There are concerns that Penang island cannot absorb the high number of projects. The planned development of RM29.6bil worth of properties on Penang island in the next 10 to 15 years has raised concerns over the capacity of the market to absorb them.
The properties are planned for 1,121.56 acres which include reclaimed land and strategic locations on the island.
Eastern & Oriental Bhd is reclaiming 740 acres for the second phase of the Seri Tanjung Pinang project in Tanjung Tokong to develop two islands for mixed development projects, which will have an estimated gross development value (GDV) of RM12bil.
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