{"id":2267,"date":"2019-02-27T10:36:16","date_gmt":"2019-02-27T10:36:16","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=2267"},"modified":"2021-06-04T14:17:25","modified_gmt":"2021-06-04T07:17:25","slug":"could-these-future-malaysian-islands-be-the-next-singapore","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/could-these-future-malaysian-islands-be-the-next-singapore\/","title":{"rendered":"Could these future Malaysian islands be the next Singapore?"},"content":{"rendered":"<figure id=\"attachment_2268\" aria-describedby=\"caption-attachment-2268\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-2268\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/03\/shutterstock_735698407-compressor.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_735698407-compressor.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_735698407-compressor-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/03\/shutterstock_735698407-compressor-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-2268\" class=\"wp-caption-text\">Penang Island and mainland Penang as viewed from Penang Hill. Kuen Hoong\/Shutterstock<\/figcaption><\/figure>\n<p>The mooted creation of three artificial islands off Penang will not only create more landbanks for the Malaysian state but also drive its economy to become the\u00a0<a href=\"https:\/\/www.freemalaysiatoday.com\/category\/nation\/2019\/02\/26\/penangs-3-islands-could-rival-singapore-one-day-says-gamuda\/\" target=\"_blank\" rel=\"noopener\">\u201cnext Singapore\u201d<\/a>, according to infrastructure developer Gamuda Bhd.<\/p>\n<p>Designed to finance the MYR46-billion (USD11.3 billion)\u00a0Penang Transport Master Plan (PTMP), reclamation works off the coast of Permatang Damar Laut are expected to address land scarcity in the state\u00a0and evoke thriving city-states around the world.<\/p>\n<p>\u201cWe have the potential to create something as successful as Sentosa Island in Singapore, or even better than Singapore,\u201d said Rashdan Yusof, deputy group managing director of\u00a0Gamuda Bhd,\u00a0the largest shareholder in the consortium overseeing PTMP.<\/p>\n<p>\u201cLook at Dubai (where reclamation is common). They are so successful and rich. We can be like them, too,\u201d said Rashdan, adding that the reclaimed lands will \u201cmaybe even bring in Disneyland one day.\u201d<\/p>\n<p>Penang Chief Minister Chow Kon Yeow expressed confidence Putrajaya would approve the PTMP\u00a0by June.<\/p>\n<p>The islands will span a land area of 1,800 hectares. Island A will be reclaimed adjacent to the Penang International Airport and serve as a strategic point for aviation logistics, while Island B will be home to global business services. Island C is ideal for theme parks or tourism projects.<\/p>\n<p>Funds from the auction of the islands will be used to defray the construction of major transport infrastrcures, including the Pan Island Link 1 highway and the Komtar-Bayan Lepas light rail transit. A joint venture between\u00a0Gamuda Bhd and\u00a0MMC Corp Bhd to build an underground MRT line won a\u00a0special recognition\u00a0awardat last year&#8217;s\u00a0PropertyGuru Asia Property Awards (Malaysia).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highly anticipated approval of the Penang Transport Master Plan to give rise to 1,800 hectares of reclaimed land<\/p>\n","protected":false},"author":2,"featured_media":19953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-2267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","news_country-malaysia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Could these future Malaysian islands be the next Singapore? 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