JOHOR BARU (June 18): The gross development value (GDV) of the commercial development to be carried out by UDA Holdings Bhd at Kampung Tanjung Tokong, Penang, is expected to reach RM1.8 billion.
Its chairman Datuk Nur Jazlan Mohammad Rahmat said the commercial development on a 22-acre (8.8ha) site would include condominiums and a world-class shopping centre.
"We hope to implement the development as soon as possible after we obtained approval of the 'development order' [DO] and will complete the project in four years," he said after flagging off an education fundraising jogathon here yesterday.
He said UDA Holdings would also build blocks of apartment worth RM165 million to accommodate 1,200 residents of Kampung Tanjung Tokong.
Last Saturday, UDA Holdings signed a settlement agreement with the residents, thus resolving a problem that prolonged for 40 years.
Nur Jazlan, who is Pulai Member of Parliament, said each resident would be given an apartment worth RM120,000.
He said Prime Minister Datuk Seri Najib Razak was expected to attend the ground-breaking ceremony next month.
Meanwhile, Nur Jazlan said UDA Holdings also offered its expertise to involve in the redevelopment project of Johor Baru city.
He said it could be done through the collaboration between UDA Holdings and the state government or other agencies such as Johor Corp, to develop their land in Johor Baru. — Bernama
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