GEORGE TOWN: The land sale of the 160-year-old Penang Turf Club (PTC) has taken a new twist with the club rejecting all the bids.
“After due evaluation of the submitted tenders, the club’s tender committee found that no qualified tenders were received,” the PTC said in a statement.
The club said yesterday that it would continue to pursue other alternatives.
Members of the PTC, which is the oldest of the three horse-racing clubs in Malaysia, voted in an extraordinary general meeting (EGM) about six months ago to sell the 81ha land in Batu Gantong.
The land is equivalent to 153 football fields.
It is understood that the PTC land and its properties are valued at RM2bil to RM3bil.
If the PTC manages to find the right buyer, it should be a windfall for its 600 members with each shareholder likely to pocket at least RM1mil.
When the bidding process closed on Monday, a consortium led by a wealthy UK-based businessman was among eight major suitors.
The conglomerates had paid RM10,000 each for the tender documents.
A source involved in the tender process said one of the companies is believed to be linked to a British fund.
“Others in the fray are Kuala Lumpur and Singapore-based companies.
“The tenders were rejected because they failed to meet the financial aspect of the criteria such as showing proof of funds,” he said.
According to the source, the PTC would now resort to private negotiations with potential buyers.
The PTC will hold an EGM in April, presumably to award the tender to the highest bidder.
According to a property surveyor, who declined to be named, the PTC land title could be used for mixed-development projects.
“However, the land needs to be rezoned from its current recreational status, which allows it to be used for golf and horse-racing sports activities presently,” she said.
In 2007, the PTC land made headlines with the Penang Global City Centre project being thrust into the limelight.
The mega project offered two five-star hotels, a performing arts centre, a retail complex, two office towers, residential properties, a world-class meeting and convention centre, an observatory tower, parking space, monorail transportation and a public arena.
However, the plan fell apart after a new administration took over Penang in March 2008.
Founded in 1864, the PTC received a free land grant in Macalister Road for its course.
Back then, its buildings were constructed from wood and attap.
It moved to its current location, which is situated next to the upscale Taman Jesselton Heights, in 1939.
Due to a drop in attendance and post-pandemic financial struggles, several turf clubs in the region ceased operations last year.
The Singapore Turf Club held its final race in October, bringing to a close a 180-year-old chapter of horse racing in the city-state, while the Macau Jockey Club shut its doors for good in April.
There are two other turf clubs in Malaysia – the Perak Turf Club, which was founded in 1886, and the Selangor Turf Club, which was founded in 1896.
