Thursday, October 20, 2011

2nd Penang bridge ahead of schedule


GEORGE TOWN: Construction of the second Penang bridge is likely to be completed two months ahead of its projected November 2013 schedule.

Subject to weather conditions and other considerations, it was likely that work on the new bridge will achieve 70 per cent progress by the end of this year, Works Minister Datuk Seri Shaziman Abu Mansor said yesterday.

The bridge connecting Batu Kawan on Penang mainland and Batu Maung on the island will be the longest in Southeast Asia at 16.9km. Total estimated construction cost is RM4.5 billion.

"The dedication by the project contractors in seeing to the smooth running of the project may see it completed two months ahead of its scheduled completion," Shaziman told reporters after visiting the project site.

Work on the bridge, which will serve as the third link between the island and the mainland (after the ferry service and first Penang bridge) and set to provide better connectivity and accessibility to and from the island, began in November 2008.

It comprises a two-lane dual carriageway with shoulders and a dedicated motorcycle lane. Its design is depicted as a 375m cable-stayed bridge with a main span of 240m over the southern channel with a 30m height clearance.

The bridge is a joint-venture project between China Harbour Engineering Company Ltd and UEM Builders Bhd, with Jambatan Kedua Sdn Bhd (JKSB) appointed as the concession holder.

JKSB, which is wholly owned by the Minister of Finance Incorporated, is responsible for the construction, management, operation and maintenance of the bridge and has been given a 45-year concession for the project.

By Business Times

Penang and the green agenda

Politicians and policymakers must determine how entrepreneurship and property rights are utilised to promote and achieve a sound balance in environmental and economic growth.

DURING an international conference on quantity surveying in Penang last week where she was invited to deliver a keynote address, former International Trade and Industry Minister Tan Sri Rafidah Aziz continued to be in her element.
The feisty former minister, who earned the nickname “Iron Lady of Malaysia”, did not miss a beat and held a captive audience.

From highlighting the fact that the facilities at an international beachfront hotel where the event was held were less than satisfactory by saying “your microphones here do not rock”, to amusing her audience by using a term “prawn brain” which she has coined before, referring to government officials who cause bureaucratic problems, there were no dull moments.

The heart of her speech, however, touched on the green agenda, as she spoke on the need for the issue to focus entirely on saving the environment, rather than it being about politics and power.

“The green agenda itself and sustainability issues,” noted Rafidah, “have (also) tended to be hijacked by politicians, in seeking a platform to operate upon and make green issues political capital … and this has already happened in some of the developed countries”.

The green agenda, Rafidah said, should not be politicised, as it would detract from the focus required to put into place, policies and programmes directly linked to sustainability.

“Today,” she added, “sustainability has emerged as an important factor in international trade, as more consumers, especially in the developed economies are demanding that products which enter their markets, have undergone production processes, which have in turn, met prescribed standards and regimes; all in the context and preservation of the environment and human welfare and the eco-system”.

Her call to her audience of the day made up of international quantity surveyors, academicians and several corporate sponsors of the event in being good stewards of the environment to ensure long-term business success, is perhaps a sound and timely lesson which must be taken up urgently in Penang.

Citizen groups are becoming more aware and concerned whether the island state is now seeing a further rise in rampant and unbalanced development as high rises, traffic congestion, reclamation projects, more shopping malls, high-rise dwellings and big-ticket commercial and residential property projects are the order of the day.

In the name of wanting to turn George Town into an international liveable city and lure top-notch talent to work, live and play, it appears that the issue of development has turned into one which is now becoming too property-centric.

With increased permissible density, from 1:1 to 2.8:1 or the density of 87 units per acre, land in Penang is becoming even more valuable.

This is because property developers, who are anticipating higher profits, are making a beeline to the island to buy land, and, as with all businesses, to build up to the maximum limit and maximise their profits.

Penang’s beachfronts, its pristine hill station, Penang Hill, and the state’s “golden goose”, which is the world heritage city status obtained in 2008, have not been spared the indiscriminate construction and proposed construction of high-rise buildings.

Add to this, growing environmental destruction on virtually all spots of the island, amid concerns that the state could head for a housing and construction bubble.

The primary responsibility in ensuring that environmental protection is not spawned by political interests, lies with the state.

Politicians and policymakers must determine how entrepreneurship and property rights are utilised to promote and achieve a sound balance in environmental and economic growth.

