Friday 16 December 2011

Who Gets Sungai Nibong Kecil?

Bayan Baru and its adjacent Sungai Ara are exploding with new property launches for the past few years, and the trend will very likely to continue into 2012, amid global economy uncertainty.

I notice that there is a big piece of "interesting" land opposite Bukit Jambul complex. This is a Malay village called Kg Sungai Nibong Kecil. Its location is quite strategic. I guess it will surely be developed in the near future. Which developer will be so fortunate to acquire this land?

    Sg Nibong Kecil site

Back in year 2009, it was reported that Hunza has acquired a 42-acre land at Bukit Jambul area. It seems like it might be the Sungai Nibong Kecil land. Today after its AGM, Hunza says that it will submit the development plan to the local authorities next year for a mixed-development project in Bayan Baru with a GDV of RM6-7 billion. This time it is mentioned that the 16.2 ha (= 42 acres) land is opposite Bukit Jambul complex. So, pretty sure that it is Sungai Nibong Kecil.

     BJ Complex - once a penangites popular mall, now a foreign workers heaven

The land is currently sardine-packed with many squatters homes (around 800). Thus it will not be easy to relocate all of them. Hunza says today that it has acquired 2ha out of the 16.2ha to develop 1000 units of low-cost homes for the affected households. This is yet to be approved.

It is believed that Hunza will build a mall, performance arts centre, hospital, international college, amusement park, 2 hotels (3 and 5-star) and serviced apartments on this precious land. It is earlier reported that the land acquisition cost is at about RM200 million inclusive of transaction cost, squatter compensation and land conversion costs.

RM200mil for a GDV of RM6-7 bil! What a business!

So this land has gone. Probably the last piece of prime land in Bayan Baru area is the one between PISA and Sunway Tunas. Who actually owns it?

No comments:

Post a Comment