and put upside pressure on core CPI inflation over the next six months.

Despite the supporting evidence for a 25bps OPR hike on March 9, RHB Research said there may be some other factors that may induce BNM to adopt a wait-and-see approach for the upcoming MPC meeting.

“The policy rate hike might be on hold for the MPC to assess the impact of the cumulative past OPR adjustments, given the lag effects of monetary policy on the economy,” it said.

According to BNM, it usually takes about one year for monetary policy to have the most effect on the economy as it takes time for households and businesses to change their behaviours.

Furthermore, it said, based on the previous MPC statement, BNM remained cautious on the global economic outlook.

RHB Research said the global landscape remains challenging with issues ranging from slower economic growth to unresolved geopolitical tensions, which would potentially lead to downside risks to Malaysia’s economy.

Source: TheMalaysianReserve.com