Developer confirms bought Bayan Mutiara land in open tender

By Clara Chooi

February 18, 2012

Abdul Rahman was challenged to put his career upon a line over his allegations upon a Bayan Mutiara sale. File pic

KUALA LUMPUR, Feb eighteen Ivory Properties Group Bhd (IPGB) came out today to diffuse claims which it had purchased budding state-owned land in Penang's Bayan Mutiara for below marketplace rate as good as though an open tender.

The public-listed skill development firm declared in a matter here which it had bought a land upon rising a highest bidder in an open as good as rival proposal called by a Penang government, which sealed upon Dec 31, 2010.

Upon winning a bid, a 41.5ha square of skill was purchased for RM240 per square foot (psf) or a total of RM1.072 billion, IPGB said.

The organisation combined which in a strange bid, it had sought to squeeze a land at a same RM240 rate though to be paid for over 8 years.

Lim pronounced he was ready to quit governing body for good if his accusers could infer their claims.

"In awarding a proposal to IPGB as a highest bidder in 2011, a state supervision imposed an additional order of reducing a term of remuneration from a strange 8 years to 5 years.

"This was agreed to by IPGB as good as all necessary announcements were lodged with Bursa Malaysia," it pronounced in a statement.

According to IPGB authority as good as organisation arch executive officer Datuk Low Eng Hock, a organisation has to date paid a deposition of RM22.1 million for a land.

"The residue will be paid according to a scheduled progress remuneration after IPGB's shareholders' capitulation at a unusual general meeting, which is scheduled upon March 5, 2012," he ! added.

IPGB's matter today comes among accusations by several Umno leaders, including Sabah MP Datuk Abdul Rahman Dahalan as good as Penang Umno authority Datuk Zainal Abidin Osman, which a Penang supervision sold a budding real estate at a 50 per cent bonus to in isolation developers.

According to their allegations, a 41.5ha plot in question was actually worth RM420 psf, good on top of a RM240 psf it was sold at.

Penang Chief Minister Lim Guan Eng has, however, repeatedly refuted this, as good as instead challenged to two Umno leaders to furnish proof of their claims.

He combined yesterday which he was even peaceful to "retire from politics" if a twin could infer which a land sale was not finished through open rival tender.

"If Datuk Zainal Abidin Osman as good as Datuk Abdul Rahman destroy to infer which there was no open rival tender, would they afterwards brave to accept my plea to retire from politics?

"The two Umno leaders should accept this plea to infer which they have been not enchanting in a one after another campaign of lies to undermine as good as harm a state government's open proposal policy as good as affordable housing programme," he pronounced in a statement.

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