Prime land: An aerial view of Penang Turf Club valued at RM3bil is currently up for sale. — CHAN BOON KAI/The Star
GEORGE TOWN: Three public listed Malaysian companies have expressed interest in the tender for the 47.7ha (118-acre) Penang Turf Club (PTC) land, which is estimated to be worth RM3bil.
The PTC committee has appointed a local company, One Asia Property Consultants (Pg) Sdn Bhd, as the exclusive agent to manage the sale of the land via tender, which closes on Nov 29.
A spokesman for the property company elaborated on the tender, saying there is no reserve price for the sale.
“But the sale will encompass eight components. These include the race course, golf course, the Penang Retirement Resort, some hill land, 26 vacant bungalow lots, 22 bungalows, a Penang Hill bungalow, and a land parcel located on Jalan Jesselton and Jalan Brook,” he said.
The spokesman added that the cost of converting the land to commercial status is currently undetermined, and this would depend on the type of development that the new owner is permitted to undertake, subject to approval by the state government.
The PTC land, with its prime location and extensive size, has attracted substantial interest from both local and foreign developers.
This landmark sale is anticipated to have a significant impact on the real estate landscape in Penang, potentially transforming the area into a major commercial and residential hub.
He added the company would be holding a promotion for potential international clients later this month.
“We have reached out to our international clients in Singapore, China, Hong Kong, and Indonesia, inviting them to participate in the tender,” he said.
Attempts to contact state local government, town and country planning committee chairman Jason H’ng Mooi Lye to comment on the matter were unsuccessful.
On June 10, 146 ordinary members voted in favour of selling the PTC land during an extraordinary general meeting here.
Only three members opposed the motion to dissolve the club, and there were no spoilt votes.
It is anticipated that if PTC secures the right buyer for its asset, each shareholder could potentially receive as much as RM1mil.
Founded in 1864, PTC received a free land grant on Macalister Road for its course.
PTC built its first stand and buildings from wood and attap, and started a small annual race, according to its website.
The club then moved to its current location in 1939, which is now prime land next to the posh Jesselton Heights.
In 2007, the Penang Global City Centre (PGCC) project was proposed on the PTC land.
The PGCC project was to include two five-star hotels, a performing arts centre, a retail complex, two office towers, residential properties, a convention centre, an observatory tower, parking space, monorail transportation, as well as a public arena.
However, a new administration took over Penang after the 2008 general election, stalling the plan.
