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Malay Mail
7 days ago
- Business
- Malay Mail
Penang CM promises minimal traffic disruptions as major projects including LRT, PSI take shape
EORGE TOWN, June 4 — The Penang state government has assured that effective traffic management strategies will be implemented to minimise disruptions during the construction of upcoming large-scale projects. Chief Minister Chow Kon Yeow said the projects including the Penang South Islands (PSI) project, the Mutiara Line Light Rail Transit (LRT) and the Juru-Sungai Dua Elevated Highway may cause temporary traffic congestion but it is a part of the development process. 'Many years ago when our team visited Gamuda in Kuala Lumpur, where they were at that time implementing the LRT project, we were introduced to the various traffic management strategies and a programme that they managed at that time during the construction phase. 'I believe all contractors appointed for this massive project in Penang will take note of traffic dispersal and the key consideration is to maintain the number of lanes during construction, despite having to take away certain parts of the roads away from the vehicles, additional space would have to be created so that the original number of lanes will be retained,' he said. Chow said this while responding to questions during the Malaysian International Chamber of Commerce and Industry (MICCI) Northern Annual Luncheon Dialogue 2025, here today and also attended by MICCI Northern Branch Chairman Datuk Brian Tan Guan Hooi together with 200 attendees from various industries and related sectors. With proper traffic management and patience from all road users, Chow is confident the state government will be able to mitigate and make travelling more comfortable despite the congestion. He also confirmed that the Penang LRT project is expected to begin in the third quarter of this year, with completion projected within six to seven years, while the Juru—Sungai Dua Elevated Highway is scheduled to commence by the end of the year. Prime Minister Datuk Seri Anwar Ibrahim in tabling Budget 2025 on October 18 last year, announced several projects in Penang, including the Juru—Sungai Dua Elevated Highway, Mutiara Line LRT, the expansion of Penang International Airport (LTAPP) and the Batu Kawan Industrial Park 3 project. The 29.5-kilometre Mutiara Line LRT will feature 21 strategically located stations and is designed to enhance connectivity between Penang Island and the mainland, reduce road congestion, and improve overall accessibility. Meanwhile, Chow also noted that the state-led PSI project continues to make progress with some 60.71 hectares of land already reclaimed over the past 18 months. He said the state government is awaiting 'good news' from the federal government regarding the incentive packages for potential purchasers of the land for industrial development. PSI or Silicon Island, with a land area of 930.78 hectares, is a reclamation project owned by the Penang government. — Bernama
Free Malaysia Today
03-06-2025
- Business
- Free Malaysia Today
Traffic congestion will be managed as big projects roll out, says Penang CM
Penang chief minister Chow Kon Yeow said it was likely that the Penang South Islands project, the Mutiara Line LRT and the construction of the Juru–Sungai Dua Elevated Highway would cause traffic congestion but this would only be temporary. (Facebook pic) PETALING JAYA : The Penang government will implement effective traffic management strategies to minimise disruptions during the construction of upcoming large-scale projects, chief minister Chow Kon Yeow said today. Chow acknowledged that projects such as the Penang South Islands (PSI) development, the Mutiara Line LRT, and the Juru–Sungai Dua Elevated Highway might lead to temporary traffic congestion, but said this was an expected impact of the development, Bernama reported. 'Many years ago, when our team visited Gamuda in Kuala Lumpur, when they were implementing the LRT project, we were introduced to the various traffic management strategies and a programme that they managed at that time during the construction phase. 'I believe all contractors involved in these major projects in Penang will take traffic dispersal into account. 'The key consideration is to maintain the original number of lanes during construction. 'Even if parts of the road need to be closed to vehicles, additional space must be created to ensure that the same number of lanes remains available,' he said at the Malaysian International Chamber of Commerce and Industry (Micci) Northern Annual Luncheon Dialogue 2025. With proper traffic management and patience from all road users, Chow was confident the state government would be able to mitigate the impact and make travelling more comfortable despite the congestion. He also confirmed that the Penang LRT project was expected to begin in the third quarter of this year, with completion projected within six to seven years, and that the Juru-Sungai Dua Elevated Highway was scheduled to commence by the end of the year. When tabling the 2025 budget last October, Prime Minister Anwar Ibrahim announced several projects in Penang, including the Juru–Sungai Dua Elevated Highway, the Mutiara Line LRT, the expansion of Penang International Airport (LTAPP), and the Batu Kawan Industrial Park 3 project. The 29.5km Mutiara Line LRT will feature 21 stations and is designed to enhance connectivity between Penang Island and the mainland, reduce road congestion, and improve overall accessibility. Chow also noted that the state-led Penang South Islands (PSI) project was making progress, with 60.71ha of land already reclaimed over the past 18 months. He said the state government was awaiting 'good news' from the federal government regarding incentive packages for potential purchasers of the land for industrial development. PSI, or Silicon Island, covering a land area of 930.78ha, is a reclamation project owned by the Penang government.
