Eco World Development Bhd has confirmed the estimated gross development value (GDV) for the proposed Eco Marina development comprising of mixed development and the golf course in Batu Kawan, Penang would be RM10bil.

The property company said on Tuesday the development period would be about 10 years, with the construction for the mixed development and the international standard golf course to start within six months and three months.
“However, at this juncture, it is too preliminary to ascertain the development costs, expected profit and additional financial commitment for the proposed Eco Marina Development.

“Nonetheless, the development costs for the proposed Eco marina development are expected to be funded through a combination of bank borrowings and/or equity funds, the quantum of which cannot be determined at this juncture,” it said.

The proposed Eco Marina Development is a 299.64 acres of leasehold land worth RM730.93mil.

The group is leasing about 150 acres of land for 30 years to develop the golf course, with an option for a renewal of another 30 years, for an estimated lease consideration of RM65.34mil.

Meanwhile, the initial payment of RM156.25mil was paid by Eco World Development via a combination of bank borrowings and proceeds raised from the Rights Issue of Warrants.

The group said that the payment of the total reimbursable sum would be used to finance the initial payment of proposed project.

Furthermore, the company said the location of the proposed project attracts varied pool of investment across various sectors via the development of a SME village that offers ready-built factory units and a service centre for the development of local investors.

“Batu Kawan is set to become the third satellite town of Penang after Bayan Lepas and Seberang Jaya due to its strategic location and close proximity to the Second Penang Bridge which connects Bandar Cassia with Batu Muang on the Penang Island,” the company added.

Moving forward, Eco World Development is confident that the proposed project would contribute positively to the future earnings of the group.

Source: TheStar.com.my

Proposed gated and guarded development by Northern Skyline Sdn. Bhd. in Balik Pulau, Penang. It is located along Jalan Kampung Terang, about 10 minutes drive away from Balik Pulau town center.

This development will consists of 76 units of 2-storey semi-detached and 1 unit of bungalow houses.

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Balik Pulau, Penang
Property Type : 2-storey semi-detached & bungalow (Gated & Guarded)
Total Units: 76 (semi-detached), 1 (bungalow)
Developer : Northern Skyline Sdn. Bhd.
Contact No: 04-226 6734

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Two images known as the ‘Penang Rail Tran-sit Map’ circulating on social media have been described as visuals put together of something which has yet to be finalised.

State Traffic Management Unit chief engineer Lim Thean Heng said the superimposed images consist of a combination of loop alignments and transit corridors in Penang.

“The image tries to incorporate what has been conceptualised according to the Penang Transport Master Plan.

“It places together the loop tram alignments and the three transit corridors in the northern, southern and western direction in one map.

“Nothing is etched in stone as the Project Delivery Partner has yet to be appointed.

“It is just a visual to assist in planning. Further studies need to be done to determine the alignment or location of the stations,” he said.

Source: TheStar.com.my

Besides the less-than-enthusiastic response from residents, tourism industry players have also voiced their doubts about the proposed Penang Sky Cab project.

“I’m not too sure about this as a tourist attraction. We are told that the state wants to create attractions like homestays, bird watching and visits to fish markets on the mainland.

“But tourism has always been island-centric while Butterworth is more of an industrial and logistics hub,” said Malaysian Association of Hotels Penang chairman Khoo Boo Lim yesterday.

The 3km cable car system linking Penang island and the mainland was announced by Chief Minister Lim Guan Eng last Wednesday.

Khoo said the authorities should reconsider the project, especially if it involved state funds which could be put to better use to enhance existing attractions and improve infrastructure that impacts tourism.

Association of Tourism Attractions Penang chairman Ch’ng Huck Theng said the state government should give priority to solving traffic congestion on the island.

“It will boost our image and help spread tourism revenue to Butterworth, but tourism in Penang is being affected by traffic jams,” Ch’ng said.

Penang Tourist Guides Association president Chin Poh Chin felt that the cable car system would spark the interest of locals only at the initial stage.

“Everyone would want to try it once. But foreigners will not be interested. Cable cars are nothing new to them,” she said.

She said foreign tourists – backpackers or those on guided group tours – love the ferry because it was iconic to Penang.

She urged the state government to expedite the plan to set up a cable car system from Penang Hill to Teluk Bahang instead.

It is learnt that the Penang Hill-Teluk Bahang cable car was initially mooted but difficulties arose with the choice of location for the Teluk Bahang station.

Lim, however, was unperturbed by the criticism.

“The Penang Sky Cab is not to replace the MRT or LRT. It is a bonus,” he told a press conference yesterday.

He said the cable car could be completed in 2018 while the MRT and LRT could take up to Year 2030.

Penang Consumer Protection Association president K. Koris Atan said he supported Penang Sky Cab as an alternative transportation mode.

Source: TheStar.com.my