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Part of Penang 2nd Bridge to be closed from tomorrow

Property News/ 22 April 2024 No comments

Penang 2nd Bridge

Part of the Sultan Abdul Halim Mu’adzam Shah Bridge (JSAHMS), from KM12.5 to KM18.5, will be closed from Tuesday to Thursday for cable inspection work.

Jambatan Kedua Sdn Bhd (JKSB) said the closure will start from 9am until 5pm throughout the three days and that the contra flow lane will be activated.

“The temporary closure is to make way for cable inspection work on the main span and will operate as usual after the inspection,” it said in a Facebook post today.

JKSB advises road users to observe all signboards and instructions.

“For any enquiries, emergency assistance, or latest traffic updates, users are advised to contact JKSB Hotline at 1-300-30-2828,” it said.

Source: Bernama

Temporary road closure for Air Itam bypass project

Property News/ 21 April 2024 No comments

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Motorists in Farlim, Air Itam, will need to plan alternate routes as a section of Lebuhraya Thean Teik will be temporarily closed from 9pm to 5am on April 22 and 23. This closure, affecting the stretch between Desa Intan and Tanjung Court, is necessary to facilitate construction efforts for the Package Two bypass, which aims to connect Air Itam to the Tun Dr Lim Chong Eu Expressway.

To circumvent the closure, drivers heading from Batu Lanchang to Paya Terubong can use Lengkok Angsana, then Jalan Angsana, rejoining Lebuhraya Thean Teik further along the route.

Conversely, travelers moving from Paya Terubong to Batu Lanchang are recommended to take Jalan Thean Teik to Lintang Thean Teik, exiting back onto Lebuhraya Thean Teik.

The community is strongly advised to heed road safety signs and barriers closely to prevent accidents and ensure smooth traffic flow. As reported in March, the bypass project is halfway to completion and on track to be fully operational by next year. This infrastructure development, which is one of the four packages under the major road and tunnel projects.

Penang optimistic about achieving target to build 220,000 affordable homes by 2030

Property News/ 21 April 2024 2 comments

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The Penang government is optimistic about achieving the target to build 220,000 units of Affordable Housing (RMM) by 2030.

State Housing and Environment Committee chairman, Datuk Seri S. Sundarajoo, said the target is in line with the agenda ‘Housing for All’, which is the state government’s main core in providing affordable housing for the people of this state.

He said that so far, impressive progress has been made, with 157,073 units of RMM currently at various stages of construction, accounting for 71.4 per cent of the total targeted.

“This figure includes 50,700 units already built, 20,249 units under construction, and another 80,124 units in the planning stage,” he said in a Facebook post.

Sundarajoo added that this progress was shared with the Minister of Housing and Local Government, Nga Kor Ming, during his visit to the minister’s office in Putrajaya on Friday.

The delegation was also accompanied by the Penang Housing Board (LPNPP) chief executive officer Ainul Fadhilah Samsudi, and its chief business officer, Fakhurrazi Ibnu Omar.

Meanwhile, Sundarajoo also expressed gratitude to the federal government for approving a total allocation of RM21.175 million for financing 51 projects.

“A total of RM4.98 million of the allocation has been used for 15 projects under the Housing Maintenance Programme for Public Strata Housing, while another RM16.19 million to finance 36 projects under the Malaysian Housing Maintenance Fund for Private Strata Housing,” he said.

According to him, the allocation for the year 2024 is the largest ever received by Penang since 2020.

In this regard, he hopes that with close cooperation between the state and federal governments, more agendas for public housing, especially in Penang, can be continuously achieved.

Source: Bernama

Iconic raises RM95.6mil through rights issue, plans for land purchase

Property News/ 20 April 2024 3 comments

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Iconic Worldwide Bhd has received overwhelming support for its recent rights issue and free warrants, signaling a strong vote of confidence from investors. With 1.12 billion rights shares and 749.8 million free warrants oversubscribed, the company is set to embark on an ambitious expansion journey. Scheduled to be listed on the Main Market of Bursa Malaysia on April 25, these instruments will bolster Iconic’s financial position and pave the way for strategic initiatives.

Managing director James Tan Cho Chia emphasized the significance of this oversubscription, highlighting it as an affirmation of the company’s future trajectory. Iconic plans to utilize the proceeds to acquire a strategic land bank asset, a move seen as pivotal in expanding its property portfolio. This acquisition, valued at RM45.7 million by Henry Butcher Malaysia (Penang) Sdn Bhd, includes a 15-acre parcel of freehold land adjacent to the Green Garden residential development in Penang Island.

Tan outlined the company’s vision for the acquired land, aiming to unlock its full value through rezoning and the submission of a new development plan. This strategic approach aligns with Iconic’s goal of delivering greater value to shareholders while capitalizing on the potential of its assets.

Of the RM95.6 million gross proceeds raised, RM39.8 million will be allocated to acquiring Goldenluck Development Sdn Bhd. The remainder will be allocated for the repayment of bank borrowings, working capital, and expenses related to the exercise. This allocation strategy underscores Iconic’s commitment to strengthening its financial position while pursuing growth opportunities.

Penang Undersea Tunnel project under review following PPC proposal

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In a recent update reported by Buletin Mutiara, Penang State Government is set to examine the comprehensive proposals outlined in the Penang Port Commission’s (PPC) Master Development Plan for the Penang Port. This comes in the wake of recent developments regarding the feasibility study for the undersea tunnel project, which was previously pending due to the awaited master plan from PPC involving the expansion of facilities at the Northern Butterworth Container Terminal (NBCT).

Chief Minister Y.A.B. Chow Kon Yeow stated that the state government had been unable to conclude the feasibility study for the undersea tunnel project as they awaited the master plan from PPC, which includes the expansion of facilities at NBCT. He further elaborated that the Steering Committee under the Infrastructure, Transportation, and Digital Exco, led by Zairil Khir Johari, would scrutinize the proposals put forth by PPC.

Kon Yeow emphasized that the Steering Committee would engage in further discussions before making any recommendations for the state government’s consideration, ultimately leading to a final decision.

Whether the undersea tunnel project proceeds as planned or undergoes modifications, Kon Yeow expressed confidence that the Steering Committee would propose recommendations for the state government’s deliberation.

In November 2023, Zairil highlighted that one of the considerations for implementing the undersea tunnel project was ensuring its alignment would not impede the expansion of dock facilities.

The undersea tunnel project, connecting Persiaran Gurney on the island to Bagan Ajam in Seberang Perai, constitutes Package 4 under the Penang Transport Master Plan (PTMP), aimed at alleviating traffic congestion in the state.

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