PDC-Abad Naluri: Revised Batu Kawan deal

 Accountability, Malaysian finance/business, People's Park/PGCC  2 Responses »
Apr 072011
 

This handout on the Batu Kawan deal was passed to me by a journalist. I think it is of public interest, so I am reproducing it here.

From horse-racing to power-boat racing: Former Equine chairman Patrick Lim moved on to become Executive Chairman of the World Match Racing Tour. During his time in Equine, the firm owned 25% of Abad Naluri, the failed PGCC project developer - Photo credit: valenciasailing.blogspot.com

In 'happier' days: (from right) Patrick Lim, Koh Tsu Koon and Abdullah Badawi at the launch of the PGCC project, later aborted

PDC has just renegotiated the 750-acre Batu Kawan land deal with Abad Naluri under the original principal agreement, which was signed in 2004, which should be seen together with the Penang Global City Centre project. Continue reading »

Batu Kawan land deals to be made public

 Accountability, Development issues, People's Park/PGCC  7 Responses »
Apr 052011
 

Just received word from a source that the agreements between the Penang Development Corporation and Abad Naluri in 2004 and 2011 involving 1,400 acres of Batu Kawan land will be made public soon.

Apparently the PDC had to honour the price in the 2004 agreement, which involves 750 acres, and did some kind of trade off involving 650 acres of industrial land. An abandoned low-cost housing scheme involving 320 flats will be revitalised and completed. Continue reading »

RM3 per sq ft for Penang prime land?

 Accountability, Development issues, People's Park/PGCC  16 Responses »
Apr 042011
 

Got-meh? Yes, RM3.05 per square foot for 126.04 acres of prime land on Batu Kawan on the mainland within 4km of the landing site of the second Penang bridge.

Don’t believe it? Check this announcement by Equine Capital Berhad on the Bursa Malaysia website here. Look at item 2.5, which says “RM3.05 per sq ft” and “No valuation was carried out on the land”. Continue reading »

Why is PDC re-negotiating with Abad Naluri?

 Accountability, Development issues, Housing, Malaysian finance/business, People's Park/PGCC  31 Responses »
Oct 082009
 

It is shocking to see the Penang Development Corporation and Abad Naluri re-negotiating the deal in which the latter was supposed to acquire 750 acres of land in Batu Kawan from the PDC.

batu kawan land
The site of the failed equestrian centre project in Batu Kawan – Photo by Anil

This Batu Kawan land was supposed to have been used for a new equestrian centre among other things around the time the Penang Turf Club entered into an agreement with Abad Naluri to sell its Batu Gantung race-course for the Penang Global City Centre project. Neither project (the PGCC and the new equestrian centre in Batu Kawan) took off.

An Edge report says no money has exchanged hands for the Batu Kawan land even though there was a principal agreement between the PDC and Abad Naluri. If so, hasn’t this agreement, which was entered into in 2004, now lapsed? Shouldn’t the PDC be terminating the deal outright?

Continue reading »

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