You Are Home> Resources> Property News> Gurney Drive land swap deal for developers of highways, sea tunnel link

Gurney Drive land swap deal for developers of highways, sea tunnel link

Tuesday, 15 November 2011 09:20

KUALA LUMPUR: The Penang government will pay developers with prime land around the tourist belt area of Gurney Drive to construct three by-pass highways and a sea tunnel linking the island to the mainland.

Chief Minister Lim Guan Eng said the RM8bil project would be the state's biggest infrastructure exercise and is meant to resolve the island's severe traffic congestion problem.

The proposed traffic-alleviation projects are a 6.5km sea tunnel connecting Gurney Drive on the island to northern side of Butterworth, a 4.2km road from Gurney Drive to the Tun Dr Lim Chong Eu expressway by-passing the city centre, a 4.6km road linking Bandar Baru Air Itam to the same expressway and a 12km dual-carriage road from Tanjung Bungah to Teluk Bahang to pair with the existing coastal road.

“We estimate that the projects will cost RM5bil to RM8bil depending on the bids from prospective contractors,” he told a press briefing here yesterday.

He said the “competitive land swap” payment will be a win-win situation for both the state government and the developers.

“The state government does not have to pay money and the developer gets prime land that will triple in value after the projects take place,” Guan Eng said.

He added that developers could also propose to implement toll payments to recover costs.

A pre-qualification exercise will be issued Tuesday on the Penang government website for the projects and a briefing will be held in Penang on Nov 29 for interested bidders.

Lim explained that the projects would undergo a lengthy feasibility study and construction is only expected to commence in 2015.

“We target the completion to be in 2020, although it can be completed earlier,” said Lim.

From The Star

Related Sources

Partners

Association

YouTube Channel

Srishanbid.com is a leading provider of updated information about properties listed for sale in real estate Malaysia. This is the paramount place to begin search for your dream home. Best properties for sale in Malaysia can be easily found at this website. As the most comprehensive portal for offering information and facility for Real Estate Bidding, buyers and sellers at Srishanbid.com can experience ample ease in terms of consultation, assistance and best bidding offers. Properties here can be located in both, residential as well as commercial sector. As your ideal Real Estate Bidding partners, Srishanbid.com is the pioneer in this scenario who has initiated this trend among Malaysians, after gaining ample success in developed markets.

Malaysian real estate as an emerging property market offer investors an ideal alternative. Srishanbid.com as your real estate partner presents the most updated and relevant information in this respect, thus making property search easier and hassle free for all.

IMPORTANT: We try our best to provide you the most accurate and complete information for each and every property listed at SRISHANBID.COM. The information on this web site has been posted by our web users or as gathered by our team from various resources. We at SRI SHAN REALTY SDN BHD endeavor to keep the information up to date and correct. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to our website or the information, products, services, or related graphics contained here for any purpose. Any reliance you place on such information is strictly at your own risk.