GEORGE TOWN: The plan to sell Penang Turf Club’s land proceeded smoothly as the ordinary members gave a resounding “aye” during the extraordinary general meeting (EGM) here, with 146 members voting in favour.
Only three votes went against the motion to dissolve the Penang Turf Club (PTC) yesterday, with not a single spoilt vote in sight.
If PTC can find the right buyer for the land, it is believed that each shareholder could be pocketing as much as RM1mil.
With the present market value of commercial land in George Town hovering at around RM700 per square feet, the site is expected to fetch around RM6bil upon conversion to commercial status.
A property surveyor said any conversion of the land from its present recreational status to mixed-development will come with a hefty land conversion premium, possibly to the tune of RM1bil.
CA Lim Property Surveyors Sdn Bhd principal Datuk Lim Chien Aun had reportedly said the successful bidder would need to submit their master plan for the redevelopment of the land owned by the iconic 160-year-old club.
PTC is the oldest of the three horse-racing clubs in Malaysia, with a membership of around 600. The other two turf clubs still operating horse races are the Selangor Turf Club and the Perak Turf Club.
A PTC ordinary member, who declined to be named, said the majority of the members are fully supportive of the club’s proposed sale of the land.
“PTC explained that it’s the right time to develop the club’s land to meet the needs of the present without compromising those of the future generation.
“We heard that we would receive compensation, said to be at least RM1mil each, for the inconvenience caused.
“The club will build a private members club for members to continue with their recreational activities,” he said.
In a statement released after the EGM, PTC general manager Leow Khin Ming said the club would carry on its affairs as usual, including holding racing activities.
“The club will hold a second special general meeting to confirm the resolutions to dissolve PTC. The dissolution process is expected to take at least one to two years,” he said.
Meanwhile, Consumers’ Association of Penang senior education officer NV Subarrow reminded the club to also focus on preserving the remaining green lungs and open spaces there.
“I hope the club will hold dialogues with residents in the neighbourhood to listen to their views,” he said.
Founded in 1864, PTC received a free land grant on Macalister Road for its course.
According to its website, PTC’s first stand and buildings were built from wood and attap, and a small annual race was started.
The club then moved to its current location in 1939, which is now prime land located next to the posh Taman Jesselton Heights.
