Surbana International Consultants (SIC), a subsidiary of CapitaLand and Temasek Holdings, has inked a contract with the Penang Development Corporation (PDC), to provide building consultancy services to a public housing development in Penang, Malaysia for an undisclosed amount.
The 11,800-unit public housing project is part of the state government’s efforts to implement an affordable housing scheme for Penang residents. The project will be constructed in five phases over 10 to 15 years.
It is set to be the first eco-friendly development in the area, with close proximity to major transport routes. It will feature 16 blocks of three-bedroom units on an 80-ha site at Bandar Cassia in Batu Kawan, Penang.
Unit prices range between RM72,500 (S$30,170) for an 800 sq ft apartment to RM220,000 (S$91,069) for the larger units, which include 900 sq ft and 1,000 sq ft homes.
The project’s first phase, which will be completed within three years, involves the construction of 2,080 housing units by SIC.
“We certainly hope to develop the partnership into a long-term one so that we can collaborate on the subsequent phases of the housing project,” said Soh Wah Meng, Chief Executive of SIC.
The contract is SIC’s third public housing development overseas. Currently, the company is undertaking similar projects in Tianjin and Brunei.
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