Phang said the price of RM2.8mil was agreed upon in an agreement dated June 23 2014.
Phang's statutory declaration was read out by state executive councillor Phee Boon Poh at a press conference in Komtar on Tuesday.
"I did not survey the market when I decided to sell the house to CM in 2015 because I didn't think it was necessary, since there was already an understanding pursuant to the June agreement," Phang, who was not present at the press conference, said in the SD.
Phang also said that she is not a director or shareholder of the KLIDC company which won the bid for the Taman Manggis land under an open tender.
Phang has been alleged by certain quarters to be linked to KLIDC.
"I am also not involved in the management of the company," she said.
When asked why he was reading the SD, Phee said he was a distant relative of Phang and an adviser to the Phang Association.
The bungalow on Pinhorn Road became controversial after Tasek Gelugor MP Datuk Shabudin Yahaya told Parliament last week that the price was undervalued.
Shabudin claimed that the bangalow, on 10,161 sq ft (943.98 sq metres) of land, was bought by Lim on Oct 25 last year for RM2.8mil, when the market value of the property was between RM6mil and RM6.5mil.