GEORGE TOWN: Eastern and Oriental Bhd (E&O), which this week received an endorsement from the Penang government for Phase 2 of its Seri Tanjung Pinang (STP2) project, will commence Phase 1 of its reclamation works soon.
Managing director Datuk Terry Tham said the first phase will include reclamation works for the southwest segment of the STP2 island, known as Phase 2A.
“Our focus presently is to obtain approval from the Penang government to commence reclamation works for STP2. Indicative project timelines can only be drawn up closer to the commencement of reclamation, and will be subject to the funding plan,” he told Business Times.
The STP2 project, worth RM25 billion, involves a proposed reclamation of 307.5ha of man-made islands (two islands separated by a canal) and 53ha of the Gurney Drive foreshore that will be handed over to the state government for proposed infrastructure development of a new expressway, a new Gurney Drive Promenade and a public park.
E&O on Tuesday said its subsidiary, Tanjung Pinang Development Sdn Bhd (TPD), has received notification that TPD’s master plan for STP2 has been endorsed by the state planning committee.
Tham said a detailed environmental management plan will be developed with recommendations and conditions set by the Department of Environment.
Asked on measures being taken by E&O to address concerns of the fishing community around the STP2 area, Tham said: “The state Economic Planning Unit, Fisheries Development Authority and other relevant state bodies are in the process of determining the compensation amount and will advise E&O in due course.”