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GEORGE TOWN (Jan 7): The Penang Island City Council (MBPP) announced that it “expects” to approve projects worth a total gross development value (GDV) of about RM2.5 billion for this year, reported the Malay Mail.
“The GDV for 2020 was RM2.57 billion and this figure is expected to remain the same for the whole of 2021,” Penang Chief Minister Chow Kon Yeow said at the swearing-in ceremony of councillors here.
Chow explained that the GDV “refers to projects that were approved by the city council based on the planning permission approvals, building plan approvals and start work notices which reflected the real development value on the island”.
Meanwhile, MBPP Mayor Datuk Yew Tung Seang told the news portal that “some of the project approvals were issued last year (2019) and the projects only started in 2020 and some will only start this year”.
“We are expecting only a slight decrease in applications for development project approvals this year,” Yew added.
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