Ultimately, it is the people who must remain at the heart of the green agenda, and this calls for consumers to stand up for their belief systems and use common sense along with sound and independent science, to chart their own destinies in choosing the kind of Penang they want.

By Business Times

Boustead project called off

George Town: The Penang state government has cancelled a plan to allow Boustead Holdings Bhd (BHB) to reclaim up to 0.16 hectares of land off the Penang Bridge.

Boustead was initially given the rights as part of compensation package for agreeing to scale down a hotel development project in the state's heritage zone.

A statement from Chief Minister Lim Guan Eng's office, obtained by Business Times yesterday, noted the decision was made following public consultation and a legal notice sent by Boustead to a state assemblyman who was defending his constituents in the affected area.

"After much public consultation, the Penang State Government has taken cognisance of the views of the residents of Putra Marine, Gold Coast and Bay Garden and decided not to pursue the land reclamation at Bayan Bay to Boustead.

"To pursue the land reclamation deal with Boustead under the shadow of the legal notice of defamation sent by Boustead to (Pantai Jerejak) assemblyman Sim Tze Sin is wholly inappro-priate," Lim said in the statement.

"Boustead will still be required to comply with the World Heritage building height control of 18 metres within the heritage core zone of George Town.

"The form of compensation to be paid and whether it should be paid," Lim added, "is still subject to further negotiations with Boustead".

Boustead was in the midst of constructing a one-block 300-room Royale Bintang Hotel in George Town's heritage zone in 2009, when works were halted following reports the development could place George Town's heritage status in jeopardy.

Boustead is one of four developers who have been singled out for undertaking projects exceeding the height restriction in the heritage city's buffer and core zone.

The others are Asian Global Business (AGB) Sdn Bhd, Eastern & Oriental Sdn Bhd and the Low Yat Group.

All the firms had approval from the Penang Island Municipal Council for projects exceeding the 18m limit, well before George Town was placed on the World Heritage List in July 2008.

Last year, Boustead said it was seeking compensation from the Penang state government for agreeing to reduce the height of its proposed hotel. It is learnt that the company had sought RM20.8 million as compensation.

A Boustead spokesman, meanwhile, said the company was waiting for the state government to make a decision on the compensation.

"They have to pay us either in the form of land reclamation or cash reimbursement. They have to make a decision as to how to pay us, so we can recover the money we have spent," the Boustead official said.

The spokesman did not divulge the amount spent by Boustead on its hotel project, except to say that they had completed between 10 and 15 per cent of work so far.

By Business Times

Boustead seek RM20.8mil from Penang govt

KUALA LUMPUR: Boustead Holdings Bhd will be negotiating with the Penang state government on compensation amounting to RM20.8 million.

The claim was made after the Penang state government cancelled a plan to allow Boustead to reclaim up to 0.16 ha of land off the Penang Bridge.

In a filing to Bursa Malaysia today, Boustead said the amount of the compensation is as verified by independent consultants.

"Boustead is still in negotiations with the Penang Chief Minister and the state government on the form of compensation to be paid.

"An announcement will be made by Boustead in due course setting out the terms of the compensation once the same have been agreed by Boustead and the Penang state government," the company said.

Boustead was initially given the rights as part of a compensation package for agreeing to scale down a hotel development project in the state's heritage zone.

On Monday, a statement from Chief Minister Lim Guan Eng's office said the decision was made following public consultation and a legal notice sent by Boustead to a state assemblyman who was defending his constituents in the affected area.

By Bernama

Malaysia 'a popular choice' among Singaporean investors

Investors in Singapore are increasingly turning to the Malaysian property market because real estate in their own country is considered too expensive. This is the finding of a survey released by Property Guru, which discovered that 37 per cent of respondents are investing in housing in neighbouring Malaysia, making it the most popular foreign nation among Singaporeans looking for somewhere to buy real estate. 

Furthermore, some 45 per cent of those questioned said they would consider purchasing a property outside the country. Commenting on the data, director of Singapore Tenancy Management Tom O'Reilly told Channelnewsasia.com that people can afford to buy several houses or flats in Malaysia for the same amount of money as just one in Singapore.

 "Malaysia as a country has extremely strong fundamentals and the property market in Malaysia tends to be a lot less volatile than Singapore," he stated. Mr O'Reilly added that being able to purchase multiple assets allows investors to "diversify risk but also still generate a positive return".-www.propertyshowrooms.com

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