Penang Turf Club: Here come the vultures
As expected, barely has the dust settled from Abad Naluri’s failed attempt to get the PGCC moving than renewed interest has been shown in the Turf Club land in Batu Gantung.
The talk in the market is that a major property player involved in the building of shopping malls in KL has been showing interest in the Turf Club land. Overtures are apparently being made.
For now, the agreement between Abad Naluri and the Turf Club still stands - though some Turf Club members are said to be disputing the way it was formalised.
So any renewed interest by other players will have to come through the back door. We already know that there have been boardroom changes in Abad Naluri and Equine Capital. So what’s going to happen next?
It is time for the Penang state government to probe the entire deal. In particular, who or what really persuaded the Turf Club members to sign an agreement to give up its precious asset for a pittance (RM43 per sq feet) to a developer who was bound to profit from a substantial jump in valuation (to about RM250psf)? Something just doesn’t square up. I mean, why would you give up your prized possession for just RM43psf? Yes, it was based on recreational land value, but why would anyone want to pay RM488 million for recreational land? Unless he was confident the land would be regazetted to “mixed development”. But what gave him that confidence?
Of course, Turf Club members received compensation of RM20,000 (supposedly inconvenience allowance for travelling to the new racecourse in Batu Kawan) totalling RM10 million. But that’s chicken feed compared to what’s at stake. In any case, why would they be paid upfront, when work on the Batu Kawan race-course hasn’t even started? Unless the payment was just meant to “persuade” ordinary members to come on board and give up their prized asset.
So was there a “kingmaker” behind the scenes - or more than one - acting as the driving force for the deal?
How was the status of the Batu Gantung race-course land changed on the quiet from “recreational” land to “mixed development”?
Those of us who want to keep the Turf Club land as a precious green lung and turn it into a People’s Park had better remain alert, as the vulture(s) circle and swoop for this prized land.
- How did Abad Naluri get over 1,000 acres of Batu Kawan land?
- Open letter to Guan Eng, Tsu Koon ahead of ‘live’ debate
- “Dead” PGCC needs post-mortem; and Batu Kawan?
- Penang Turf Club members sue committee over sale of land
- Patrick Lim and Penang Turf Club: The plot thickens
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Oh noes! Not another shopping mall!
For an island less than than 2 million, we already have too many malls. Penang people also don’t spend as much compared to KL folk, so there’s less purchasing power to go around.
Everytime a new Penang mall comes up, everybody flocks there and the previously ‘hip’ mall becomes second-best… experiencing a drop in customers. Gurney Plaza has been able to avoid this, as it offers a better environment than Queensbay & more variety too.
But you can’t say the same about the other complexes. The result is we have many dead or dying malls scattered about the island; Bk. Jambul, OneStop, Prangin, Island Plaza, and most infamously… Komtar.
Salute you anil,
You does follow up every square inch with right amount of calculation.
I noticed your blogs carry alots of facts and you dont stop until someone anwser.This what the publics wants.
Raj raman.Waiting for the vultures to anwser all the corrupt practised and i hope you (anil) will be the hawk to watch out the vultures.
When money smells good
The vultures will fly in
This is the truth
When one goes down
A new one comes to take its place
Sometimes a new name changed
It is just like a new coat of paint
The building gets a new spanking good shine
The ones benefiting it will sing all the praises
Until money changes hands…………
Penang Island has too many malls
She doesn’t need it any more to attract tourists and locals
Not forgetting the terrible traffic jams on the roads
It is time for fields to shake anger frustration
In the island city choking with pent up fumes
The Pakatan Government must be vigilante
Against those worms crawling out from the land
When money smells good
Backdoors too can do…………
It has always been that way, not only in Malaysia, but in the world. Big fish eat small fish. Small fish eat worms. Only thing is, the worms get eaten.
If PTC does not want to use the land according to its original intention (ie. for recreational purpose), the government should take it back.
Land is the most important asset of a state and its major source of income.
The land rightly belongs to the rakyat, and not to some PTC members who DO NOT OWN the property.
I think the state government should study the terms and conditions of that land lease to PTC.
Perhaps members of PTC can ask Robert Cham of STC if STC’s land deal with Petronas is a good deal. I am sure Robert Cham can provide valuable advices.
I hope the new government will simply revert the status of the land to recreation. Greed knows no bounds for Malaysian vultures. This despicable act of just simply wanting to develop parks and recreational land in the heart of a city without a care for the traffic and the need for green lungs.
Developing PTC is equivalent to turning Hyde Park in London, or central Park In New york or Stanley Park In Vancouver into concrete jungle. The latter would never ever happen because those people there treasure green lungs more than money.
If PTC goes, the next target is Botanical Gardern of Penang.
LIM GUAN ENG, though I stay on the mainland, I would definitely vote again (do you mean against? - Anil) PR if you concede to their demand.
My friends and nighbours would do the same thing
Maybe this question should be directed to rashid umno penang, how can recreational lease be changed to mixed. we don’t need more concrete jungles, we need more green lungs.
So who are the other major shareholders of Abad Naluri, which had an issued capital of only RM519,867? A company search revealed that the firm’s other main shareholders were Syed Jalaludin bin Syed Salim (Prof Tan Sri Dato’ Dr) (24 per cent) stake and Aneka Mayang Sdn Bhd (46 per cent). The rest were mainly small Chinese Malaysian shareholders holding 100 shares each.
