Rapid land woes

A bird-eye's view of tanks and jetty structure at the Pengerang Deepwater Petroleum Terminal (PDPT). The price of land in Pengerang, Johor, could have appreciated by more than 800% within the space of two years.

PETALING JAYA: The unprecedented legal suit by a unit of MPHB Capital Bhd against the Johor state government and Petroliam Nasional Bhd (Petronas) indicates that the price of land in Pengerang could have appreciated by more than 800% within a space of two years.

According to legal documents, MPHB Capital alleged that its land was unlawfully acquired by the Johor state government at a price of 93 sen per square foot (psf) despite there being an agreement between the latter and Petroliam Nasional Bhd (Petronas) to purchase the land at RM8 psf.