Some details of land deals under the BN revealed.
Excerpt of a statement from the CM yesterday:
BN sold 980 acres of prime land In Tanjung Tokong at RM1 per square foot and 325 acres of Jelutong Expressway reclaimed land at RM20psf.
Land sales by open tender are public knowledge as they are advertised publicly. The open tenders of land sales by PR state government in getting the highest price above market value is a direct contrast to land sales by the previous BN government. For instance in the Tanjong Tokong Reclamation, under Agreements dated 1990 and 1999, the developer was given the right to reclaim and develop 980 acres of land off Tanjong Tokong at the price of RM1 per square foot!
As for the Jelutong Expressway, under Agreements dated 1997, 2002 and 2003, the developer was given the right to reclaim 325 acres of land in exchange for constructing the Jelutong Expressway at an estimated cost of RM300m and payment of RM25.4m. In other words, the total cost is RM325.4m for 325 acres or the cost of reclaimed land at Jelutong Expressway is RM1m per acre or over RM20 per square feet. What’s more the developer can pay RM25.4m over 10 years from 2005 up to 2015 – surely a record for length of payment period.
Then there was the sale of 750 acres of prime land in Batu Kawan, to little known but well connected Abad Naluri Sdn Bhd. The site lies right next to the area where the second Penang bridge begins on the mainland,
Who were all the parties involved in these deals? Were proxies used? I think a thorough investigation is needed to get to the bottom of these deals and to find out how much, if at all, the state has lost as a result of all these deals. This is land that could have been used by the state for affordable housing.