Titijaya has signed a Reclamation and Development Agreement with Penang Development Corporation for the reclamation and development of a site located in front Daerah Barat Daya Penang measuring approximately 20.80 acres.
The completion of the reclamation is within thirty-six months from the commencement of the work order for the reclamation. The estimated reclamation cost for the Approved Reclamation Area is RM72.4 million. The title(s) to be alienated shall be a 99-year (or any tenure approved by the relevant authorities) leasehold title subject to all conditions of title, restrictions in interest, and category of land use as determined by PDC.
The State tool the reclamation approach to create additional usable and valuable land at Penang Island and simultaneously to enhance the development concept as a logistic & commercial hub to the immediate adjoining Lot 12174 known as “Bayan Lepas WaterFront” Development.
The combination of the existing 20.14 acres and the additional 20.8 acres of reclaimed land will make the Bayan Lepas WaterFront to be a sizeable logistic & commercial hub and a preferred destination in Penang Island. It is envisioned to be an important part of the greater effort for Penang State in attracting and supporting more high-value investments with its strategic proximity to nearby amenities, expressway, airport & Free Industrial Zone and as a catalyst to stimulate the next level of economic development in Penang State.
