Gamuda subsidiary inks agreement for Penang transport master plan

  • Corporate News
  • Wednesday, 01 Jul 2020

The Penang Transport Master Plan: Penang government website

KUALA LUMPUR: Gamuda Bhd’s subsidiary has signed the master agreement with the Penang Government to be the project delivery partner (PDP) for the multi-billion-ringgit Penang transport master plan (PTMP).

Gamuda said on Wednesday its 60% owned SRS Consortium Sdn Bhd had signed the agreement to be the PDP to manage and deliver the PTMP.

Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd will each hold 20% in the PDP.

“The PDP fee is between 5.0% and 5.75%, ” Gamuda said in a statement to Bursa Malaysia. “Gamuda shall fund its share in the PDP through internally generated funds and bank borrowings.”

To recap, the PDP was incorporated on Sept 5,2017 to manage and to deliver the PTMP.

The PTMP comprises of different public transport components including highways; b. the provision of new reclamation sites comprising Islands A, B and C of the Penang South Reclamation.

It also includes a funding plan which includes the provision of a bridge financing, where the PDP will provide a bridging loan of RM1.3bil to the Penang Government to bridge the funding gap in for the reclamation island A.

The PTMP will include a rail transit comprising a rail line with 20 stations including four interchange stations, one depot at Penang South Reclamation and five potential park-and-ride sites, with an approximate route length of 23.5km.

There will also be a 19.5km dual-three carriageway highway, starting from the Gurney Interchange, traverse southwards through the Timur Laut and Barat Daya districts and terminates with an interchange at the Bayan Lepas Expressway/Tun Dr Lim Chong Eu Expressway.

Under the PTMP there will also be a 5km dual-three carriageway highway from the Penang Second Bridge towards Jalan Batu Maung/ Jalan Permatang Damar Laut.

There will also be the common infrastructure to be constructed on Island A of Penang south reclamation.

Each PTMP component shall have its own separate target cost and target completion date that will be discussed at a later stage and to be mutually agreed.

For more: PTMP - an Inclusive Transport System for Penang

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