|
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? READ MORE HERE
 |
The Blogs 
Many other people will still be interested because of the enormous profits that they can get out of this. The "turf-club land" is like a pot of honey attracting the bees. But sorry lah, no more "rundingan secara terus".