The Penang Transport Master Plan (PTMP) proposed by the state-appointed project delivery partner SRS Consortium, cost approximately RM46 billion, said state executive councillor Chow Kon Yeow.

SRS’ proposal includes a railway and highway network (RM39 billion), three major roads and undersea tunnel (RM6.4 billion), which will be fully completed in 2030, he added.

SRS is made up of Gamuda (60 percent stake), Ideal Property Development Sdn Bhd (20 percent) and Loh Phoy Yen Sdn Bhd (20 percent).

“So far the cost has remained the same and there is no escalation of cost for the PTMP, as alleged by certain quarters,” Chow told reporters yesterday.

He said the cost of RM27 billion which was bandied about earlier in reports related to the PTMP referred to tender estimation, proposed by transport consultant Halcrow, which conducted a study on the matter in 2011.

“The tender estimation was based on the initial conceptual studies drawn up by Halcrow,” Chow said, referring to the study, conducted in collaboration with the Northern Corridor Implementation Authority published in 2013.

“When SRS was appointed the state’s PTMP project delivery partner, they came up with their own plan, and the estimated cost is RM46 billion,” he clarified.

Chow was referring to the PTMP’s critics in BN who recently questioned the cost of the PTMP, claiming that it had ballooned from RM27 billion to RM46 billion.

Queries followed when Chief Minister Lim Guan Eng announced his plan to take a bridging loan of RM1 billion from the Export-Import Bank of China to fund the initial cost of PTMP.

Meanwhile, Chow announced several updates related to the implementation of the PTMP, including RM17 billion worth of projects which have already been approved by the state.

These are the Bayan Lepas LRT, Pan Island Link 1, and three major roads which will be undertaken by Consortium Zenith Sdn Bhd.

For the LRT, a railway scheme was submitted to the Land Public Transport Commission (Spad) on March 28, last year and is awaiting conditional approval for public inspection, Chow said.

“The Environment Impact Assessment (EIA) report was submitted to the Department of Environment on May 31 and will be displayed to the public once the DOE grants permission,” Chow noted.

As for the Pan Island Link 1, the EIA report will be submitted by end of July this year, Chow said.

"As for the three major roads, the EIA reports will be submitted to the DOE on April 21, while the report will be on public display from June 19 to July 19," he added.