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Monday, June 18, 2012

UDA set to begin Tg Tokong job

UDA Holdings Bhd’s redevelopment project at Tanjung Tokong in Penang is expected to generate RM1.8 billion in gross development value.

Chairman Datuk Nur Jazlan Mohamed said the redevelopment project would begin once the Penang government granted it a start-work order.

The residential and commercial mixed development project, to be developed on a 9ha land, is expected to take four years to complete.

He said the commercial development would include a supermarket, a community hall and a recreational area while the residential development will comprise apartment units for 1,200 families.

Nur Jazlan said the apartment project would be developed at a cost of RM165 million, with each unit to be between 800 sq ft and 850 sq ft in size.

“The government will subsidise about RM120,000 per unit. Based on the present market rate in Penang, a similar apartment unit will cost RM300,000,” he said after flagging off a fund-raising cyclethon here, yesterday.

Prime Minister Datuk Seri Najib Razak is expected to officiate the ground-breaking ceremony of the project soon.

UDA Holdings was granted the job of redeveloping Tanjung Tokong by then prime minister Tun Abdul Razak Hussein in 1972 but the project never materialised.

Nur Jazlan, who is also the Pulai member of parliament, had said previously the pledge of new homes was a testimony of UDA’s efforts to uphold the interest of the Malays.

“Not only are the Tanjung Tokong settlers entitled to the apartment units, their children are qualified, too, based on certain criteria,” he said.

On Saturday, UDA Holdings signed a settlement agreement with the settlers and thus resolving the issue that had prolonged for 40 years.

On another note, Nur Jazlan said UDA Holdings had also offered its expertise for the redevelopment of Johor Baru city.

This, he said, could be done through collaboration between UDA Holdings and the state government or other agencies, such as the Johor Corporation.

By Business Times

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