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STP2: RM1.078 billion to reclaim, GDV of RM25 billion

I stayed in Tanjung Bungah for 1 year plus and I loved my time there. However, it was only a rented home and when I needed to buy, I bought in Relau instead. Yes, it was because of affordability. Today, the focus is next to Tanjung Bungah, it’s on Seri Tanjung Pinang which is now becoming a favourite new area. It’s situated in the Tanjung Tokong area but was non existent before this. Total area reclaimed for Seri Tanjung Pinang 1 is 240 acres. It is now considered complete and even the prices of the residential homes have increased by leaps and bounds.
Reported in The Star, E&O has announced that STP2 reclamation would start end of January 2016. It said that all the approvals to comply with prevailing regulatory requirements, the key requirements and authorities’ approvals has been obtained. These included approval of the project’s detailed environmental impact assessment (DEIA) study by the Federal Department of Environment, endorsement of the STP2 masterplan and the most important one of all, the granting of the Planning Permission for STP2 reclamation by the Penang state authorities.
Tanjung Pinang Development and the Penang state government signed a supplemental agreement tot he one signed in 1992. Under this supplemental agreement, the reclamation works which started in 1997 are required to be completed by Dec 31, 2022. The company to carry this out is China Communications Construction Company (M) Sdn Bhd and the cost of this would be RM1.078bil. The award was done earlier in October 2015 to CCCC(M). cess of STP2,” it said. E&O has also secured the required banking facilities from Maybank Islamic Bank Bhd and RHB Islamic Bank Bhd to cover part of the reclamation costs as well as infrastructure costs.
For E&O’s STP1, I could still remember when the prices were at the RM600,000 level for the landed ones. Some friends asked why are there so many crazy people buying it? Well, perhaps today, those not buying would be considered ‘crazy.’ The next phase is now starting. Seri Tanjung Pinang 2. (STP2). Happy viewing.
written on 23 Jan 2016
Next suggested article: Penang is getting bigger, 3398 acres or even bigger?

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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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