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Saturday, November 24, 2007

IJM Properties may bid for Penang Outer Ring Road (PORR) project

It launches The Light waterfront project

PENANG: IJM Properties Sdn Bhd is keen to bid for the Penang Outer Ring Road (PORR) project.

IJM Corp Bhd chief executive officer and managing director Datuk Krishnan Tan told reporters this after launching The Light waterfront development here on Friday.

“Yes, we would very likely consider bidding for the project since we have been very active in the Penang property market since 1983,” he said, adding that the IJM land bank included parcels in Bukit Jambul (island) and Butterworth (mainland).

“We have a land bank of about 161.9ha here,” he said.

Prime Minister Datuk Seri Abdullah Ahmad Badawi, in his Budget 2008 speech, said the Government would call a tender for the RM1.02bil PORR project to alleviate traffic congestion on the island.

The project was originally awarded to concessionaire Peninsular Metro Works Sdn Bhd.

The PORR, initiated a decade ago, is one of three significant infrastructure projects in Penang under the Ninth Malaysia Plan, the others being the second Penang Bridge and the Penang monorail.

In his speech earlier, Tan said The Light project would cover 61.5ha of IJM’s 136.8ha reclaimed land on the eastern coastline of the island.

“The RM6.5bil project, with a total gross development value (GDV) of RM4bil, will be developed in three phases to be fully completed by 2017.

“Phase One would include residential developments while Phase Two would include commercial units like hotels, offices, conference and tourist facilities, and retail units like shopping, IT and fashion malls as well as dining and entertainment outlets. Other unique features under Phase Two are a floating stage and restaurant and marina with water taxis.

“Phase Three will be developed into a 2.8ha seafront park,” he said, adding that reclamation works were currently being done,” he said, adding that the company’s target market was local buyers from all over the country.

Jelutong Development Sdn Bhd - the company’s subsidiary, will undertake the project.

By The Star (By Christina Chin)

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