Thursday, February 2, 2012

The Bayan Mutiara Duit Jatuh Dari Langit?: Proofy AhBeng Pre Election Goodies

Election time is coming and Proofy AhBeng need to show to the public that he is going to build "affordable houses" and at the same time he also needs to demonize the previous state government "Mega Stupid Projects"

PDC gets RM500m for affordable homes in Penang

WEDNESDAY, FEBRUARY 1, 2012 - 20:40 by Llew-Ann Phang
 DULY AWARDED: PDC general manager Datuk Rosli Jaafar (left) holding the mock cheque together with Lim GEORGE TOWN: The Penang Development Corporation (PDC) was presented with a whopping RM500 million after it was named the implementation agency of the state’s Affordable Houses Fund. Penang Chief Minister Lim Guan Eng announced that the state executive councillors, at its meeting yesterday, were the ones who arrived at a decision on the matter.
White Tie on Pinstripe biar betul Beng  
“We hope this will put to rest accusations that the state government does not care for the welfare of Penangites,” he said at the PDC Chinese New Year gathering in Relau, today. Since taking over the state in 2008, Lim said, the Pakatan Rakyat state government had approved the building of 11.596 houses under the scheme, thus dismissing claims that the state did not build affordable homes for its people. “These approved housing projects range from low cost (RM42,000) to medium low cost (RM72,500) and are on both the island and mainland,” he added.

The monies for the fund were a result of the privatisation of Bayan Mutiara by way of an open tender. “Under the previous administration, some RM600 to RM800 million of the people’s money was suggested to be spent on the relocation of its administration from Komtar to Bayan Mutiara.

“We rejected this suggestion and instead opted for a privatisation project – a move that did not require a big expenditure but instead added to the state’s financial resources so we could allocate monies to run a social project such as this,” Lim said in a statement issued later. In his speech, Lim said he hoped PDC could be an economic catalyst and implementer of social programmes in the country. “To achieve this, we must be courageous to practise innovative and creative approaches and to think outside of the box. Another important aspect is the private sector’s cooperation to reduce development costs. Taking on the private sector as partner through open tender where you choose the most reasonable, best quality and best track record will be a benefit to us all. “The profits gained must go towards the social welfare of the people of Penang. It is through this approach that the state gained the funds for the affordable houses project,” Lim said, claiming the sum made Penang the only state with such major allocations for the cause. here
First of all.....Congratulations to the People of Penang.

Please watch this video up till 1:30

In there he mentioned of Gerakan "earmarking" the land for the New State Administration Building due to frustration with KOMTAR and Gerakan wanted to run away from KOMTAR.

Biar betul Beng? Ber Billioun Billioun

Then I started to scratch my head.... is Dr Koh that mental to use water-front prime land for his state administration

So as usual monkey goes on his search into the cyberspace...

Source NST here
Now please ask yourself only 4 to 8 Hectares is earmarked for a Low Priority Project, with the Balance of the 40 Hectares to be developed for Residential and Commercial Development.

For 600 to 800 Million

Biar betul Beng.

Koh announced a 30 Million Project which was subsequently dropped

Former Penang chief minister Tan Sri Dr Koh Tsu Koon had announced the RM30mil mini Putrajaya project in 2001 as the new government’s administration centre. He had said the site on the reclaimed land belonging to the Penang Development Corporation (PDC) was chosen because its location was more central to the state’s population distribution. The project, known as Bayan Mutiara, was expected to house the offices of the Chief Minister, his deputy, state exco members, state assemblymen, state secretary and state financial officer as well as the new state assembly hall and Speaker’s office.
Dr Koh had also said that once the government administration offices were relocated, there were plans to turn the 65-storey Komtar tower into a hotel or commercial centre. The state government then had also announced plans of converting the state assembly building in Light Street into an art gallery. However, the Bayan Mutiara project drew flak from ratepayers and public interest groups who felt that it was a waste of taxpayers’ money. In May 2003, Dr Koh said the project would be deferred indefinitely due to economic slowdown. here
Deferred Indefinitely.....

Did you actually have any plans to build these homes in the first place??