Now let’s look at Abad Naluri’s biggest shareholder, Aneka Mayang Sdn Bhd. Surprise, surprise, Aneka Mayang is a RM2 company! One share each is held by, yes, Syed Jalaludin again and the other by Idris bin Denan. Imagine, a RM2 company has a 46 per cent interest in Abad Naluri, which in turn was supposed to undertake the RM25 billion PGCC project! Only in Malaysia
Prof Tan Sri Dato’ Dr Syed Jalaludin bin Syed Salim is also
Chairperson Bank Kerjasama Rakyat Malaysia Berhad - a dubious bailout with tax-payers money, http://www.unimap.edu.my/eng/template02.asp?contentid=281&tt=4&parentid=
… Tan Sri Dr. Syed Jalaludin Syed Salim, the President of KLIUC,
Tan Sri Dato Dr Syed Jalaludin Bin Syed Salim, Former Vice Chancellor, University of Malaysia …
QUICK RUNDOWN OF THIS SYED CHARACTER FROM
EcoFirst Consolidated Bhd..
EMERITUS PROFESSOR TAN SRI DATO’ DR. SYED JALALUDIN BIN SYED SALIM
Chairman (Independent/Non-Executive)
Tan Sri Dato’ Dr. Syed Jalaludin bin Syed Salim, aged 63, a national science laureate as well as a founder fellow of the Academy of Sciences Malaysia, was appointed to the Board on 27 January 2006 as the Chairman of the Company. He had a long illustrious academic career in both University Malaya and University Putra Malaysia (“UPM”) before retiring as Vice Chancellor of UPM in April 2001. He was responsible for transforming UPM into one of the leading centres of higher education.
As an accomplished academician, he has helped found many academic societies and associations, and has published over 350 papers in journals and proceedings in the fields of animal science, university management and education. For his meritorious career and services, he has received numerous awards, decorations and honours nationally as well as internationally.
He is currently the Chairman of Bank Kerjasama Rakyat Malaysia Berhad and Kejuruteraan Samudra Timur Berhad, as well as director of Esso Malaysia Berhad and TA FI Industries Berhad. He is the Chairman of the Nominating Committee of the Company and does not have any interest in the shares of the Company or its subsidiarieS.
WHAT DOES EcoFirst Consolidated Bhd DO?
We are committed to developing and achieving profitability and leadership in every business and market that we are in. We aim to deliver exceptional value to our customers, business partners, shareholders and employees.
CORPORATE HISTORY
EcoFirst Consolidated Berhad (formerly known as Kumpulan Emas Berhad) was established in 1973, and was listed on Bursa Malaysia Securities Berhad in 1984.
The businesses of EcoFirst are grouped into 5 divisions: property, construction, food services, network marketing and other investments.
SHARE-HOLDERS
http://ir.wallstraits.net/ecofirst/page.php?id=majorshareholder
http://ir.wallstraits.net/ecofirst/page.php?id=business
also involved in the halal industry, name also mentioned in the pkfz???? so more questions.
this professor syed also chairman of bank rakyat, …
another statement from somebody,
http://announcements.bursamalaysia.com/EDMS/subweb.nsf/7f04516f8098680348256c6f0017a6bf/02f58edfec139208482571b6002d9cd7/FILE/EQUINE-Circular.pdf
check it out
(link is not working for some reason; getting an error message…Anil)
check out the intricate relationships anil
http://ir.wallstraits.net/ecofirst/page.php?id=management#sj
anil.
You also can pursue the wastage of tax payer money hiding from glc company.
A good example is BANK PERTANIAN is call AGRO BANK.
Check it out why they have to change name,the signboard might cost millions of tax payer money.This bank not belong to any public listed company.
Do the goverment think by changing name and signboard with milions of ringgit of publicity,this bank pertanian can perform better?iTS ANOTHER BANK BUMIPUTERA.(keep on loosing money and tax payer money was used to bail out many times.)
Raj RAman.My believe in business if no hancky pancky,any signboard with blur color still can perform.POOR THE POOREST FARMER.THE SIGNBOARD AND ADVERTISING MONEY CAN GIVE TO THE POOR FARMER RATHER THAN SOME VULTURES.
Anil
Thanks for being the voice of sharing. Sometimes, we live in a circus time and your article brings to light alot of interesting stuff. I am glad.
Money, money, money, very funny. In a rich man’s world.
*sigh*..some people really using different kind of brain.
anil,
I mean that my family, friends and friends will definitely vote AGAINST PR if they concede to their demands to convert PTC into concrete jungles.
It is time that we appreciate and treasure what few acreage of green lungs still standing in cities , not only in penang but KL or JB.
Under BN government, no public field or playgrounds are safe from those vultures. Overnight children playgrounds have been converted to shop lots.
On the island, the targets for now is PTC. But polo grounds or even youth park may be on their radar if they are return to power.
Again, LIM Guan Eng, we trust you that you do the right thing!!!
The Committee members of PTC not only owe its members but also the penang’s public for a full explanation. Someone behind is trying to take a ride on everyone thinking that it is just like riding a Kuda. Similar things happened for the shifting of Selangor Turf Club for the KLCC. That piece of land of STC was first sold to a company and resale to Petronas a few days later, it does need a genius’ mind to figure out why.
There is a piece of land on a slope just behind the leader garden condominiums in Tanjung Bungah, Penang where we saw surveying points and cleared brushes/trees during one of our runs in the hills. It is located just beside a catchment area and about 200 to 300 feet high on a little valley in the hills. Could it be earmarked for residential development? Can Ms Anil check this out and bring it to the authorities’ attention because we need to preserve the remaining hills before Penang Island become a barren land!
Abad Naluri is a family company. Just use your imagination and you will see all the names of the members of this family.