Thursday 28 Mar 2024
By
main news image

GEORGE TOWN (Oct 1): Gamuda Bhd-led SRS Consortium, the project delivery partner (PDP) for the RM27 billion Penang Transport Master Plan (PTMP) project, is expected to finalise the financial model for the project after it obtains preliminary approval from the Land Public Transport Commission (SPAD) for its railway scheme.

State Local Government, Traffic Management and Flood Mitigation committee chairman Chow Kon Yeow said the consortium will be submitting its application for the light rail transit (LRT) project to SPAD by the end of the year.

He added that the consortium had proposed land reclamation as its method of funding the 15-year PTMP project.

Nevertheless, Chow said the consortium must first receive the approval for the LRT project from SPAD before discussing the financial model that could include land reclamation, land swap and land sale, seen as the 'next stage'.

"We (the state) have set a condition that if they (SRS Consortium) do not receive SPAD's approval for the application, there would be no (PTMP) project.

"So they cannot talk about reclamation if they cannot secure the license for the railway scheme including alignments and station location from SPAD," he told reporters after being appointed as the State Transport Council chief today.

He added that the consortium comprising public-listed Gamuda and Ideal Sun City Holdings Bhd's subsidiary, Ideal Property Development Sdn Bhd, and Loh Phoy Yen Holdings Sdn Bhd would submit its application to SPAD.

Chow said between 30 and 50 engineers and planners are working on the plans following the consortium's appointment as the PTMP's PDP by the state on Aug 14.

SRS Consortium is a joint venture in which Gamuda holds 60%, and Ideal Property Development and Loh Phoy Yen hold 20% each.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

      Print
      Text Size
      Share