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Penang: PTMP, new airport, catalyst till 2050.

We know about the reclamation in Seri Tanjung Pinang. It’s by Eastern & Oriental and the first phase has been completed and the second phase is up and coming. Read here:  Penang island getting bigger. E&O’s STP2  Well, Penang is about to get even bigger through further reclamation. No, this is not about the rumoured Middle Bank which is opposed by the environmentalists, saying that it would destroy the many delicate plants there. My personal opinion about environmental protection is about sustainability and funds for research. No matter how natural a site is, if nothing happens to it, it actually meant very little and will generate zero benefits to everyone, including the environmentalists who are trying to protect it.
Coming back to the potential reclamation project, as per report in The Edge, the Penang State Local Government, Traffic Management and Flood Mitigation committee chairman Chow Kon Yeow said that the Gamuda Bhd-led consortium is in the midst of a study to ascertain the sustainability of the proposed site which is 1,500 acres (607ha) of sea land off Permatang Damar Laut. This is near Bayan Lepas, thus it’s near enough to the industrial areas and both the bridges and thus can be said to be a prime piece of land once reclaimed. It’s SEA LAND currently.  This will form part of the proposedland-swap deal with SRS consortium the project delivery partner for the RM27 billion Penang Transport Master Plan (TMP).
This reclamation is expected to have a five-time economic multiplier effect amounting to RM100 billion and it will not only fund the PTMP but would be a catalyst for growth for Penang till 2050. This site is also planned for the new Penang International Airport and ensure the manufacturing industries have space to grow. These days, if a huge piece of land is needed, the investors would need to find in other states and not within Penang. Chow further announced, “The state will finalise the agreement with SRS Consortium within six months of the appointment date. The method of payment would be through the award of rights to reclaim for development. Revenue from the land would be used to repay the consortium.”
I am supportive of a new international airport for Penang. The current one is simply not sufficient for a growing international city. I reiterated this point to a few close friends only recently. Once all these have been formally confirmed, then I think the property market growth in Penang is going to be a continuous one. With the PTMP, it will also help alleviate the current traffic jams which are getting worse every time I drop by Penang. Penangites are buying cars much faster than the building of new roads. I wish this can be finalised sooner than later. All the best Penang.
written on 21 Nov 2015
Next suggested article: Penang: Fertility rate of just 1.5 and 1,300 net migration

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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