Tags Posts tagged with "Batu Kawan"

Batu Kawan

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.

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.