Chief Minister Chow Kon Yeow said that the Penang Government plans to present the financial architecture proposal for the Penang Transport Master Plan (PTMP) a month after today.

He claimed that the financial plan was necessary to define cash flow and expenditures for PTMP before various funding options were considered.

“We will study the financial architecture plan by SRS Consortium before taking action (for the PTMP project) accordingly,” he said in a press conference.

Earlier, the state government signed the master agreement for Project Delivery Partner (PDP) for PTMP with SRS Consortium at St Giles Wembley.

On behalf of state governments Chow and Datuk Lin Yun Ling, Managing Director of the Gamuda Bhd Group, representing SRS Consortium, have signed the PDP Master Agreement for PTMP.

The contract includes the Bayan Lepas Light Rail Transit Project, Link 1 and 2A (PIL 1 and PIL2A) and Penang Penang South (PSR) three-island projects. The deal covers components from the Light Rail Transit project (LRT).

In signing this Agreement, the SRS' urgent task is to begin initiating reclamition work for island A, one of the three artificial PSR islands and LRT components.

In particular on Island A, Chow hopes that the PTMP would be carried out as soon as possible.

He said that industrial players showed interest for Island A because of demand for industrial land, the proximity to the Free Industrial Zone Bayan Lepas, and the present world economy, such as the US-China trade war.

“Judging from the numerous investment announcements we made this year, the (key industrial players’) interest in Penang is very strong, so it is important for us to launch it the soonest so we can capitalise on their interest.

“But it would take a few years for Island A to be partially and progressively completed for industrial land,” he added.

The PTMP project, an initiative of the state government, is estimated to cost RM46 billion. It encompasses an undersea tunnel connecting the island to the mainland, highway, LRT, monorail and bus networks on the island and Seberang Perai on the mainland.