The Penang Global City Centre project may be dead, but what I don’t understand is why there are no calls for a full-scale inquiry into this massive stinking deal.
The Chief Minister has said that the PGCC, in its original inception, is as good as dead. Notice the choice of words. Does that leave some wriggle-room for the state to consider new proposals from greedy developers or other interested parties on what was once recreational land?
Let’s see who benefits in the end from the PGCC land deals.
After Abad Naluri entered into an agreement in 2004 to buy the land at “recreational status” price, the previous state administration incredibly rezoned the land to new or mixed development, multiplying the land value several times over. This rezoning could land a potential profit of RM1.5 billion to Abad Naluri… RM1.5 billion! (Remember the Turf Club agreement with Abad Naluri has been extended from 2008 to 2011.)

