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Follow 18 points first, approval is soonest possible, later. Penang’s PSR.

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Earlier article here: Penang island? Which one? Yes, I am pro-development because the underlying reason for these three islands would be for land. The land could then be sold and the money will be used by Penang for its own Penang Transport Master Plan. No, I do not support destroying the environment just to do it but that’s a solution we need to look for. It’s not by cancelling the project altogether. Latest news: Actually, all three new islands were not approved yet. So, everything stays status quo. Chief Minister of Penang Chow Kon Yeow has clarified that there is no approval yet for the plan to reclaim three man-made islands off the southern coast of Penang island.

Article in thestar.com.my here. Chow said, “I did not say that the National Physical Planning Council has approved the project. What I sta­ted was that the council had agreed to its implementation, provided that we adhere to the 18 points of advice.” This land bank is expected to bring in more than RM70bil for the state, of which RM46bil will be used to fund the Penang Transport Master Plan. He also said that beyond the approval for the Environmental Impact Assessment (EIA) report and a Traffic Impact Assessment report, other points of advice included the preparation for a Environment Management Plan report, Social Impact Assessment report, Road Safety Audit report and Fisheries Impact Assessment survey.

Other notable requirements, he said, were for a national disaster management plan to be put into place to reduce the development risk in event of a natural disaster such as a tsunami or increase in sea water levels, and a ban against the construction of condominiums priced above RM1mil. The project delivery partner – SRS Consortium will be working to fulfill these advice points. He said, “All of us want the project to move ahead but it will take time and we are looking at least two years down the road before starting the physical implementation.” He said that no definite date could be given but the state will work to get all the necessary approvals as fast as possible. Article in thestar.com.my here.

This delay is not a show-stopper. Since there are 18 advice points, just need to work on all of them and meet or exceed the requirements set. The requirement for no homes above RM1 million looks interesting. RM1 million at the point of sale or RM1 million for a number of years? Perhaps it’s going to be hard to control the market if the condo happened to have the best sea view maybe… Or the other way would be to build smaller sized units instead. Penang has a lot at stake here because it needs a clear catalyst propelling the economy forward for the next 20, 30 or even 50 years. For anything to happen, availability of funds is critical. It’s either by the state or from the federal. Happy following.

written on 21 April 2019

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<Featured Image is courtesy of Stock Photos from SeraphP>

Article written and edited by Charles. News article summarised by Dina Batrisyia.

Next suggested article:  6 reasons why property investments should be avoided

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