Eco World Development Group Bhd is acquiring 299.64 acres of leasehold land in Batu Kawan, Penang, for RM730.93mil to build residential and commercial properties.

In a filing with Bursa Malaysia yesterday, Eco World confirmed that it had received a letter of award from the Penang Development Corp (PDC) about its proposal to undertake the projects.

The developer said it was also leasing about 150 acres for 30 years, with an option to renew for another 30 years, for an estimated lease consideration of RM65.34mil.

Eco World said the 150 acres would be developed into an international standard golf course with a minimum of 18 holes and a club house.

“The development parcel and the lease parcel exclude a total area of 20.36 acres identified by PDC for other purposes. The estimated total consideration for the land parcels is approximately RM796.3mil,” it clarified following news reports about the land deal in Penang.

StarBiz had earlier reported that Eco World was the only bidder for the land and would sign the sale and purchase agreement with PDC at a later date to be attended by Eco World chairman Tan Sri Liew Kee Sin.

The purchase of the land will be the second parcel in Batu Kawan for Eco World. It already owns 24.28ha in the area on which it plans to launch a RM920mil mixed development called EcoMeadows, comprising 50% residential and 50% commercial components, in the second half of the year.

Eco World said its board was reviewing the detailed terms of the letter of award and that further details on the proposed Eco Marina development would be announced after it had accepted the letter.

Source: TheStar.com.my

A light rail transit (LRT) project has yet to be approved in Penang as the state government is still evaluating the six packages submitted by bidders for the Penang Master Transport Plan, a state executive councillor said today.

Local government and traffic management committee chairman Chow Kon Yeow refuted local daily The Star’s report today that quoted anonymous sources as saying construction of a 17.5km elevated LRT project is slotted to start next year.

“The newspaper quoted “reliable sources” which is not so reliable because we have not awarded the Master Transport Plan project to any bidder yet,” Chow said in a press conference today.

The Penang Transport Master Plan is a massive RM27 billion comprehensive plan designed to resolve traffic congestion woes on the island.

The plan includes suggestions for a more comprehensive public transportation system that includes the LRT, public buses, trams, the undersea tunnel connecting the island to the mainland and expansion of major road.

Chow said all the bidders have proposed different transportation system packages, some with a combination of LRT, trams and buses.

“We can’t give out any details for this yet because we have not shortlisted the bidder so it could be any of the proposed packages,” he said.

The Request for Proposal for the massive project closed on February 16 and the state is still studying the proposals by six bidders.

“We have four months to evaluate the proposals, to go through the financial and technical aspects, before awarding the project,” he said.

The earliest date the state could expect to shortlist the bidders will be in early May for a second round of evaluations.

Chow said it could take Penang up to seven months to award the project to the successful bidder from the closing date.

He also refuted The Star report that claimed the successful bidder will get to reclaim about 566ha of land in Seberang Prai.

“This is mere speculation by the newspaper because we have not made any decisions on the project,” he said.

Source: TheMalayMailOnline.com

Penang is set to get its maiden LRT project – a 17.5km elevated stretch linking Komtar with the Penang International Airport.

With construction slated to begin next year, the RM4.5bil project is part of a package of solutions for an island that has long been choking on its traffic.

The LRT project – expected to be awarded in June – will mark the realisation of the long-awaited implementation of the RM27bil Penang Transport Master Plan (PTMP), which also includes a 25km expressway linking Bayan Lepas and Tanjung Bungah.

According to reliable sources, Gamuda Bhd, IJM Corp Bhd, and a Chinese company have been shortlisted to undertake the projects, the bulk of which would be funded through land reclamation rights in the state.

The LRT and new expressway will be built using the Project Delivery Partner (PDP) concept, where the PDP will step in to resolve problems should parts of the construction fail to meet construction criteria.

In Penang’s case, should either one of the Malaysian companies get the award, it would have to partner with the Chinese company, especially in the construction of the LRT project.

It would be likewise should the Chinese company win the contract.

Six consortia, including three foreign-Malaysian partnerships as well as three Malaysian public listed companies, have put in their bids following Penang’s invitation last August to qualified companies to serve as the PDP for the PTMP.

The payoff for building the LRT project is the right to reclaim 1,618ha at either the southern part of the island, of which about 485ha will be used for the future expansion of the airport and to expand the Free Industrial Zone, or at a 607ha stretch between the Penang Bridge and the mouth of Sungai Pinang, an area popularly known as the Middle Bank.

Penang Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow had said the appointed PDP must be a reliable partner to guarantee the success of the projects.

“They will have to oversee all the projects estimated at RM27bil. The costs cover highway infrastructure (RM16bil) and public transport (RM9bil), while the institutional costs amount to RM905mil,” he said, adding that Penang alone would foot some RM10bil of the total cost.

In a subsequent interview, Chow said the LRT line – which will be supported by a revamped stage bus system and trams – would be a priority, with completion targeted for five to six years.

In return for their role in realising the state transport master plan, the Chinese company will get to reclaim about 566ha in Seberang Prai, of which 161.8ha is located near the North Butterworth Container Terminal and 404ha near Bagan.

It is learnt that it will take a year to get necessary approvals for the reclamation works,

Chow said some of the projects would fall under the jurisdiction of the Federal Government.

“The RM10bil allocation from the state does not include the RM6.3bil for the undersea tunnel and three expressway projects,” he said.

The 6.5km road tunnel is planned to run from Gurney Drive to Bagan Ajam in Butterworth. The expressways include a 4.2km bypass from Persiaran Gurney to Persiaran Tun Dr Lim Chong Eu, a 4.6km expressway and by-pass from Tun Dr Lim Chong Eu Expressway to Bandar Baru Air Itam and a four-lane 12km road linking Tanjung Bungah with Teluk Bahang.

Source: TheStar.com.my

Indicative Station Locations

Penang Sky Cab is the proposed Penang Cable Car which links Penang Sentral at Butterworth to Gat Leboh Nordin on the island. The 3-KM proposed cable car project is a collaboration between Penang Sentral and the Penang State Government.

Chief Minister Lim Guan Eng revealed the project to members of the press today at Komtar. He said, “We have been working hard on this project since last year and consulted all the parties involved including the Penang Port Commission. For the public benefit, we want to work with every party to improve the public transport system as it has synergistic benefits for all.”

“This is like a 5-in-1 public transport as the Sky Cab will connect the people to the mainland train, taxi, buses and ferry services. This will be a convenient, fast and safe mode of transport,” he added.

If all goes well, Penang will have the Sky Cab ready by 2018.

Source: Buletin Mutiara

Edge 360°, an executive condominium development by Amanvida Development Sdn. Bhd. in Bukit Dumbar, Penang. It is only mere minutes drive to Tesco hypermarket, about 5 minutes away from Penang bridge.

This 24-storey tower comprises 76 residential units with size ranging from 1,273 sq.ft. onwards. There are 5 units on each floor and comes with at least two parking bays.

* This project was formally known as Quattro Light *

Property Project : Edge 360°
Location : Bukit Dumbar, Penang
Property Type : Executive Condominium
Built-up Area : 1,273 sq.ft.  – 1,449 sq.ft.
Indicative Price: RM600 psf
Total Units : 76
Land Tenure: Freehold
Developer : Amanvida Development Sdn. Bhd.

Location Map:

Contributed by reader (Update 18/07/15)

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