Salam and greetings.
I made a little research by reading around the topic on the "rakyat-centred" development in DAP-held Penang:
So, what's with Penang BAYAN MUTIARA DEAL, you might ask.
Let us look at some comments and analyses:
The Penang state government under Chief Minister Lim Guan Eng prides itself for its CAT (Competence Accountable and Transparent) principle that forms the cornerstone of its administration.
"Unfortunately in practice the application of this principles has been rather selective and only when it is convenient.
"In many instances the administration’s decisions and policies have been made in a very opaque and exclusive manner with little or no public consultation or information dissemination.
"Latest of such example is the controversial Bayan Mutiara deal that is currently being hotly debated in Penang.
"So what is with the discounted sale?
"Ivory Properties and DiJaya stand to gain the most from this. Even their share prices rose comfortably. It is reflective of the huge profitably potential these companies would realise from acquiring premium land parcel at BELOW market price."
" (A local bank-backed analysts) added that the choice of office towers in the development mix was surprising as the demand for office space in Penang was tepid.
"It makes no economic sense when PDC as a state GLC has been denied to develop the said property but instead the project was hastily sold off without realising its full economics gain, based on the recent transacted deal in the neighborhood. No clear minded decision maker would pass an opportunity to sell the asset knowingly it could make better gains. Especially if the 41.5 acres be subdivided into smaller parcels. This is Lim Guang Eng’s ‘Guanomics’.
"Development components will include luxury condominiums, medium rise condominiums, business suites, serviced residences, iconic office block, waterfront
entertainment city, commercial and retail spaces, waterfront villas, medical facilities and so on.
SO, WHERE do the ordinary middle-income and lower-income folks stand to gain as residents? Can they afford?
(2) More about the Bayan Mutiara Deal from 'STOP THE LIES" blogsite:
"Several Penang-based analysts and local community leaders have questioned the Penang government for selling a 41.5ha plot of prime state land to a private developer, Ivory Properties Group Berhad, for RM1.07bil."
"Most private property projects on the island are focused primarily on premium and luxury property which have driven up prices beyond the reach of most Penangites."
"We do not want a repeat of high premium-reclaimed lands being sold to private developers who in turn inflate property prices in Penang and raked in billions in profit at the expense of the people."
So, DAP, which rakyat do you really take care of; the rich or the poor? the Chinese or the Malays? The capitalists or the 'others'?