Gamuda SPV appointed project delivery partner for Penang transport master plan

PETALING JAYA: Gamuda Bhd’s 60%-owned single purpose vehicle SRS Consortium Sdn Bhd has been appointed as the project delivery partner (PDP) by the Penang state governement, to manage and deliver the Penang transport master plan (PTMP), following the inking of a master agreement.

Following the execution of the master agreement, SRS Consortium will look into the implementation of works for the creation and formation of Island A of the Penang South Reclamation; a rail transit comprising a rail line with a total of 20 stations including four interchange stations, one depot at Penang South Reclamation and five potential park-andride sites, with a route length of 23.5km.

It will also look into the implementation of two dual-three carriageway highways, the common infrastructure works to be constructed on Island A of Penang South Reclamation; and the master planning for Penang South Reclamation and investor marketing and the tender and sales of the lands comprised in Island A of Penang South Reclamation (Masterplanning Investors

Marketing and Land Tenders or MPIL).

Save for the MPIL component for which the PDP will not be paid a fee; each PTMP component will have its own separate target cost and target completion date that will be discussed at a later stage and to be mutually agreed. The PDP fee is between 5.0% and 5.75%.

Gamuda will fund its share in the PDP via internally generated funds and bank borrowings.

“The PTMP is expected to contribute positively to the future earnings of the Gamuda group,” Gamuda said.