The Penang state government is considering proposals to introduce additional commercial activities in Gurney Bay such as the Eye of Penang, Viewing Tower, floating ferry, Ferris wheel and theme parks, Penang chief minister Chow Kon Yeow revealed in the state legislative assembly on Thursday.

He said the additional commercial activities will be managed through the people, public, private partnership (PPPP) model.

“There is a proposal for all these projects to be implemented through an open tender or request for proposal process,” he said in his winding-up speech.

He said the total costs of the Gurney Bay project is RM221 million and the project costs were allocated annually starting from 2022.

A total of RM80 million was allocated to the project under the 2024 Budget.

Chow said the project will have a positive impact on the economy of the state.

“The Gurney Bay project is the state’s initiative to provide green recreational space in the Gurney area which is in line with the Penang2030 vision,” he said.

The Gurney Bay project comprises two water bodies; A which is 6.95 acres (302,742.00 sq m) and B which is 7.91 acres (44,559.00 sq m).

“Reclamation work for B is now in progress and is expected to be completed in the second quarter of 2024,” he said.

Reclamation works for water body A is scheduled to start in early 2024 and will take 18 months, he said.

He said there will be 800 car park lots in Gurney Bay with 238 motorcycle lots and 12 lots for buses.

“To reduce the carbon footprint, water taxi services will also be introduced in Gurney Bay,” he said.

He said both water bodies will be used as land banks as a way to generate revenue through the Gurney Bay project.

The land banks will be priced based on current market prices, the land value in the Gurney Drive area is estimated to be between RM900 per sq m for lands facing Gurney Drive near existing buildings and RM1,300 per sq m for land facing the coastal area, he said.

He said the land banks are mainly to cover the funds the state had invested in developing the project.

“The estimated revenue the state can generate from these two land banks is valued at RM800 million based on current market prices,” he said.

He said the land value will only be finalised after the reclamation work is completed and a detailed survey is conducted at the end of 2024.

On a suggestion to establish a new Special Vehicle Purpose (SPV) for Gurney Bay, Chow said the state will assess the need for this in the future.

Source: MalayMail.com