Chief Minister Lim Guan Eng confirmed reports by The Edge Financial Daily that Boustead Holdings Bhd would be allowed to reclaim land as part of a compensation for having to scale down its Royal Bintang Hotel project from 12 floors to five.
The reclamation is part of the compensation for Boustead due to the hotel project having to be scaled down in accordance to Unesco requirements for naming George Town as a World Heritage Site.
“We are already at the advanced stages of negotiations (with Boustead) and we will announce the details of the solution and compensation at an appropriate time and venue,” said Lim when asked during a press conference.
The Edge Financial Daily had reported yesterday that Boustead would be allowed to reclaim an area along the coast, south of the Penang Bridge “very much less” than 100 acres between the existing Penang Bridge and the Penang Second Crossing (P2X) in Batu Maung. The reclamation will be carried out south of Bayan Mutiara which the state government recently tendered out to be developed.
It is learnt that Boustead is planning to develop the reclaimed area into an integrated township with upscale housing and commercial components.
Written by Regina William
This article appeared in The Edge Financial Daily, September 15, 2010.
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