The 5km-Jelutong Expressway still poses a couple a niggling questions.
This RM 700m expressway, orginally estimated to cost RM300m, later rising to RM370m or more, was supposedly built “free of charge” – with no toll imposed on motorists – under a privatisation exercise mooted in 1997.
But at what cost to Penang?
The valuable rights to the reclamation of close to 300 acres 325 acres of prime sea-front land, in addition to existing land – making a total of some 330 355 acres, later apparently increased to 368 acres – were handed over to IJM in return for the ‘free’ highway.
And, for good measure, a loan was reportedly given – was it RM33 million? How thoughtful.
What was the potential gross development value of the land that was given away in exchange for a short 4.7km-highway that cost only a few hundred million ringgit? RM7bn? Double that? More?
When you consider that this stretch will turn into even more valuable sea-front land forever – and the previous state government should have known that – do you think this privatisation deal was in the best interest of Penangites?
The former Penang chief minister, Koh Tsu Koon, owes Penangites a detailed accounting of this privatisation venture.
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Wonder where is gerakan k right now? maybe busy for 328..
Curious for his answer for this issue…since he always here defending gerakan isn’t?
IJM made so hugh profit but still have not completed the expressway. Penangites must go to IJM office and demand when the section from Jalan Jeluton/Jalan Tan Sri Teh Ewe Lim to Jelutong Expressway will be connected. Penangites have long been taken for a big ride by Koh Tsu Koon. Please answer this to Penangites since we are now the Minister in charge of KPI.
.. Koh is … real … useless of all time. And he’s in the KPI somemore… Really make me puke
who is the largest shareholder of IJM?
No, its not Khrisna.
Welll, it has to be someone very well connected UMNO crony, isnt it?
This project comes under Jelutong Development Sdn Bhd (JDSB), which is 80% owned by IJM Properties Sdn Bhd, which is in turn owned by IJM Land Bhd.
IJM Land Bhd, for its part, is owned by IJM Corp Bhd (66%) and Government of Singapore Investment Corporation Pte Ltd (7%) and a string of smaller shareholders.
IJM Corp Bhd itself is owned by EPF (21%), Zelan Berhad (9%) Skim Amanah Saham Bumiputera (6%) and a string of smaller shareholders.
I suppose we should try and find out who owns the remaining 20% of JDSB.
Not only KTK is particularly fond of IJM, our new CM too seem to love IJM so much.
Extreme high density development projects … are given approval without (much) questioning! LGE and buddies just have no gut to dispute what I wrote in my article, Fast Tracking Penang into a Big Ghetto. http://eusoon.blogspot.com/2010/03/new-trend-of-change-for-penang.html
Ong EuSoon and K, appreciate enlightening from you both on this.. otherwise KTK image will be a unsightly pulp.. ..
Hi everyone,
The then State Govt should have included an additional condition of the State being given a certain percentage of profit that accrues from the development of the reclaimed land plus other land given away to IJM.
Why this is not done or contemplated should be left to the (political) eunuch KTK and his former excos to explain!
The price of each unit of “The Light” is about RM10 million. Wonder how much the Assessment will be.
Wind-fall for MPPP?
With so many apartments and condominiums along the area, possibly TKT was hoping to re-coup the losses from Cukai Pintu and Assessment. Thinking out of the Box.
Go ask Koh Tsu Koon la !
He is the one approved the whole thing.