Gerakan: Is state reclaiming land for PTMP or for profit?

GEORGE TOWN: Penang Gerakan is questioning why the state government needs to reclaim more land for the Penang Transport Master Plan (PTMP).
Penang Gerakan state treasurer Ng Fook On (pix) said the state government's plan to carry out reclamation works of up to 18ha could result in profit of RM255 billion in terms of land value while the costs of reclamation work and the PTMP would amount to RM20 billion and RM27 billion respectively.
He said therefore total profit obtained would be RM208 billion.
"For the undersea tunnel project, the reclaimed land size of 44ha, would result in RM6.3 billion.
"So, since the PTMP cost RM27 billion which is about five times the cost of the undersea tunnel, the total land that needs to be reclaimed should be only five times, which is 44ha, not 1821ha.
"The total funds generated will be RM31 billion if it is 222ha of reclaimed land. So there is extra funds amounting to RM4 billion, for the required funding of the PTMP," he told reporters during a press conference today.
Ng questioned if the state government was reclaiming more land to be sold or if the reclamation was solely for the PTMP.
He then urged the state government to reclaim less land, because 222ha was enough to generate RM31 billion which would be more than enough to finance the PTMP.
"The state government should let the Penang Development Corporation (PDC) to undertake the reclamation project, otherwise they should consider alternative modes of financing, such as federal funding, state funding or a loan, for the project," he said.
Ng said the reclamation of land on a huge scale would negatively impact the environment.
"Development is good especially in resolving traffic congestion problems. However, the state government's massive land reclamation of up to 1821ha will definitely have an impact," he said.