/// West Malaysia Property News
Official Groundbreaking of Penang WorldCity
International Airport.
Since the special
preview of Tropicana
Bay Residences, the
first phase of Penang
WorldCity has recorded
a take-up rate of 85%,
amounting to a GDV of
over RM540 million.
(From left) Dr Arif Bahardin, Tuan Lim Hock Seng, Datuk
Yau Kok Seng, Datuk Dickson Tan, Tan Sri Datuk Danny
Tan, Jagdeep Singh Deo, Datuk Low Eng Hock and Datuk
Andy Khoo
Tropicana Corporation
Berhad together with its
joint venture partner,
Ivory Properties Group
Berhad held the
official groundbreaking
ceremony of the Penang
WorldCity development
at Bayan Mutiara, Penang
recently.
Penang WorldCity, an
integrated waterfront
development worth a
gross development value
(GDV) of RM10 billion
is being developed by
Tropicana Ivory Sdn Bhd,
which is a joint venture
company between
Tropicana Corporation
Berhad and Ivory
Properties Group Berhad.
Held at the Penang
WorldCity sales gallery,
the groundbreaking was
officiated by Penang
state executive councillor
for Town and Country
Planning and Housing,
Jagdeep Singh Deo;
Tropicana founder and
group executive vice
chairman Tan Sri Datuk
Danny Tan Chee Sing
and Ivory chief executive
officer Datuk Low Eng
Hock.
The event was also
witnessed by Tropicana
group chief executive
officer Datuk Yau Kok
Seng, Tropicana group
managing director
42
Datuk Dickson Tan and
Tropicana Ivory managing
director Datuk Andy
Khoo.
Speaking on behalf of
Tropicana, Tan Sri Datuk
Danny Tan, said, “Penang
WorldCity is developed
on a prime 102.6 acres
of freehold land and has
been conceptualised
to represent the quiet
charm of island living
with the convenience of
a vibrant city life. Since
the special preview
of Tropicana Bay
Residences, representing
the first phase of this
development, we are
pleased that it has
recorded an 85% take-up
rate. We believe this
integrated development
will add vibrance to
Penang’s economic
landscape.”
Strategically located
within Bayan Mutiara,
Penang WorldCity is an
integrated waterfront city
located at the gateway of
Penang Island, right off
the Penang bridge.
It is located in the eastern
part of the Tun Dr Lim
Chong Eu Expressway
(formerly known as
Bayan Lepas Expressway)
within the vicinity of
Sungai Nibong. It can
be easily accessed from
Komtar and the Penang
www.PropertyHunter.com.my
Penang WorldCity will be
developed over an eight
to ten-year period and
will comprise residential
towers, office blocks,
recreational and retail
offerings, a wellness
centre, an international
hotel as well as an
international school.
Facilities provided will
include a pool, children’s
playground, tennis,
squash and badminton
courts, multipurpose
halls, a gym as well as
a foot reflexology and
jogging path.
Construction of the
first phase is expected
to begin in 2013 and is
slated for completion in
2017.
KLIA2 Cost Not to Exceed
RM4 Billion
KLIA2 Skybridge artist impression
Transport Minister Datuk
Seri Hishammuddin Hussein
assured that KLIA2 is on
track for its 2 May opening,
while its total cost is not
expected to go beyond RM4
billion.
Notably, the opening of the
hybrid airport has been
delayed five times from its
original target in September
2011, and its initial RM1.6
billion budget skyrocketed
to RM4 billion. While the
final cost will be unveiled
only after the project is
completed, it does not
expect it to exceed RM4
billion, he said during a site
visit.
Hishammuddin also
revealed that the certificate
of completion and
compliance will likely be
completed by the end of
this this month, and the
operational readiness and
airport transfer (ORAT) by
early February.
He further noted that
although the project
experienced some hiccups,
it is now 98% complete.
“I acknowledged that
there are some delays and
problems but I’ve been
given assurance that if they
work together, that can
be overcomed. I believe
individually, the different
sections of the development
of KLIA2 is 98 percent ready
but the biggest test is the
integration and coordination
of the operations and that
requires third parties,” said
Hishammuddin.
In fact, the committee
headed by Deputy Transport
Minister Datuk Abdul Aziz
Kaprawi had drafted certain
timelines as well as bigger
concerns which may require
him to step in to resolve.
“But those are deadlines
that I will let them follow
through until such time
that I’m needed,” he
said, adding that he is
cautiously confident that
the contractors will be able
to meet the timelines, while
acknowledging that there is
still a lot of work to be done.
Penang WorldCity is developed on a
prime 102.6 acres of