The Sun
03-06-2025
- Business
- The Sun
Penang on track for large scale projects, pledge effective traffic management
GEORGE TOWN: The Penang state government has assured that effective traffic management strategies will be implemented to minimise disruptions during the construction of upcoming large scale projects. Chief Minister Chow Kon Yeow said the projects including Penang South Islands (PSI) project, the Mutiara Line Light Rail Transit (LRT) and the Juru-Sungai Dua Elevated Highway may cause temporary traffic congestion but it is a part of the development process. 'Many years ago when our team visited Gamuda in Kuala Lumpur, where they were at that time implementing the LRT project, we were introduced to the various traffic management strategies and a program that they managed at that time during the construction phase. 'I believe all contractors appointed for this massive project in Penang will take note of traffic dispersal and the key consideration is to maintain the number of lanes during construction, despite having to take away certain parts of the roads away from the vehicles, additional space would have to be created so that the original number of lanes will be retained,' he said. Chow said this while responding to questions during the Malaysian International Chamber of Commerce and Industry (MICCI) Northern Annual Luncheon Dialogue 2025, here today and also attended by MICCI Northern Branch Chairman Datuk Brian Tan Guan Hooi together with 200 attendees from various industries and related sectors. With a proper traffic management and patience from all road users, Chow is confident the state government will be able to mitigate and make travelling more comfortable despite the congestion. He also confirmed that the Penang LRT project is expected to begin in the third quarter of this year, with completion projected within six to seven years, while the Juru–Sungai Dua Elevated Highway is scheduled to commence by the end of the year. Prime Minister Datuk Seri Anwar Ibrahim in tabling Budget 2025 on Oct 18 last year, announced several projects in Penang, including the Juru-Sungai Dua Elevated Highway, Mutiara Line LRT, the expansion of Penang International Airport (LTAPP) and the Batu Kawan Industrial Park 3 project. The 29.5-kilometre Mutiara Line LRT will feature 21 strategically located stations and is designed to enhance connectivity between Penang Island and the mainland, reduce road congestion, and improve overall accessibility. Meanwhile, Chow also noted that the state-led PSI project continues to make progress with some 60.71 hectares of land already reclaimed over the past 18 months. He said the state government is awaiting 'good news' from the federal government regarding the incentive packages for potential purchasers of the land for industrial development. PSI or Silicon Island, with a land area of 930.78 hectares, is a reclamation project owned by the Penang government.
The Sun
03-06-2025
- Business
- The Sun
Penang on track for large scale projects
GEORGE TOWN: The Penang state government has assured that effective traffic management strategies will be implemented to minimise disruptions during the construction of upcoming large scale projects. Chief Minister Chow Kon Yeow said the projects including Penang South Islands (PSI) project, the Mutiara Line Light Rail Transit (LRT) and the Juru-Sungai Dua Elevated Highway may cause temporary traffic congestion but it is a part of the development process. 'Many years ago when our team visited Gamuda in Kuala Lumpur, where they were at that time implementing the LRT project, we were introduced to the various traffic management strategies and a program that they managed at that time during the construction phase. 'I believe all contractors appointed for this massive project in Penang will take note of traffic dispersal and the key consideration is to maintain the number of lanes during construction, despite having to take away certain parts of the roads away from the vehicles, additional space would have to be created so that the original number of lanes will be retained,' he said. Chow said this while responding to questions during the Malaysian International Chamber of Commerce and Industry (MICCI) Northern Annual Luncheon Dialogue 2025, here today and also attended by MICCI Northern Branch Chairman Datuk Brian Tan Guan Hooi together with 200 attendees from various industries and related sectors. With a proper traffic management and patience from all road users, Chow is confident the state government will be able to mitigate and make travelling more comfortable despite the congestion. He also confirmed that the Penang LRT project is expected to begin in the third quarter of this year, with completion projected within six to seven years, while the Juru–Sungai Dua Elevated Highway is scheduled to commence by the end of the year. Prime Minister Datuk Seri Anwar Ibrahim in tabling Budget 2025 on Oct 18 last year, announced several projects in Penang, including the Juru-Sungai Dua Elevated Highway, Mutiara Line LRT, the expansion of Penang International Airport (LTAPP) and the Batu Kawan Industrial Park 3 project. The 29.5-kilometre Mutiara Line LRT will feature 21 strategically located stations and is designed to enhance connectivity between Penang Island and the mainland, reduce road congestion, and improve overall accessibility. Meanwhile, Chow also noted that the state-led PSI project continues to make progress with some 60.71 hectares of land already reclaimed over the past 18 months. He said the state government is awaiting 'good news' from the federal government regarding the incentive packages for potential purchasers of the land for industrial development. PSI or Silicon Island, with a land area of 930.78 hectares, is a reclamation project owned by the Penang government.
