Yes, I think majority are reading this because of the title. Nope, this is not a casino somewhere in the world even though there’s a City of Dreams casino in the Philippines. This City of Dreams is a new development in Tanjung Tokong, Penang. The developer is Ewein Zenith Sdn Bhd. Total gross development value is RM800 million. As it has just secured the advertising permit and developer license (APDL), the launch is now slated for 2H 2015. (Yes, today is already 2H of 2015). The gross profit is expected to be RM200 million over a four-year period.
This project came about because of a piece of reclaimed land which was awarded to Consortium Zenith BUCG by the Penang state government as compensation for the construction of three road bypass projects and the RM6.3 billion Penang Undersea Tunnel. In essence, instead of paying for the three bypass projects and the RM6.3 billion Penang undersea tunnel, the developer is being rewarded with parcels of land instead. The RM6.3 billion Penang undersea tunnel is expected to begin construction in 2016 and will be completed 9 years after that in 2025.
Tanjung Tokong will be much busier than today few years down the road. This is just one of the projects coming up besides The Tamarind by Eastern & Oriental (E&O). The Seri Tanjung Pinang II reclamation will be starting and it will add more lands for development in Tanjung Tokong. There’s also Mont Residence as well. It’s going to be very exciting for many more years to come where Tanjung Tokong is concerned. I do not think there would be long queues like a few years ago but I think interest will be high if we take the recent The Tamarind launch by E&O as a comparison. See you there?
written on 16 July 2015
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