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Publish Date : 31-Oct-2015

China Communications Construction Company (M) Sdn Bhd (CCCC(M)) has won a RM2.32 billion deal from Eastern & Oriental Bhd (E&O) for the Seri Tanjung Pinang Phase 2 (STP2) proposed reclamation project in Penang. The Letter of Award, was published via its subsidiary, Tanjung Pinang Development Sdn Bhd includes of two main parts.

The first part comprises of the acceptance of the tender to reclaim Phase 2A of STP2 (Package 1) for a deal value of around RM1.035 billion. Phase 2A of STP2 (384 acres or 153.6 hectares), including 253 acres (101.2 hectares) is to be regenerated off Penangs northeast coast and 131 acres (52.4 hectares) on the Gurney Drive foreshore.

The LOA second part includes of the conditional award for the proposed reclamation works for Phase 2B and Phase 2C of STP2 (Package 2) to CCCC(M) for a deal value of around RM1.285 billion, which is subject to adjustments for exchange rate and fuel price variations, and changes in cost if applicable. Both Phases 2B and 2C measure approximately 507 acres (202.8 hectares) in total.

With the reclamation contractor identified and financing arrangements soon-to-be firmed up, we look forward towards operationalising STP2 and bringing the project to fruition with mobilisation and commencement of works targeted by year-end, E&O group managing director Datuk Seri Terry Tham Ka Hon said.

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