ALAMAK! 1MDB Fully Owns Only 23.5 ACRES In Penang !!

houdini said... 

 

MACC don`t know how to investigate this????

GEORGE TOWN: Government strategic fund 1Malaysia Development Bhd (1MDB) only holds 20% or 23.47 acres (9.5ha) of the 116.89 acres of freehold land it purchased in Air Itam in 2013, revealed Chief Minister Lim Guan Eng last Friday.

He also revealed that the state could not locate on state records the remaining 117.11 acres of the total 234 acres of land which 1MDB claimed to have purchased in Penang.

“We searched everywhere in the Land and Mines Office records but could not find the remaining acreage (117.11 acres). All we found were 116.89 acres. And from that, we learnt that 1MDB only owns 20% or 23.47 acres in the state. It is shocking that 1MDB bought the three pieces of land with a high price of RM1.08 billion.

“Our checks showed that 1MDB only holds one quarter or 15.09 acres on Grant No 43187 (Lot 1561), one quarter or 3.87 acres on Grant No 53264 (Lot 1584), and 4.51 acres on Grant No 4661 (Lot 1457).

https://www.theedgeproperty.com.my/content/%E2%80%981mdb-only-holds-20-air-itam-land-purchased%E2%80%99 

Thursday, August 31, 2017 4:10:00 PM 

Here is The Edge :

1MDB only holds 20% of Air Itam land purchased
only 23.47 acres of 116.89 acres it purchased in Air Itam in 2013

revealed Lim Guan Eng last Friday.

state could not locate records remaining 117.11 acres of total 234 acres 

1MDB claimed to have purchased in Penang.

We searched everywhere in records but could not find (117.11 acres)

All we found were 116.89 acres. 

we learnt 1MDB only owns 23.47 acres in the state. 

It is shocking 1MDB bought three pieces of land high price of RM1.08b

1MDB only holds one quarter or 15.09 acres on Grant No 43187 (Lot 1561)

one quarter or 3.87 acres on Grant No 53264 (Lot 1584)

4.51 acres on Grant No 4661 (Lot 1457).

All titles transferred to 1MDB Real Estate (Ayer Itam) on March 6, 2014

shocking only 23.47 acres of three plots belong to them

Why buy land if you do not get to own it 100%?” he said 

did not make sense 116.89 acres bought for RM1.08b 

exorbitant when stake held was less than 100%.

Lot 1584 also owned by Chong Sie Cheong, Ng Peng Wah, Tan Jiak Chye

and Choong Lye Hock Estates and Gerak Indera Sdn Bhd.

The same as well as Farlim Properties also share ownership on Lot 1457

Lodin said amount paid not only “commensurate” but highly attractive

• difficulty finding sizeable plots in Penang suitable for development 
• amount paid not only commensurate but highly attractive,” Lodin said

state invited Arul Kanda to clarify land purchase but failed to show up

We want clarification why 1MDB bought land without 100% equity

Would RM1.08b float away just like that?” he said

July 13, 2015, letter issued by state’s Land and Mines Office to Arul Kanda

July 23, land and mines contacted Arul Kanda 

no official response was received.
he verbally said he would come but no follow-up since,” he added.

Sept 20 The Edge revealed 1MDB land deals 

acquisition of undivided shares in plots of land.
13th GE Najib announced build 9,999 units housing in Air Itam

My comments :  My question is this : why exactly 9,999 apartment units? Why not a nice round number 10,000 units?

You want to know the answer ? Because it does not matter. 9,999 units or 10,001 units - who cares? They are not going to be built, not in the fellow's lifetime. 

I recall handling a land transaction involving about 200 acres in Kedah. It was for our power plant (IPP) that we built. We bought the land from Boustead Holdings. The guy handling the transaction in Boustead was jittery about the procedures for making the payments. We were jittery too because we did not want to be delayed. On top of it all the banks'  were financing it and the banks' had their lawyers ready to put a charge on the land. Quite water tight.  When you buy and sell land, you buy and sell the land titles - which are pieces of paper.  All the relevant information is on the land titles, including the size or area and the location coordinates.

You can get a professional land surveyor to map out the place to make sure that the information on the land title matches the actual land on the ground.   Just to make sure the land has not been swallowed by the neighbor's fence or a road has not been built through the property or even if a river has not changed course and eaten up some of the land. These things can and do happen.

I bought a property once where the neighbor's 40 year old retaining wall 'makan' three feet along one entire side of the land. In another case the local  council "confiscated" five feet along the entire length of the front for road expansion.  

So you pay attention to things like this before you pay a single sen.  

Now Guan Eng says these idiots paid a total RM1.08 billion of our taxpayers money but they only have 100% equity in 23.5 acres !!  

Balance 200+ acres mana pergi? 

9,999 units of houses mana pergi?

Land was transacted in 2013. This is 2017.

Only the Chinese people (DAP, The Edge etc) seem to fully understand what is going on?

Malam ini malam Jumaat. People will be preoccupied with other things. A more simpler existence.