Although approval-in-principal has been given pending a formal agreement, there is scant information about the developer’s plans for the land on which the existing RMAF base is sited if the base is indeed moved.
According to TSR Capital’s website, under a page titled ‘LTP Wibawa Sdn Bhd’, it is stated:
RMAF Airbase Butterworth
The existing Butterworth Airbase has arrived to a need in:
– Being relocated due to the base surrounded by new townships and unable to expand further.
– Being relocated due to the base surrounded.A new Contemporary City for the future that benefitting the locals and inviting the foreign investors and traders alike. it will be a city where Trading, Tourism and the Arts may flourish in a quality lifestyle and living. [email protected] will be the new homes for squatters and possibly army personnel.
Check out the equally vague artist impressions of the project.
Interestingly enough, this LTP Wibawa Sdn Bhd is just a RM2 company purchased in April 2014 by TSR Capital Bhd. TSR made the following announcement in April 2014, a couple of months after the land swap deal was announced:
The Board of Directors of TSR Capital Berhad (“the Company”) wishes to announce that the Company had on 15 April 2014 acquired the whole issued and paid-up share capital of LTP for a cash consideration of Ringgit Malaysia : Two Only (RM2.00) resulting LTP being the wholly-owned subsidiary of the Company.
LTP was incorporated on 20 March 2014. LTP has an Authorised Share Capital of RM400,000.00 and Issued and Paid-up Share Capital of RM2.00 and currently is dormant.
What exactly will the joint venture entity develop the present RMAF base site into? In its announcement in February 2014, the language was vague:
LTAT-TSR-PBT JV will reap the benefit by being in the capacity of master developer of the redevelopment of the Government Lands into a city of arts and leisure which promotes for eco-sustainable, culture and modern life-style.
… whatever that is.
But it does strike me that it could be an upmarket property development, especially given that the GDV of this “city of arts and leisure” is going to be RM10bn (see The Edge report) and the RMAF base is located along potentially prime sea-front land. The base is just a few km away from the mainland side of the controversial cross-channel tunnel.
The mixed development project at the present site of the RMAF will only begin once the new base is ready at its new site – that is, assuming the land swap agreement is formally signed in the first place.
Why is the federal government remaining mum about this? Is the project on or not and on what basis was TSR Capital Bhd and partners awarded this project?
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Tunnel to Bagan Ajam to the new Penang City of the Future !
Forget about Gurney. The next Hip places is in Butterworth so much so that Gerakan is eyeing them with envy !
Go and invest there now before the prices shoot up !
Butterworth as a ‘City of Arts & Leisure’ is another euphemism for ‘night entertainment’.
Soon the islanders from Penang could cross over (by ferry, by car or by tunnel) to Butterworth to enjoy cheaper entertainment, just like Singaporeans crossing over to JB for fun.
Singapore JB & Penang Butterworth are different. Singapore foreign exchange is 1 against RM. Butterworth is considered an ulu
A good place for the rich businessman to keep their mistresses away from the Penang island?
A good place for the rich businessman to keep contractual China Dolls!
‘city of arts and leisure’? George Town is yet to be granted city status, & here we are talking about a future city (dreamt on ‘mimpi’ artboard) in mainland! And as if most northern Malaysians are assumed overnight wealthy lot to the extent to undertake another upmarket development, as if we have to ‘press b…’ to buy properties @ highly-exaggerated market values, as if land development alone, not sustainable job creation will move the economy forward & channel meaningful money (wealth + purchasing power) circulation, let us wake up early to the dire fact of what is now happening in… Read more »
This RM10b development is to make Butterworth a hip place?
Anyway, the recent Tua Pek Kong festival in Penang will make Penang a Huat place, so much so that it has stirred the interest of Gerakan again?
My instinct tells me it may eventually become another ‘Auto City’ (the one @ Prai) of lifestyle entertainment & event promotion. Not a multiracial rendezvous but mostly frequent by Chinese for wine & dine, booze & China dolls. Tua Pek Kong makes Penang huat. We can make it a decent place to live, work & play without ending up to debt slavery due to covetous excesses of bin-chui lifestyle that we can’t afford in the first place prior to this kind of development. Why can’t the gomen get creative by proposing: A Green Culture City designed & integrated with vertical… Read more »
At least the new base would still be in Penang instead of being in the east of Kulim in Kedah which was touted earlier.