Penang Turf Club: Here come the vultures

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As expected, barely has the dust settled from Abad Naluri’s failed attempt to get the PGCC moving than renewed interest has been shown in the Turf Club land in Batu Gantung.

The talk in the market is that a major property player involved in the building of shopping malls in KL has been showing interest in the Turf Club land. Overtures are apparently being made.

For now, the agreement between Abad Naluri and the Turf Club still stands – though some Turf Club members are said to be disputing the way it was formalised.

So any renewed interest by other players will have to come through the back door. We already know that there have been boardroom changes in Abad Naluri and Equine Capital. So what’s going to happen next?

It is time for the Penang state government to probe the entire deal. In particular, who or what really persuaded the Turf Club members to sign an agreement to give up its precious asset for a pittance (RM43 per sq feet) to a developer who was bound to profit from a substantial jump in valuation (to about RM250psf)? Something just doesn’t square up. I mean, why would you give up your prized possession for just RM43psf? Yes, it was based on recreational land value, but why would anyone want to pay RM488 million for recreational land? Unless he was confident the land would be regazetted to “mixed development”. But what gave him that confidence?

Of course, Turf Club members received compensation of RM20,000 (supposedly inconvenience allowance for travelling to the new racecourse in Batu Kawan) totalling RM10 million. But that’s chicken feed compared to what’s at stake. In any case, why would they be paid upfront, when work on the Batu Kawan race-course hasn’t even started? Unless the payment was just meant to “persuade” ordinary members to come on board and give up their prized asset.

So was there a “kingmaker” behind the scenes – or more than one – acting as the driving force for the deal?

How was the status of the Batu Gantung race-course land changed on the quiet from “recreational” land to “mixed development”?

Those of us who want to keep the Turf Club land as a precious green lung and turn it into a People’s Park had better remain alert, as the vulture(s) circle and swoop for this prized land.

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KEN

I wonder why ur guys just blaming PR not the BN-Gerakan. Why must lets PR bear the cost whereas the money was robbed by BN. What is the logic?

oracle speak

Abad Naluri is a family company. Just use your imagination and you will see all the names of the members of this family.

maliku

There is a piece of land on a slope just behind the leader garden condominiums in Tanjung Bungah, Penang where we saw surveying points and cleared brushes/trees during one of our runs in the hills. It is located just beside a catchment area and about 200 to 300 feet high on a little valley in the hills. Could it be earmarked for residential development? Can Ms Anil check this out and bring it to the authorities’ attention because we need to preserve the remaining hills before Penang Island become a barren land!

Kuda cakap

The Committee members of PTC not only owe its members but also the penang’s public for a full explanation. Someone behind is trying to take a ride on everyone thinking that it is just like riding a Kuda. Similar things happened for the shifting of Selangor Turf Club for the KLCC. That piece of land of STC was first sold to a company and resale to Petronas a few days later, it does need a genius’ mind to figure out why.

peter

anil, I mean that my family, friends and friends will definitely vote AGAINST PR if they concede to their demands to convert PTC into concrete jungles. It is time that we appreciate and treasure what few acreage of green lungs still standing in cities , not only in penang but KL or JB. Under BN government, no public field or playgrounds are safe from those vultures. Overnight children playgrounds have been converted to shop lots. On the island, the targets for now is PTC. But polo grounds or even youth park may be on their radar if they are return… Read more »

macykoh

*sigh*..some people really using different kind of brain.

shawn

Money, money, money, very funny. In a rich man’s world.

jeffrey chew

Anil

Thanks for being the voice of sharing. Sometimes, we live in a circus time and your article brings to light alot of interesting stuff. I am glad.

artic turban

check out the intricate relationships anil
http://ir.wallstraits.net/ecofirst/page.php?id=management#sj

artic turban

another statement from somebody,
http://announcements.bursamalaysia.com/EDMS/subweb.nsf/7f04516f8098680348256c6f0017a6bf/02f58edfec139208482571b6002d9cd7/$FILE/EQUINE-Circular.pdf
check it out

(link is not working for some reason; getting an error message…Anil)

raj raman

anil. You also can pursue the wastage of tax payer money hiding from glc company. A good example is BANK PERTANIAN is call AGRO BANK. Check it out why they have to change name,the signboard might cost millions of tax payer money.This bank not belong to any public listed company. Do the goverment think by changing name and signboard with milions of ringgit of publicity,this bank pertanian can perform better?iTS ANOTHER BANK BUMIPUTERA.(keep on loosing money and tax payer money was used to bail out many times.) Raj RAman.My believe in business if no hancky pancky,any signboard with blur color… Read more »

artic turban

So who are the other major shareholders of Abad Naluri, which had an issued capital of only RM519,867? A company search revealed that the firm’s other main shareholders were Syed Jalaludin bin Syed Salim (Prof Tan Sri Dato’ Dr) (24 per cent) stake and Aneka Mayang Sdn Bhd (46 per cent). The rest were mainly small Chinese Malaysian shareholders holding 100 shares each. Now let’s look at Abad Naluri’s biggest shareholder, Aneka Mayang Sdn Bhd. Surprise, surprise, Aneka Mayang is a RM2 company! One share each is held by, yes, Syed Jalaludin again and the other by Idris bin Denan.… Read more »

artic turban

Maybe this question should be directed to rashid umno penang, how can recreational lease be changed to mixed. we don’t need more concrete jungles, we need more green lungs.

peter

I hope the new government will simply revert the status of the land to recreation. Greed knows no bounds for Malaysian vultures. This despicable act of just simply wanting to develop parks and recreational land in the heart of a city without a care for the traffic and the need for green lungs. Developing PTC is equivalent to turning Hyde Park in London, or central Park In New york or Stanley Park In Vancouver into concrete jungle. The latter would never ever happen because those people there treasure green lungs more than money. If PTC goes, the next target is… Read more »

robert cham

Perhaps members of PTC can ask Robert Cham of STC if STC’s land deal with Petronas is a good deal. I am sure Robert Cham can provide valuable advices.

mikewang

If PTC does not want to use the land according to its original intention (ie. for recreational purpose), the government should take it back.

Land is the most important asset of a state and its major source of income.
The land rightly belongs to the rakyat, and not to some PTC members who DO NOT OWN the property.

I think the state government should study the terms and conditions of that land lease to PTC.

joehancl

It has always been that way, not only in Malaysia, but in the world. Big fish eat small fish. Small fish eat worms. Only thing is, the worms get eaten.

caravanserai

When money smells good The vultures will fly in This is the truth When one goes down A new one comes to take its place Sometimes a new name changed It is just like a new coat of paint The building gets a new spanking good shine The ones benefiting it will sing all the praises Until money changes hands………… Penang Island has too many malls She doesn’t need it any more to attract tourists and locals Not forgetting the terrible traffic jams on the roads It is time for fields to shake anger frustration In the island city choking… Read more »

raj raman

Salute you anil,

You does follow up every square inch with right amount of calculation.

I noticed your blogs carry alots of facts and you dont stop until someone anwser.This what the publics wants.

Raj raman.Waiting for the vultures to anwser all the corrupt practised and i hope you (anil) will be the hawk to watch out the vultures.

BrightEyes

Oh noes! Not another shopping mall! For an island less than than 2 million, we already have too many malls. Penang people also don’t spend as much compared to KL folk, so there’s less purchasing power to go around. Everytime a new Penang mall comes up, everybody flocks there and the previously ‘hip’ mall becomes second-best… experiencing a drop in customers. Gurney Plaza has been able to avoid this, as it offers a better environment than Queensbay & more variety too. But you can’t say the same about the other complexes. The result is we have many dead or dying… Read more »