International Asia Property developer eyes Penang islands as ‘next Singapore’

Property developer eyes Penang islands as ‘next Singapore’

Singapore faces a decline in growth brought about by the scarcity of land which leads investors to look elsewhere

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With Malaysia’s optimistic vision of transforming Penang’s three islands reclamation project into the ‘next Singapore,’ this could be Marina Bay’s closest rival in terms of better infrastructure and ecological landscape.

This is how Gamuda Berhad, a Malaysian property and infrastructure developer, envisions the Penang islands once the project is completed.

Rashdan Yusof, Gamuda’s deputy group managing director, cited the islands will be designed as a good location for banks to boost Penang’s economic infrastructure in general.

In his recent interview at George Town, Penang, Yusof said that Singapore faced a decline in growth brought about by the scarcity of land.

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Yusof cited the Penang project would generate job opportunities for its people, especially those skilled in tasks related to the electrical and electronics industry.

He stressed Gamuda has the capacity to build something similar to Sentosa Island in Singapore or exceed what was built in Singapore.

He cited Dubai as a good example of a renovated reclamation site. Currently, it has become very successful and rich. Penang can have the same fate as this city.

During his presentation at the Penang International Business and Investment Summit, Yusof highlighted that the three islands can take the lead to pursue new tourism products and have a Disneyland someday.

Gamuda is part of the SRS Consortium, which is a joint venture between Gamuda, Loh Phoy and Ideal Property Development of which Gamuda is the biggest shareholder.

The consortium is the Malaysian government’s project delivery partner for the RM4.6 billion Penang Transport Master Plan (PTMP).

The concerted efforts of the companies involved will collaborate in developing three islands off the coast of Permatang Damar Laut to manage the transport plan.

Island A, found under the Penang International Airport runway somewhere in the southeast coast, is set for industries and a strategic location for airport logistics and transport system.

Island B, will be designed for the global business services sector, an industry where Penang is popular. Island C, situated at the southwest coast, will be where the theme parks and other tourism projects will be built.

In the previous week, Chow Kon Yeow, Penang chief minister expressed his confidence that Putrajaya would approve the project by June.

The PTMP consists of roads, rail, and another transport system that will be funded along with the transformation initiatives in the three islands, which will be opened to the highest bidder.

Malaysia is set to launch the Pan Island Link 1 highway and the Komtar-Bayan Lepas light rail transit projects to start the PTMP, in connection with the three island’s reclamation.

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