UDA Holdings Bhd will invest RM360mil in two new housing and commercial projects in Tanjung Tokong, Penang.
Its managing director Datuk Zahari Omar said the projects, known as Warisan Tanjung and Tanjung West, would comprise low-medium cost flats, apartments, condominium units and commercial buildings.
According to Zahari, the projects are located opposite each other, with Warisan Tanjung to be developed on UDA's property, which is currently occupied by temporary occupation licence (TOL) holders and other occupants.
Warisan Tanjung will be developed on the 10.5ha Kampung Tanjung Tokong site, and Tanjung West on 16.6ha of reclaimed land.
Works on both projects are expected to start in the third quarter this year, with Warisan Tanjung due for completion in 2010, and Tanjung West in 2009.
“Warisan Tanjung would comprise 15 blocks of five-storey flats, and overall there will be some 1,350 units of flat and kampung-style commercial building there,'' Zahari told a press conference at the Pulau Jerejak Resort and Spa in Penang on Monday.
A group of reporters was taken on a familiarisation tour of the resort, now run by Bestari Hospitality Management Sdn Bhd, a wholly-owned subsidiary of Tropical Island Resort Sdn Bhd.
Tropical Island is a joint-venture company between UDA, which has a 51% stake, and Penang Development Corp, which owns the balance 49%.
Zahari said Tanjung West would have four blocks of 28-storey condominium and apartment units, and three blocks of four-storey commercial buildings.
On the TOL holders, Zahari said they would move to modern longhouses nearby during the construction period.
“Some 310 families will be allocated a unit each upon completion of the flats, and the non-TOL holders will be given a chance to purchase the units at affordable prices,'' he added.
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