Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, August 4, 2008

UEM won't collect tolls at second Penang bridge

UEM Builders Bhd, the main builder of a second bridge to the Malaysian island of Penang, won't get the contract to collect road tolls at the site, according to Second Finance Minister Tan Sri Nor Mohamed Yakcop today.

The government decided about a month ago to set up "a special-purpose vehicle to collect the tolls," Nor told reporters in Kuala Lumpur. Under a new contract, the developers will just build the bridge.

Penang is home to manufacturers including Dell Inc and needs an additional bridge to relieve traffic congestion. China Harbour Engineering Co will work with UEM Builders to build the 23-kilometer (14-mile) link from the mainland to the island after the Export-Import Bank of China agreed to lend Malaysia US$800 million for the project, the Chinese company said last year.

UEM said in June the Malaysian government has agreed to raise the cost of the RM4.3 billion project on higher raw material prices. The bridge is due for completion in 2011, UEM said.

By Bloomberg

No comments: