News: Penang’s LRT And PIL 1 To Start Works Next Year

Apr 9, 2019

 

Construction works for Penang’s light rail transit (LRT) line and the 19.5km Pan Island Link 1 (PIL 1) are slated to commence in June 2020, reported The Star.

Both projects are components of the RM46 billion Penang Transport Master Plan (PTMP).

“We can expect construction work for both projects to start in June 2020,” said sources.

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The LRT line will comprise cable cars, a monorail link and water taxis, while the PIL highway project will connect Gurney Drive to the Penang International Airport.

The LRT line will start from Komtar within the island’s northeast corner and end at Island B, which is one of the three man-made islands that were proposed under the Penang South Reclamation Scheme (PSR).

The sources noted that approval to create the three man-made islands will likely be given before the end of this month.

The state government has appointed the SRS Consortium, which is a 60:20:20 joint venture between Gamuda, Loh Phoy Yen Holdings and Ideal Property Development, as the project delivery partner.

“The tender to reclaim the island will be out in the third quarter of this year,” said sources.

“Island A will house industrial and residential projects…There will be industrial lots developed for sale to foreign and local investors to generate funds for the PTMP projects.”

Island B will house the commercial properties and state administrative offices, while Island C will feature residential properties.

SRS Consortium is expected to raise RM46 billion from the sales of the man-made islands.

“About 75% of the 1,821ha will be for sale. The sale of the industrial lots has generated a lot of enquiries,” added the source.

“Some 30% of the enquiries received so far is for the industrial land.”

 

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Victor Cheong
Senior Property Negotiator
REN: 01078
Ace Realty
victorcheong07@gmail.com
(+60) 16-3288040