The Star
20-05-2025
- Business
- The Star
Gamuda eyes continuing growth in Klang Valley
PETALING JAYA: Gamuda Bhd 's proposed acquisition of 336 acres of land in Kuala Langat, Selangor, for RM248.7mil will serve as a strategic extension to the group's Gamuda Cove township, which has a current remaining gross development value (GDV) of RM18.7bil. RHB Research in a report said 'the acquisition price of RM248.7mIl or RM17 per square foot (psf) implies a cost-to-GDV ratio of 11.3%, which is below the general rule of thumb of 20%.' In total, the land acquisition would increase Gamuda's total land holdings by 16% to about 2,476 acres, said the research house. 'We are positive on the deal as the acquisition may strengthen Gamuda's presence in the southern part of the Klang Valley via the extension of the Gamuda Cove township,' RHB Research added. As Gamuda intends to fund the acquisition via internally generated funds, its net gearing may only inch up to 40.5% from 39% based on figures as of end-January this year. RHB Research said it made no changes to Gamuda's earnings forecasts because the acquisition of the land is expected to be completed in the second quarter of 2026 with future launches on the land likely take place sometime later in the future in 2028 and beyond when the Gamuda Cove township becomes more mature, in our view,' the research house said. The research house kept a 'buy' call on the stock, with an unchanged target price of RM5.83. 'We believe its valuation will go higher than what it is now due to the data-centre factor and its latest estimated order book of about RM35bil,' said the research house. Meanwhile, TA Research viewed the latest acquisition price as fair. 'At an acquisition price representing 11.3% of the projected GDV, the deal falls comfortably below the typical 20% land-to-GDV benchmark. 'Strategically, we believe the proposed land acquisition will unlock incremental value for Gamuda Cove, capitalising on population growth in the surrounding area,' the research house said in a report. This, in turn, should support future visitor numbers and potential monetisation of Gamuda's existing commercial assets such as Splashmania, Townsquare and Discovery Park as well as upcoming developments including Asai Gamuda Cove, the first Asai hotel in Malaysia. Post-acquisition, TA Research said Gamuda Cove township's unsold land will increase to an estimated 846 acres, with a total undeveloped GDV of RM20.9bil. It noted Gamuda's strong balance sheet, with a net gearing of 0.42 times and a cash position of RM3.5bil as of end-January provides ample headroom for the acquisition. TA Research has kept a 'buy' call on the stock with an unchanged target price of RM5.88. Maybank Investment Bank Research (Maybank IB Research) has also maintained a 'buy' call on Gamuda at a target price of RM4.99. The research house said earlier land buys in the Gamuda Cove area were made in 2014 at RM12psf, compared with the RM17psf for the latest acquisition. Gamuda Cove is Gamuda's most successful township in Malaysia, contributing 31% to the developer's Malaysian property sales for last year and 16% of total property sales. Maybank IB Research noted that Gamuda plans to develop the land as an extension of Gamuda Cove with an estimated GDV of RM2.2bil over 11 years. It expects margins from this phase to be higher than the existing one as the heavy upfront investments in land clearing and infrastructure have been completed. 'Thus, this extension can be developed with lower capital expenditure,' added the research house. Assuming 15% pre-tax profit margin, Maybank IB Research has estimated that the proposed land could add around RM250mil or four sen per share to net profit over its development period. As Gamuda intends to finance the proposed acquisition via cash, the research house said, 'We estimate its end-2026 net gearing to rise to 57%, still is still below its self-imposed cap of 70%. 'Pending completion of the acquisition, our earnings estimates are unchanged.'
