The property development in connection with the tunnel is about to start with earnest with the RM800m City of Dreams project having received approval from the Penang Island City Council.
City of Dreams involves the construction of a total of 522 luxury serviced apartments in two 38-storey towers on a 3.7 acre site in Sri Tanjung Pinang in Tanjung Tokong. Sea-front apartments will be priced from RM1200 per sq ft, which is reportedly lower than E & O’s nearby RM1800psf high-end condos.
Ewein Bhd is in a 60:40 joint venture with tunnel developer Consortium Zenith BUCG Sdn Bhd (CZBUCG) through a jv company called Ewein Zenith Sdn Bhd. (Ewein Zenith Sdn Bhd is a 60 per cent subsidiary of Ewein Land Sdn Bhd, which itself is a 100 per cent subsidiary of Ewein Berhad.)
The 3.7 acres is part of a 110 acre land-for-tunnel swap deal. The Penang state government is awarding the tunnel developer Zenith 110 acres of super-prime land as part compensation for constructing a RM6.3bn undersea link from Gurney Drive to Bagan Ajam on the mainland.
On 31 March 2015, Ewein announced that the jv vehicle, Ewein Zenith Sdn Bhd, had received planning permission approval from the city council for the proposed development on the 3.7 acre plot.
Then on 7 April:
Further to the announcement dated 31 March 2015, the Board of Directors of EWEIN wishes to announce that the Building Plans for the proposed development on the said parcel of land known as Lot 702 situated in Section 1, Bandar Tanjong Pinang, Daerah Timur Laut, Negeri Pulau Pinang (the said “Land”) has been approved by Majlis Bandaraya Pulau Pinang on 7 April 2015. The gross development value (“GDV”) of this proposed development is approximately RM800 Million.
Check out the location of Lot 702 in the image above.
The jv is now reportedly hoping to bag a second plot of land measuring 4.3 acres.
A few questions arise:
- Where is the location of the low-end ‘affordable’ housing for all this?
- Last August, it was reported that the “undersea tunnel feasibility study will take about a year to complete as it is an environmental sensitive issue for which we need to get Detail Environmental Impact Assessment (DEIA) approval.” Has the tunnel feasibility study been completed after the earlier failure to undertake it?
- If the tunnel feasibility study has not yet been completed, how can the state jump the gun and start awarding land to the tunnel developer/property developers? This is a key question that needs to be answered.
- Or are we to assume that the feasibility study and the DEIA are just academic and the outcome a foregone conclusion?
- How was the MBPP able to independently assess the planning/building plans for the City of Dreams project when it is so tightly intertwined with the state government’s pet project (the tunnel)?
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Why Teng of Gerakan or Huan of PCM or Chew Mei Fun of MCA not aligned with grievances of supporters isuperkaki, kahwinsekarang, tlang yingyang etc over cement dominated island?
They can seize this opportunity to gain votes to counter the meows?
Money, money and money! 522 units x 300 k ‘development fund’ per unit = 156 million. Lots of money. If technology and demand allow, the state gov would approve a 1 km tall condo without considering the welfare of Penang folks.
It is heart wrenching to read some of the new “developments” in Penang – the CM just announced the cable car project, then the LRT and now the EcoWorld mega deal in Batu Kawan. Why do we need the LRT from the airport ? Will this solve the traffic jam in the city and on the bridge ? And why cable car? It is ridiculous to claim the cable car as a part of a transportation plan. This is a tourist project for god sake! When did the state govt. even disclosed about the cable car project? How it will… Read more »
Its another deception ahead of the Permatang Pauh by election
Good news for Penangites.
Penang is set to get its maiden LRT project – a 17.5km elevated stretch linking Komtar with the Penang International Airport. With construction slated to begin next year, the RM4.5bil project is part of a package of solutions for an island that has long been choking on its traffic.
The LRT project – expected to be awarded in June – will mark the realisation of the long-awaited implementation of the RM27bil Penang Transport Master Plan (PTMP), which also includes a 25km expressway linking Bayan Lepas and Tanjung Bungah.
http://www.thestar.com.my/News/Nation/2015/04/16/First-LRT-project-in-Penang-next-year-Komtar-to-airport-line-supported-by-revamped-stage-bus-system/
Will be city of dreams for the rich. But city of nightmare/hell for the residents all the way from telok bahang to tanjung tokong. The traffic impart/congestion at the traffic lights at junction of island plaza will be a nightmare – bottleneck.
Where is this 110 acres located exactly?
Most of it on land to be reclaimed, I imagine.
The empty lot you can see in green WAS originally government reserve land within the E&O project. Somehow now sold off.
Anil, will my parents kampong be.wiped out from Penang map?
Which kampung is that? And do you know the owner of the land?
At 1200 & 1800 psf, would any condo and apartment owners be selling their for less than half that amount. wowow No wonder now a 400 sq ft apartment in Jelutong cost 400 x RM1,200 = RM480k. Many would not believed how much The Mansion 500 sq ft suite in Jalan Sultan Ahmad Shah cost. About 700k. Well what can I say when the 52% smart guys agreed that it is cheap while the stupid guy like me compalined that it is expensive. And the CAT controlled all sales of apartment condo 400k and below to help the developer sell… Read more »
Anil, keep up the ‘heat’ of digging up the dirts of CAT swap-deals.
May all the gods and deities in Penang Island protect and bless you and your mighty river of justice.
City of Dreams – typical Penangites can only dream of living there ! Only those Penangites who inherit $ from ancestor(s) or those who are successful business folks or those who are connected cronies can afford them.
The rest like many readers of this blog like myself can always voice their disapproval out of frustrations and jealousy ???
First poor Penangites cannot afford to see The Light, then they cannot qualify for WorldCity status, now they cannot afford to Dream in their City!
SP is the affordable destination?
Kee has the foresight indeed!
City of Dreams may likely be affordable also to Penaangites who work and earn stronger foreign currencies vs depreciating ringgit.
I think these folks are the new upper class Islanders to be served by bolehland or some say bodekland folks like you and me?
City of Dreams dwellers if Super rich can hire locals to maintain their expensive homes.
The locals can demand RM15/hour pay rate now that New Yorkers are up for US$15/hour minimum pay.
so can this be win-win ?
Also more rich folks at City of Dreams can finance local independent bloggers, and now we may worry later that Anil’s definition of justice could be skewed by monetary donation for specific agenda?
No way it will be skewed in this blog.