Bursa Malaysia has queried, among other things, the basis and justification for Berjaya Land Bhd’s purchase price of RM8.01 million per acre or RM184 per square foot for 57 acres of Penang Turf Club land.
In its response, Berjaya Land pointed to the location of the land, the surrounding low-density “upmarket” area and the scarcity of residential land on the island.
It also compared the RM184psf price to a few recently reported real estate transactions in Penang:
- CP Land Sdn Bhd disposed a parcel of land in the Queensbay area at Bayan Lepas for RM160 million or RM420psf. (Source: New Straits Times, 27 July 2011 edition)
- Ivory Property Group Bhd announced that it had won the rights to buy 41.50 hectares of land at Bayan Mutiara, where the reserve price is said to be RM200 per square foot and its winning bid was RM240psf. (Source: New Straits Times, 27 July 2011 edition)
- Ivory entered into a conditional agreement last year to buy 0.49 hectares freehold land in Batu Ferringhi for RM25 million or about RM474psf. (Source: New Straits Times, 16 June 2011 edition)
- Mah Sing Group Bhd acquired a 3.38-acre freehold plot of land in Georgetown for RM38.6 million or about RM262.19psf. (Source: The Edge Financial Daily, 19 October 2010 edition).
The RM184psf is lower than all these deals.
Anyway, the conditional S&P agreement for the 57 acres is subject to approvals being obtained from MPPP, PBA, JKR, JPS, DoE, IWK and TNB.
Let’s see how these authorities handle this deal, especially in view of the congestion already apparent on Scotland Road.
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Guess it is pay back time
Anil, On May 22, 2008, you wrote this. http://anilnetto.com/governance/accountability/penang-turf-club-member-to-call-egm-to-reclassify-land-back-to-recreational-status/ Why was TS Tan KP then requisitioning a resolution in Penang Turf Club to reclassify Turf Club land back to recreational status? I quote from your article attributed to him. “This is to ensure once and for all that the racecourse shall forever be preserved as a green lung for the Penang people, he said in a press statement today.” “Tan is the current chairman of the Board of Governors of Penang Han Chiang Associated Chinese Schools Association, a non-profit organisation. The Han Chiang school authorities allowed the DAP to hold… Read more »
hiay same old same old la, one for you, one for me.
i scratch ur back u scratch mine we all in one happy family.
who is LGEs confidentail advisor ??
I am unhappy with the over-development of Penang, especially the unnecessary construction of high-rise buildings. Who gains from it? Not the average Malaysian/Penangite but the tycoons and foreigners who buy proprerty in Malaysia as an investment. I hope the state government will work towards a cleaner and greener Penang. Our policies need to go beyond planting some trees and limiting the use of plastic.
JLF
WE VOTED FOR NOT THIS TO HAPPEN !!!!!!!!!!!!!!!!!!!
DISAPPOINTED WITH DAP.
ANIL, GOOD JOB REVEALING TO US.
Nani, it is better for you to concentrate on soccer, This has nothing to do with DAP or the state government. This is private land with a buyer and seller. Please check your fact before you shoot.
Nani, Understand the law! Can anybody stop you if you want to sell your house or land, if it belongs to you, and the transaction is legal? No – no one can stop you.
The same way no one can stop Berjaya Land from buying the property from a Private Co.
So why blame the state govt?
Blame the State Govt if they don’t put stringent conditions.
nani,
please go and tend to your mamak stall.. this is too complicate for you to comprehend.
Ah Soon shooting again from his rear end. Before opening your mouth, is there anything the State Government can do to prevent the sale of the land to Berjaya Land?
The answer is a BIG NO!
How dumb can one get? Only thing the State Govt can do is to put stringent measures in the development of the parcel of land.
Sore Ah Soon keep putting his foot in his mouth
Ah Soon = Gherkin ?
Dear Anil,
Perhaps Bursa might also want to query the GLCs about their “settlement” with Tajuddin Ramli. Or are they not going to do that ?
MAS has many irregularities but Bursa never bother to check.
MAS lost money and blamed on fuel hike, but Qantas doubled its profit. Both reports on the same day newspaper. MAS has lost the plot?
my 3 friends (near 55 years old of retirement age) living around the turf club area are now contemplating hard to sell their homes while the prices now are still hot with so many speculative buyers. in 5 years times, their present homes may not be as serene and green. i thnk they are smart to use the earned money to finance their children education and also to retire without worries 7/24/356 about inflation.
Once again, it will prove who is developers and rich men CM! Vincent Tan also OK?
what r u trying to say ??
Green Lane / Scotland Road are already congested. Perhaps the state government can look into getting Berjaya Land to build the portion of the outer ring road behind Taman Jesselton as was originally proposed by PORR.