A JOINT DEVELOPMENT AGREEMENT FOR AFFORDABLE HOMES AT JALAN S.P. CHELLIAH, GEORGE TOWN, PENANG
November 26, 2013 at 1:58pm
PRESS STATEMENT BY YAB LIM GUAN ENG PENANG CHIEF MINISTER ON 26 NOVEMBER 2013 A JOINT DEVELOPMENT AGREEMENT FOR AFFORDABLE HOMES CONSISTING OF MEDIUM AND LOW MEDIUM COST HOMES AND RELATED FACILITIES AT LOT 1053 AND PART OF LOT 758, SECTION 10, JALAN S.P. CHELLIAH, GEORGE TOWN, PENANG
1. Overview
The continuing effort by the Penang State Government in fulfilling its aspirations to ensure more affordable homes are made available for all Penangites, has led to the establishment of a RM500 million Affordable Housing Fund, the largest by any State Government in Malaysian history.
In support of the State, the Majlis Perbandaran Pulau Pinang (MPPP), which is the registered proprietor of the 11.04 acres of land, and PDC have planned for the development of 1,900 units of medium cost and low medium cost affordable homes.
MPPP has appointed Penang Development Corporation (PDC) as its attorney and Project Administrator to administer and manage the development of the land.
This project is in addition to the 11,800 units of affordable homes that will be built by PDC in Batu Kawan in stages over a 10-year period. Other notable affordable homes projects being planned on the island of Penang, besides Jalan SP Chelliah, are in Teluk Kumbar and Jelutong.
2. State Affordable Home Fund
The commitment of the State in ensuring all affordable home projects progresses smoothly as planned, is backed by the State’s Affordable Home Fund. This sizeable RM500million fund, the biggest compared to any other States, was set up last year and it provides the much needed impetus to help fulfill the promise of more affordable homes for Penangites. The RM500million is managed through Chief Minister Incorporated (CMI) with PDC as the implementing agency.
More information on this Project:
3. The Developer for this Project
Through an open tender exercise, Zubicon Sdn Bhd was awarded the tender and appointed as the developer to develop this land into medium cost and low medium cost affordable homes.
4. Development Schedule
The entire development of affordable housing on the land must be fully completed within four (4) years by November 2017.
5. Development Components
The 1,900 units of affordable homes for this project are as follow:
770 units (40.5%) of minimum 700 sq ft LMC at maximum selling price of RM 72,500.00 per unit.
883 units (46.5%) of minimum 800 sq ft at maximum selling price of RM200,000
165 units (8.7%) of minimum 900 sq ft at maximum selling price of RM 300,000.00 per unit;
82 units (4.3%) of minimum 1000 sq ft at maximum selling price of RM 400,000.00 per unit;
7. Related Facilities
The related facilities that will be built in this project include facilities and communal infrastructure ie pavilion, linear park, community park, riverfront point, market street, big tree skyway, bus terminal, taxi hub, Chelliah Square, 33kV Pusat Pencawang Utama PPU (Main Distribution Sub Station), civic center, surau, upgrading of existing Jalan S.P. Chelliah and building additional car parks for low medium cost (LMC) affordable homes, which in total will cost an additional RM 29 million. This development shall comply with the Green Building Index (GBI) of Gold Class and shall consist of seventy percent (70%) green area of the entire development.
8. Gross Development Value
The gross development value of the entire project at SP Chelliah, is about RM500 million.