Wah, this person very misleading.. he go and say BN govt sold thousands of acres of land at Tanjung Tokong at RM1 per square feet and included it in his calculations and say the previous BN sold land too cheaply.
Please... that Tanjung Tokong land was NOT EVEN LAND! It was a reclamation project awarded 15 years ago and the price of RM1 was just the rights to reclaim and once reclaimed the developer still have to pay for land alienation premium and also the conversion premium and also hand-over 10% of the reclaimed land BACK to the State Govt. As part of the deal, the developer also had to build subsidized low-cost housing.
Why do you divert the blame with misleading figures away from the fact that you sold land below current Market Price at Batu Kawan to ASPEN at just RM45 per feet and allow 5 years free installment at just RM9psf per year?
BTW, how can you go and compare the price of prime COMMERCIAL land to INDUSTRIAL land?
By the way, it is not accurate to say the land is for IKEA since IKEA uses only a small part of that land, the rest is going to be yet another property development project by ASPEN group - which is 49% owned by Ivory Properties, the same company that you sold land cheaply (also with 5 year interest-free installments) at Bayan Mutiara only 3 years ago at RM240psf and just 3 years later, the houses there are now selling at more than RM1,000 psf.
http://www.themalaysianinsider.com/malaysia/article/penang-bn-denies-selling-land-for-rm1-per-sq-ft
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