Let us look at your latest 2012 budget speech

Source here page 32

Your plan in the state budget  was to build "affordable" homes from RM72,500 to RM 220,000

Now this "Tabung" that appeared out of thin air will fund development for houses ranging from RM 42,000 to RM 72,500

Last minute planning ke Beng? Excellent management skills dhows....

Try googling "Tabung Rumah Mampu Milik" you won't find it anywhere except for those related to the news above

Try also looking into the Auditor General Report......nothing there as well.

So how does he plan to fund this "Tabung"

Is it from the land sales of the Bayan Mutiara Project?
 Ivory’s announcement to Bursa 
 On behalf of the Board of Directors of Ivory, OSK Investment Bank Berhad (“OSK”) wishes to announce that the Company wishes to undertake the following corporate proposals:- (i) Proposed purchase and development agreement with Chief Minister of Penang (Incorporation) and the Penang Development Corporation to purchase and develop all that pieces of land measuring approximately 102.56 acres in Bayan Mutiara, Northeast District of Penang (“Land”) for a total cash consideration of RM1,072,203,264 (“Proposed PDA”);

2.1.8 Terms of Payment The purchase consideration in relation to the Land shall be satisfied fully via cash in the following manner:-

No. Date of settlement RM
  •  upon signing the PDA* 109,093,920
  •  Within a period of 4 months from the PDA 11,719,382
  •  Within a period of eighteen (18) months from the PDA 124,365,542
  •  Within a period of twenty-four (24) months from the PDA 193,082,315 (kat sini baru dekat dengan 500 juta)
  •  Within a period of thirty-six (36) months from the PDA 229,170,902
  • within a period of forty-eight (48) months from the PDA 215,392,003
  •  Within a period of sixty (60) months from the PDA 188,179,200
Subtotal 1,071,003,264 Earnest Deposit 1,200,000
Total 1,072,203,264
Source here 

We all know that he has 1 Billion over in Fixed Deposits.......(The land sales money would only reach 500 Million in 2 years time)

I do not know the details of the parcel of land being sold and which one belongs to the State and which ones belong to PDC so hard for me to provide a breakdown.....

Whatever it is.....I would expect for more of such announcement coming from PR Lead states with large cash reserves.....

In case you are wondering who won the Tender and who they will partner with...

KUALA LUMPUR: For a while now, there has been speculation about who would partner Ivory Properties Bhd in its multi-billion ringgit Bayan Mutiara project in Penang. That was ended when it roped in Dijaya Corp Bhd. They now plan to build residential and commercial properties on the land, estimated to generate sales of some RM10 billion. This is not their first tie-up. Within the Batu Ferringi tourism belt, Dijaya has a joint-venture project called "10 Island Resort" with Ivory. In Bukit Mertajam, Dijaya has a mixed development project dubbed Aston Villa, in which Ivory is the turnkey developer. But that partnership has overshadowed an interesting fact. Penang has now seen the entry of two highly successful businessmen and both happen to be brothers. Dijaya is controlled by Tan Sri Danny Tan Chee Sing, the younger brother of Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan Chee Yioun. Barely three months ago, the senior Tan made a comeback to Penang as a property developer after a hiatus of nearly two decades. The Berjaya Group - via Berjaya Land Development Sdn Bhd - signed a deal to buy 22.8ha of prime freehold land within the Penang Turf Club for RM459 million. At the signing ceremony in Penang, Vincent did not mince his words in expressing his displeasure with the previous state government. Vincent's approval of the current state administration is a strong signal to other developers that the island state has plenty of potential. And this probably explains Danny's continued interest. The latest alliance with Ivory is a very big undertaking and one which will ensure its presence in the state for many years to come. Danny, the man behind Petaling Jaya's Tropicana Golf and Country Resort, will have his hands full with the latest venture. As for Vincent, he did not discount the possibility of enlarging Berjaya Group's footprint in Penang. Together, the Tan brothers will be a force to be reckoned with in Penang. here
Interesting Chinese Political Play between DAP and Chinese Money....berapa banyak masuk DAP punya poket pun gua tak tahu....(mau sue gua ka??)

Anyway Beng...

Can you tell us how a 30 Million project became 600-800 Million?

Mana ini Koh Kepala Mancis......speak up dude...
Minds are like parachutes; they work best when open. -Lord Thomas Dewer