Penang set to see RM2b projects

Posted on | July 30, 2010

By BUSINESS TIMES

SOME RM2.1 billion worth of residential properties in Penang are being lined up for development from this year to next, Chief Minister Lim Guan Eng said.

He said that Penang and Kuala Lumpur-based developers were planning a total of 2,696 residential properties, with estimated gross sales of more than RM2.1 billion, on the island and mainland.

“Of this, a total of 1,676 units with estimated gross sales value of RM1.84 billion are located out of the island,” Lim said at a luncheon address on the sidelines of the 13th National Housing and Property Summit in Petaling Jaya, Selangor, yesterday.

Apart from this, the state government will also put out to tender some of the prime land in Penang, he added.

Among the sites is a piece of land between the Penang Bridge and Queensbay shopping complex.

“This land is being offered on a freehold basis with the reserve minimum price of RM200 per sq ft. This is considered cheap.

“However, potential bidders will be required to build a hospital, office lots, and reclaim some land. Still, this is a worthwhile bargain,” Lim said.

According to Lim, interest was already being shown by overseas investors, including those from Singapore and Hong Kong.

- Penang Property Development News

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