More property development: Vincent Tan’s Berjaya Land Bhd has entered into a conditional sale and purchase agreement with Penang Turf Club to buy 57.3 acres for RM459m.
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Prime unencumbered freehold land for only RM184 per square foot. (Was there an open tender by the Penang Turf Club?) Gross development value is estimated at RM1.5bn.
The project involves gated housing development comprising bungalows and semi-detached houses. It also includes condominiums and low-medium cost housing and landscaped greenery.
The site in question is part of the Turf Club’s 270-acre site. The land to be acquired is presently used for horse stables, equestrian activities and part of an 18-hole golf course. If the deal goes through, it could leave the Turf Club with a 9-hole golf course.
See my preceding blog entry asking whether something was brewing at the Turf Club. Also last week, an anonymous source had submitted a couple of images to my blog depicting a graphic artist’s impressions of the property development ringing the Turf Club site. I did not feature the images in a blog post as I was unable to verify their authenticity.
This deal is the direct consequence of the change in zoning under the BN-administration from recreational to mixed development.
Before the rezoning, when the Turf Club was still recreational land, Abad Naluri Sdn Bhd had wanted to buy the land for RM43 per square foot for the Patrick Lim’s Penang Global City Centre project; but after the rezoning, the site was said to be worth around RM250 per square foot in 2007. (In comparison, the recent Bayan Mutiara land deal was done at close to RM250 per square foot.)
Civil society groups had in 2007-2008 fought a successful campaign to ‘Stop PGCC’ on the entire Turf Club site. Public support for the campaign contributed to the downfall of the BN state government. There were also calls for the site to be turned into a Penang People’s Park. Around 1990, civil society groups had mounted a similar spirited campaign to pressure the Penang state government to reject plans to develop Penang Hill.
The present Pakatan local authorities will still have a big say in the latest Turf Club deal. The deal is subject to planning permission approval being granted by the relevant authorities (as well as approval by Turf Club members). The application for planning permission will be submitted within four months. Will the green light be given? (Scotland Road is already congested, and this could worsen. Who is going to pay for traffic alleviation?
The shareholders of Berjaya Land Bhd based on its 2010 Annual Report are as follows:
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congrats to Guan Eng for bringing in this hefty investment to Penang…intimate dinner … with Vincent & co had brought fruitful result(?)..next Penang Hill…
The people of Penang need a park… badly! Right now, the people of Penang only know the shopping complex for recreation. Botanical gardens, Youth Park are sardine-packed. The hills are also congested, the beach is in a mess… Gurney Drive has gone to the dogs… so how le? Build some more concrete ahh?
I agree with Ong Eu Soon — Stupid LGE, Stupid MPPP!
Call yourself Lion King??? Where were you for the past 18 years, o ya, sucking pacifier…
I went to the Botanical Garden to hv a look last week and to my surprise, there were so few people…
Yes, Gurney Drive is gone… please go back and ask your pa pa and ma ma, whose job was that ya, talk blindly !!!
Only good at bullying Lim Guan Eng, but dare not voice out against BN, what good is that???
Anil, off topic a bit, my friend said to me that his aunt received a notice from MPPP for the residents @ Shamrock Beach, Batu Ferringhi to object as one Bat Group Sdn Bhd is proposing:
(a) 1 blok kondominium 22 tingkat (14 units)
(b) banglo 3 tingkat dan 1 basemen (1 unit) di atas Lot 56,
sek 2, Bandar B Ferringhi, DTL, Solok Pantai Batu 1, Penang.
I thought there should be no more contruction of new buildings on the hill lands of Batu Ferringhi?
Just wonder what are the valid reasons to object.
TQ very much !
Thanks, Kee, I will ask around.
What is the class (gradient) of the hill slope there?
Dont know la Anil, but i will try to find out.
My friend said to me, the land owner told him those hill lands were converted for residential purposes since years ago, so developer can build now. The land owner also added all these were done during Tsu Koon’s time.
Many thanks Anil.
Still, I thought no new projects on Class 3 and 4 slopes?
Anil, i picked a free copy of the star today and the issue (building a 22 storey apartment in Shamrock, Batu F’ghi) was reported – local news.
I must admit am very naive about environment till of late as i am now semi retired. So, am learning…
Many thks Anil !
We all have to start somewhere to become more aware of the environment.
Just read the Star report online. I will try and do a little blog entry soon.
Hows that grouper nest issue in the link below coming along? Has it been gazetted yet? Better speak up for it, as some things are unreplaceable and in fact need to be increased in size – http://anilnetto.com/economy/development-issues/sprucing-up-penang/comment-page-1/#comment-101225
Hello Kee now desperate ah? Not involved aunty’s interest, LGe is the best of the best, can’t be criticised! Now off topic also no problem!
Live with it, it is your idol or idiot that approved the project! Don’t complaint, please give chances for LGe to prove that he is Durian Hood!
Ai yoh, Gong Kia Ah Soon, long time no hear, still get so angry with Guan Eng??? Had you ever got angry with the leadership of Gerakan??? Let me tell you this, seteruk-teruknya, DAP/Pakatan is still any time better than that corrupted to the core BN la. You think so easy to right all the wrongs when Federal is holding the power and money??? Now all the longkang tersebat, you want Lim Guan Eng to dig all the rubbish out not even rule for one term, you think so easy meh??? Abang Ah Soon you cakap kuat saja la, asked… Read more »
What a shame I have passed my active ambitious investment phase, otherwise, it is worth the wait. I don’t care who are the developers, as long as, everything is done above board and transparent. If the price is right, it will be a good place to put your money. My point Anil, if a property is priced reasonably fair and competitive, you will find a buyer. There is no such a thing as over supply…everything will eventually return to proportion…the population growth is a constant increment. Obviously, the infrastructures, environment consideration and the road networks should compliment to all new… Read more »
If this happens, the rich (like overseas investors & 1% of Msian pupulation) will prefer this prime spot.
So currently in progress projects bt ijm, sp setia, mah sing, ivory etc will have no choice to scale down (eg from 2000msqft to 200 msqft to price them as affordable housing for the locals in price brackets of RM300K) or to face lelong sale later ?
someone is laughing all the way to the bank 🙂
someone else is brooding hard 🙁
law of nature : for every action there’s a reaction !!!!!
Before any reader start to bash the present state government, please re-read Anil’s key sentence “This is the direct consequence of the change in zoning under the BN-administration from recreational to mixed development.”
So is it a BN’s policy to put mixed development a priority over recreational development?
So Durian Hood (not Robin Hood) with hood or no hood now, can’t do anything to right the wrong?