It might not be the best mode of transport, he added, saying that there should be other options available.

“While the federal government fully supports the state’s proposal, there should be options for the state to choose from.

“Our studies by the Land Public Transport Commission (SPAD) show that there could be better models which the state could look into.

Chief Minister Chow Kon Yeow, who was also present, told newsmen later that the state was open to options of trams or LRT, bus rapid transport or mass rapid transit.

“Since the minister will send SPAD officers to meet us, we will look into the options as the studies were conducted in 2016 and have just been completed.

“The most important aspect would be securing the financing for the project,” he added.

Meanwhile, the proposed low cost carrier terminal (LCCT), reportedly to be built by AirAsia, might not take place as the federal government is looking into the option of expanding the Penang International Airport (PIA) instead.

Loke said no decision or approval has been given for the LCCT.

He added that discussions on PIA’s expansion were in its final stages but no decision or approval has been given for an LCCT in Penang.

“We are moving fast on the expansion as it needs to be done due to overcapacity but there is no deadline as we are looking at the best model, but approval will be given soon.

“I am aware a lot has been written about the LCCT, but it is mere speculation,” he said.

Chow did not comment on Loke’s statement. He had cited that the LCCT would further spur the growth of Penang, as the PIA at present would not be able to handle the increase in passenger capacity.

Finance Minister and Air Putih assemblyman Lim Guan Eng also brought up the issue during the state assembly in August, saying a solution was needed because the present airport in Bayan Lepas only has the capacity to handle 6.5 million passengers a year but arrivals last year hit 7.1 million and the number is expected to increase to 7.8 million this year.

It was reported that AirAsia, which occupies 50% of the PIA, was in talks to start work on an LCCT within the grounds of the PIA in Bayan Lepas, which is the site of the MAS Cargo Complex.

Source: TheStar.com.my

Atta Global Group Bhd is continuing its acquisition trail with the proposed purchase of an 80% stake in property development firm Sunrise Manner Sdn Bhd for RM20 million cash.

The group told Bursa Malaysia, it had on Sept 4 entered into a subscription agreement with Sunrise Manner Sdn Bhd, Tang Tiam Hok and Wan Nyuk Ming for the acquisition.

Sunrise Manner is the registered owner of a parcel of development land in Bukit Mertajam, Penang and it will undertake a mixed property development project on the land comprising 51 units of double storey bungalow houses and 90 units of double storey “zero-lot” bungalows.

Check out development projects by Sunrise Mannar

The estimated development value for the project is RM544.17 million.

Atta said the acquisition will serve as another entry point for the group’s business diversification into property development, construction and investment sectors, which was approved by its shareholders on March 13.

“This will give an opportunity for the Atta Group to expand its revenue sources, long term growth strategy and sustainability of its business to create greater value to the shareholders of Atta.”

The group had in July acquired two property developers for RM7.5 million.

Atta’s share price closed unchanged at 82 sen today on 9,200 shares done.

Source: TheSunDaily.my

Picture for illustration only. (Source: BLT)

A proposed mixed development by Telescope Sdn. Bhd at George Town, Penang. Strategically located along Lebuh Macallum, at the intersection of Jalan C.Y.Chow. It is only under 10 minutes walking distance to KOMTAR.

This development will see the construction of a 14-storey commercial building, featuring a mix of hotel, SOHO and 2-storey shop offices.

The project is still pending for approval. More details to be available upon project launch.

Project Name: (to be confirmed)
Location: George Town
Property Type: Mixed development
Built-up Size: (to be confirmed)
Total Units: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Telescope Sdn. Bhd.

Location Map:

Land reclamation is big business in Malaysia. Money is made from selling plots of newly created land from the sea to developers.

Several states in the peninsula have introduced large-scale reclamation initiatives, many strategically placed in prime locations.

The latest large-scale project is in Penang that will see the reclamation of three man-made islands on the southern part of the island, measuring about 4,500 acres.

The project is part of the ambitious Penang Transport Master Plan (PTMP), where the state plans to auction the reclaimed land to fund the master plan.

“The state has very little land as a whole in Seberang Perai and the value of the land on the mainland is lower (20%-40%) compared with island land,” it says.

The reclamation work is expected to cost about RM4bil, while the whole PTMP project, which includes rail systems and highways, will cost RM27bil.

Other reclamation activities that have taken place on Penang island were undertaken by the private sector, by Eastern & Oriental Bhd (E&O). The project is known as Seri Tanjung Pinang (STP), spanning over 1,000 acres of reclamation land.

The project first started in 2006 and is now in the second phase of its reclamation work.

According to a 2017 research report entitled “Land reclamation and artificial islands: Walking the tightrope between development and conservation” by Su Yin Chee from Universiti Sains Malaysia, the area of reclaimed land in Penang island would be about 7,981 acres in the coming years.

“Reclaimed land is expected to dramatically increase between 2017 and 2030 with the construction of five new artificial islands on the north-east and south coasts,” the report says.

That would increase the size of Penang Island by 10%. In comparison, a lot of land in Singapore, about 25%, is from reclamation efforts from the past, including the prime Marina Bay area.

Another state that is also embarking on big-scale reclamation work is Johor. However, unlike Penang, the reclamation and land ownership belongs to the private sector.

One of the most notable projects is Forest City spanning over 3,942 acres on reclaimed land in the Straits of Johor.

It has been reported that Melaka is embarking on mega-reclamation work, which is part of its ambitious RM43bil Melaka Gateway project.

The project comprises three reclaimed and one natural island totalling 1,366 acres, set in a strategic and idyllic area of the Straits of Malacca, according to the Melaka Gateway website.

It is worth noting that land reclamation is nothing new in Asia. Countries such as Japan, Hong Kong and Singapore have been doing it for decades.

Other countries in Asia are also embarking on mega-reclamation works. The Philippines is reclaiming 1,010 acres from the sea for its New Manila Bay and Sri Lanka is building a new financial district called Colombo International Financial City on reclaimed land.

Source: TheStar.com.my

In collaboration with GM Training Academy, our annual Penang Property Convention is coming back this year on 29 September 2018. Come and join us for this informative property investment event.

Whether you are seasoned property investor or first time home buyer, this event will give you a real insight into Penang property market and learn about the impact of PTMP and SST on properties. That’s not all! The speakers will also share their property investment strategies and tips.

Key highlights of the event:

• Penang and national property market updates
• The impact of Penang Transport Master Plan
• How to be a millionaire property investor?
• 10 mistakes in property investment
• How to increase your ROI using Airbnb
• Pre-Budget forecast
• Will SST affect the property market
• Property Forum and more…

List of Speakers:

• Miichael Yeoh (CEO, GM Training Academy)
• Ken Lim (Founder, Penang Property Talk)
• Richard Oon (National Tax Director, ShineWing TY Teoh)
• Dr. Daniele Gambero (CEO, REI Group of Companies)
• Charles Tan (Kopiandproperty.com)

The event will be held on 29 September 2018 (Saturday)
at Vistana Hotel (Grand Ballroom), 9:00 am to 5:30pm.

* THIS EVENT IS NOW FULLY BOOKED *
See you on 29 September!