No application to develop land owned by 1MDB, says Chow

GEORGE TOWN: The Penang Island City Council has not received any applications for planning permissions to develop three plots of land belonging to 1Malaysia Development Bhd (1MDB) in the state.

Chief Minister Chow Kon Yeow (Pakatan HarapanPadang Kota) said the three plots were Lot 1457 in Mukim 13 Paya Terubong measuring 166,047sq m, Lot 1584 also in Mukim 13 Paya Terubong measuring 62,726sq ms, and Lot 1561 in Bandar Air Itam, measuring 244,276sq m.

He said 1MDB holds an 11 per cent stake in Lot 1457 and a 25 per cent stake in the remaining two lots.

“The state government had also entered a caveat to prevent any sale of these plots,” he told the state legislative assembly sitting yesterday.

Chow was responding to Joseph Ng Soon Siang (PH- Air Itam), who had asked about the status of the 1MDB-linked land in Air Itam, Air Putih and Paya Terubong.

Chow said the Land and Mines Office had received a legal letter, dated April 14, informing them of a change of ownership of the land following its sale to another company.

“However, the state government has yet to process the name change.”

Last month, Finance Minister Lim Guan Eng said the 1MDB land were sold to a Cayman Islands-based company.

The plots were sold at RM2.7 billion on August 24 last year to Silk Road Southeast Asia Real Estate Ltd.

The plots were sold by disposing a 1MDB unit, My City Ventures Sdn Bhd, to Silk Road through a share sale agreement.

The state government had also entered a caveat to prevent any sale of these plots. CHOW KON YEOW

Penang chief minister