Penang to auction 6-acre freehold land to fund Air Itam road project
GEORGE TOWN: Penang will auction a strategic six-acre freehold plot to help fund the remaining eight per cent of the Ayer Itam-Lebuhraya Tun Dr Lim Chong Eu (Ayer Itam-LCE) bypass project.
GEORGE TOWN, Sept 7 — The Penang government plans to auction a 2.42-hectare plot of land in Tanjung Pinang to assist the consortium behind the Ayer Itam-Tun Dr Lim Chong Eu Expressway bypass project in securing financing. State Infrastructure, Transport and Digital Committee chairperson Zairil Khir Johari revealed that the land, located at P.T.
858 (Plot 7A), Seksyen 2, Bandar Tanjung Pinang, will be sold on October 7 at 11am at Level 51, Komtar. The auction reserve price stands at RM313.632 million, or RM1,200 per square foot, and proceeds will be shared between the state government and the construction company, Consortium Zenith Construction Sdn Bhd (CZC). CZC has claimed land worth RM695.977 million for completed works, with 4.7ha (11.6183 acres) worth RM427.657 million already transferred to the company.
Additional land worth RM225.768 million remains to be transferred. The bypass project, which links Ayer Itam to the Tun Dr Lim Chong Eu Expressway, is currently 92.46% complete, with financial progress at 81.69%.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
