GEORGE TOWN, Nov 10 — The century-old Chowrasta Market will finally re-open in December, after more than a year’s delay in its RM13.18 million renovation.

Penang state executive councillor Chow Kon Yeow, who visited the site this morning, said the project is now in its final stages and set to be completed by the end of this month.

"Works are now on schedule after it was delayed for over one and a half years,” he said.

However, the delay did not affect the traders in the market as many had continued to trade there until the section had to be closed for upgrading works.

Work began at the market complex in February 2013 and it was initially scheduled for completion in 2015.

All stalls will be shifted back into the newly upgraded Chowrasta Market once it is completed at the end of November.

Due to the delay in the project completion, the initial contractor was terminated and a new tender was called.

"We paid the original contractor about RM6 million for the work they’ve already done but they also had to pay the council RM3,000 daily for Liquidated Ascertain Damages (LAD) for the delay,” he said.

The LAD the contractor had to pay the council will be used to foot the extra costs when the council appointed a second contractor to continue with the project.

The initial costs of the overall upgrading works were RM12 million and out of that, RM6 million was paid out.

A total RM7.18 million was allocated for the second contractor to complete the upgrading works, bringing the total costs of the overall project to RM13.18 million.

A new company was also appointed to manage the whole market complex that has 259 stalls inside the complex and 70 more outside on the streets.

The Chowrasta Market dried fruits and pickled fruits stalls will shift back into the complex once upgrading works are fully completed at the end of this month.

The upgraded complex is now equipped with escalators and a multi-storey car park complete with elevators.

Chowrasta Market was a collection of stalls back in the 1890s located strategically at the junction of Jalan Penang, Lebuh Tamil, Jalan Kuala Kangsar and Jalan Chowrasta.

The modern market building was built in the 1960s and was the country’s first market complex with an escalator, Chow had claimed.

With the opening of the newly completed complex, the wet market will be shifted back into the building on the ground floor while booksellers, clothes traders and a hawker centre will be located on the second floor.