GEORGE TOWN: Penang Turf Club (PTC)'s ordinary members have voted for the sale of the land in Batu Gantong during the Extraordinary General Meeting (EGM) earlier Monday.
A total of 146 members voted for the motion to dissolve the PTC while three voted against it. There were no spoilt votes.
With the present market value of commercial land in George Town being about RM700 per sq ft, the site is expected to fetch around RM6bil upon conversion to commercial status.
A property surveyor said any conversions of the PTC land from its present recreational status to mixed development will cost a hefty sum to the tune of RM1bil.
The iconic 160-year-old club which is the oldest of the three horse-racing clubs in Malaysia has a 600-strong membership. The other two turf clubs still operating horse races are the Selangor Turf Club and the Perak Turf Club.
Founded in 1864, the PTC received a free land grant on Macalister Road for its course.
According to the PTC website, the first stand and buildings were built from wood and attap in 1869 and a small annual race was started.
The club then moved to its current location in 1939, which is a prime land located next to the posh Taman Jesselton Heights.
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