Summary
- The Ayer Itam-Tun Dr Lim Chong Eu Expressway bypass reached 92.46% physical completion as of Aug 31.
- Penang will auction six acres of strategic freehold land to help contractor Consortium Zenith Construction generate cash to complete the project.
- The Tanjung Pinang land has a reserve price of RM313.63 million, or RM1,200 per square foot.
- The auction is scheduled for Oct 7, while the bypass is targeted for full completion by April 2027.
GEORGE TOWN, September 8 — Penang will auction six acres of prime freehold land near Gurney Bay and Andaman Island to support completion of the Ayer Itam-Tun Dr Lim Chong Eu Expressway bypass.
State executive councillor Zairil Khir Johari said the project was 92.46% physically completed as of Aug 31 but financial progress stood at 81.69%.
The land, part of contractor Consortium Zenith Construction’s payment entitlement under the project’s land-swap arrangement, carries a reserve price of RM313.63 million.
The public auction is scheduled for Oct 7 at Komtar. Proceeds will help provide cash flow towards completing the remaining works by April 2027, with profits shared between the state and contractor.
