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Penang Govt sets up special purpose vehicle for PTMP

GEORGE TOWN (July 16): The Penang Government has established a special purpose vehicle (SPV) or company, Penang Infrastructure Corporation Sdn Bhd, to lead the implementation of the Penang Transport Master Plan (PTMP).

Chief Minister Chow Kon Yeow (pictured) said the State company was incorporated on July 9 to undertake mega infrastructure projects under the PTMP encompassing the proposed Bayan Lepas LRT, highways, undersea tunnel, and Penang South Reclamation (PSR) off the southern coast of the island.

"Penang Infrastructure Corporation Sdn Bhd will also be involved in planning and developing the PSR area including topside development.

“The company will also work expeditiously with its project delivery partner to assess the financial architecture for financing key components of the PTMP to ensure smooth implementation of the project,” he told a media conference here yesterday.

He said the company’s board of directors comprised himself, Penang State Secretary Datuk Abdul Razak Jaafar, and State Public Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari.

"Addition of members to the board will be made from time to time with the appointment of experts in certain fields," he added.

Asked about payment pertaining to the feasibility study for the proposed undersea tunnel project, Chow said the study was not yet completed and thus no payment had been made.

"No payment has been made yet, either by cash or land ownership transfer. There is no need to make any payment because the feasibility study is not yet completed. According to our agreement, payment is to be made only upon completion...if uncompleted why need to pay? When it is ready, can be paid with cash or land,” he replied.

He said to date, only payments in the form of land ownership transfer had been made to Consortium Zenith Construction Sdn Bhd for three highway projects.

He said ownership of a 0.71-hectare piece of land in Tanjong Pinang near here was transferred to the developer as payment for the feasibility studies of the three highway projects.

As for the undersea tunnel project, Chow said the state government would make a decision on the construction based on the feasibility study to be tabled later.

Construction of the proposed 7.2-kilometre undersea tunnel project estimated to cost RM6.3 billion will commence in 2023. It will potentially connect Gurney Drive here to Bagan Ajam in North Seberang Perai district on Penang’s mainland.

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