Tanjung Tokong On ‘Super Fast Track’
 
 
PENANG: UDA Holdings Bhd's RM750mil Tanjung Tokong redevelopment project will be carried out through “super fast track” method and completed within six years.
 
Second Finance Minister Tan Sri Nor Mohamed Yakcop said Prime Minister Datuk Seri Abdullah Ahmad Badawi wanted the project to be expedited as it had been stalled for 11 years, since 1995.
 
“The project will be revived on a super fast track mode and it will soon receive the necessary approval from the state government.
 
“This is the Prime Minister's directive to UDA,” he said during a site visit to the project in Tanjung Tokong yesterday.
 
Nor Mohamed said construction work had begun in October, noting that Abdullah would visit the site in February next year.
 
“Profit is not the main objective of this project. It is more of a socio-economic obligation to the people in Tanjung Tokong,” he said.
 
UDA Holdings managing director Jaafar Abu Hassan said the project, which would be ready by 2012, involved two main schemes - Warisan Tanjung and Tanjung West.
 
He said Warisan Tanjung, to be developed on 12.5ha of the existing Kampung Tanjung Tokong, would have 1,224 units of low-cost flats and commercial units.
 
“We will pay the necessary compensation to the 833 families affected by the Warisan Tanjung project,” he said adding 95% of the properties would be offered to bumiputras from the middle-income group, with priority given to residents from the area.
 
Jaafar said Tanjung West, on 21.6ha of reclaimed land, would have 1,224 medium-cost to luxury residential units as well as 164 commercial units.
 
“We are cross-subsidising the profits from Tanjung West to cover the costs of relocating the residents from Kampung Tanjung Tokong to the Warisan Tanjung project,” he said.
 
 
 
Source :The Star 18/12/2006 Close Window