Tiara Sumberjaya Sdn Bhd, a relatively unknown company is expected to develop 71.62 hectares of land in Balik Pulau, Penang over the course of 15 years.
The proposed project has a gross development value (GDV) of RM1.7 billion.
According to Bernama, the company has signed a memorandum of agreement (MoA) with Koperasi Kampung Melayu Balik Pulau Bhd (KKMBP) to jointly develop the land in the Permatang Pasir area.
KKMBP chairman Ilias Hassan, Tiara Sumberjaya vice-chairman Datuk Tan Kah Choun, and director Nik Sheqal Alif Nik Zainorden signed the MoA, which was witnessed by Penang Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman.
According to Ahmad Zakiyuddin, the proposed project will turn Balik Pulau into a modern satellite town.
The first phase will include three blocks of affordable apartments totaling 1,026 units (built-up areas ranging from 930 to 1,000 sq ft).
Following phases will include luxury housing, commercial structures, a hospital, and a sanatorium.
Ahmad Zakiyuddin hoped that the project would be holistic, with all of the amenities carefully considered and planned to meet the needs of the thousands of households that will call it home.
"This development will boost Penang's economic growth, create jobs for locals, and attract investors to Balik Pulau," he said.
According to the report, Tiara Sumberjaya will apply for planning permission from the Penang City Council next month, with sales expected to begin in April 2022.