Monday, January 09, 2017

Land worth RM1.74 billion sold since 2008

A Chinese newspapers recently reported Chief Minister of Penang, Lim Guan Eng had formally answered in the recent Penang State Assembly that the state owned agency Penang Development Corporation (PDC) had sold land worth RM1.74 billion since the year 2008. 

The amount does not include the value of the land sold to EcoWorld to develop a golf resort worth RM700 million, was later canceled due to the fact the land is not large enough for a golf course. 

It does not include the sales of RM160 million shares in PDC 45 percent shares in Pulau Jerejak project to one of Lim’s crony company. The amount does not include the joint venture with Singapore’s Temasek companies where PDC had given state land worth at least RM1 billion. The list goes on not to mention the much debated more than RM6.34 billion land worth for the Penang’s dubious undersea tunnel project. 

Amazingly to all the island’s land transactions, in his usual composure, Lim has denied the report and reported through the DAP’s website, PDC had only attained RM147 million from the sale, resulting the state to loan more than RM600 million to PDC to acquire more land on the mainland for “development”.