THE Penang Government is allocating RM500mil, generated from the sale of a 41.5ha prime site along the Tun Dr Lim Chong Eu Expressway on the island, to set up an Affordable Quality Homes Fund.

Chief Minister Lim Guan Eng said the allocation was consistent with the state government’s commitment towards ensuring that affordable quality homes were made available for Penangites.

“A location for such housing has been identified in Batu Kawan (on the mainland) where 80.9ha of land has been earmarked to build some 15,000 units with prices ranging between RM72,000 and RM220,000,” he said.

He said three companies were shortlisted during the open tender for the 41.5ha land, sandwiched between the Penang Bridge and the soon-to-be-completed second Penang bridge.

Ivory Properties Group Berhad (IPGB) was awarded the tender with its price offer of RM240 per sq ft over a five-year period.

Lim was speaking to reporters at the signing ceremony yesterday of the purchase and development agreement between IPGB and Chief Minister Incorporated (CMI) and Penang Development Corporation (PDC).

State Economic Planning Unit deputy director Hafidzah Hassan signed on behalf of CMI, while PDC general manager Datuk Rosli Jaafar represented PDC, and IPGB chairman and group chief executive officer Datuk Low Eng Hock signed for IPGB.

IPGB and its joint-venture partner Dijaya Corporation Berhad plan to develop a mixed-development project with an estimated gross development value of RM10bil that will be completed in eight years.

A joint-venture company Tropicana Ivory Sdn Bhd has been formed to undertake the project.

SOURCE: The Star