CM: Penang Transport Master Plan’s financial architecture plan expected in a month

Penang Chief Minister Chow Kon Yeow said the financial plan is needed to identify the cash flow and expenditure for PTMP before various options are considered for financing the mega project. — Picture by Sayuti Zainudin

GEORGE TOWN, July 1 — The Penang government expects the financial architecture plan for the Penang Transport Master Plan (PTMP) to be presented within a month from today, said Chief Minister Chow Kon Yeow.

He said the financial plan is needed to identify the cash flow and expenditure for PTMP before various options are considered for financing the mega project.

“We will study the financial architecture plan by SRS Consortium before taking action (for the PTMP project) accordingly,” he said in a press conference here today.

Earlier today, the state government signed the master agreement for Project Delivery Partner (PDP) for PTMP with SRS Consortium at St Giles Wembley here.

The PDP master agreement for PTMP was signed by Chow on behalf of the state government and Gamuda Bhd group managing director Datuk Lin Yun Ling, representing SRS Consortium.

The agreement covers components for the Bayan Lepas Light Rail Transit (LRT) project, Pan Island Link 1 and 2A Expressway (PIL 1 and PIL 2A), as well as the three-island Penang South Reclamation (PSR) project.

The urgent task of SRS on the signing of this agreement is to start the implementation of the reclamation works for Island A, one of the three artificial islands in the PSR project, and the LRT components.

Chow hoped that the PTMP could be carried out as soon as possible, especially for the reclamation works in Island A.

He explained that industrial players have shown interests for Island A due to the demand for industrial land, the close proximity of the Bayan Lepas Free Industrial Zone, and the current world economic situation such as the US-China trade war.

“Judging from the numerous investment announcements we made this year, the (key industrial players’) interest in Penang is very strong, so it is important for us to launch it the soonest so we can capitalise on their interest.

“But it would take a few years for Island A to be partially and progressively completed for industrial land,” he added.

The PTMP project, an initiative of the state government, is estimated to cost RM46 billion. It encompasses an undersea tunnel connecting the island to the mainland, highway, LRT, monorail and bus networks on the island and Seberang Perai on the mainland. — Bernama