The ongoing mega project known as ‘Penang WorldCity’, sprawled over 100 acres in Bayan Mutiara is set to turn the area into a jungle of highrise towers. One shudders to think to think of the impact on traffic and the resulting congestion along the Jelutong Expressway in the years to come.
Count the number of towers in this artist’s impression.
This project is a joint venture between Tropicana Corporation Berhad (previously Dijaya Corporation Bhd) and Ivory Properties Group Bhd. Check out the project website here.
This was the 103-acre plot in Bayan Mutiara that the state government sold for RM1.1bn (about RM240psf) to Ivory Properties, which soon after entered into a joint-venture with Dijaya Corporation Bhd. At that time, the gross development value of the project was estimated to be RM10bn.
The substantial shareholder and vice-chairman of Tropicana is Danny Tan Chee Sing (younger brother of Vincent Tan), listed by Forbes as the 23rd richest Malaysian with a net worth of US$520m.
According to the firm’s 2012 Annual Report, Danny’s son Dickson is the managing director. Dickson’s brother Dillon is an Executive Director and his sister, Diana, is a non-independent non-executive director. The chairman of Tropicana is Rohana Mahmood, reported by The Star in 2008 to be in ‘Najib’s milieu’.
Do you think the Jelutong Expressway can cope with this mega project and IJM’s Light project, the Queensbay Mall traffic, on top of the traffic from the first and second Penang bridges and the rush hour traffic to and from Bayan Lepas FTZ?
Then, there’s the state government’s planned highway projects from Air Itam and from Gurney Drive/Pangkor Road, both ending up at the Jelutong Expressway.
Good luck, Jelutong Expressway!
The other question applies to other land reclamation projects as well: one lawyer tells me there is an argument that any reclaimed land should be classified as leasehold land.