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Tuesday, May 23, 2017

'Blame federal gov't for price of land sold to hospital'



Penang Chief Minister Lim Guan Eng has revealed federal government valuations which purportedly show that a plot of state land was leased to private firm Island Hospital for a price within its estimated value.
Island Hospital obtained a 99-year lease on the Peel Avenue plot for RM156 million from the state government.
In comparison, Lim disclosed information from the Finance Ministry which confirmed that the plot, if sold freehold, was evaluated to be worth RM156,440,000. 
Furthermore, Lim showed a letter from the Penang Valuation and Property Services Department dated October 13, 2015, which stated that the 6.4 acres (26,074 square metres) of land was evaluated to be worth RM5,700 per square metre or RM148,620,000 in total, if sold on a leasehold basis.
The valuation was valid for a year from September 3, 2015, said the Department.
Lim said the first letter of offer had been sent to Island Hospital on July 12, 2016.
“Clearly, we did not sell the land below market price, as criticised by BN,” Lim said at a press conference on the sidelines of a Penang Legislative Assembly meeting.
“We followed the price stated by the Valuation and Property Services Department under the Finance Ministry. If BN wants to criticise, they should criticise the federal government,” he added.
He was referring to BN leaders, including state opposition leader Jahara Hamid (BN-Teluk Ayer Tawar) and state MCA organising secretary Dr Tan Chuan Hong, who had recently claimed that the deal was “problematic”.
Unanswered questions
Tan had compared the price of the Peel Avenue land to the price of land in nearby areas like Gurney Drive, which is worth RM1,500 per square foot (psf), and Pulau Tikus, which is worth RM1,000 psf.
“But the state government sold the plot on Peel Avenue for only RM560 psf. Is this a half-price transaction involving an under-the-table deal?” Tan had asked.
During her speech at the Penang Legislative Assembly, Jahara said the land was sold at a price which is “too low compared to the value of land in the surrounding areas”.

She claimed that plots around the area, where the hospital is situated on Peel Avenue, are valued about RM800 psf.
“Doesn’t the chief minister know the market value for that piece of land?” she asked.
“There are many queries which are yet to be answered regarding the sale of the land, and once again the credibility, transparency of the state government is in question," she had said. - Mkini

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