aih Pak Lah retire he also retire lo

Big boy Malton bhd is in the process of taking over Equine. Would be interesting if malton want to continue with pgcc, by remodel and revamp the whole project scale.

Just show me the money!

Equine Capital chairman resigns
Published: 2008/10/11




DATUK Patrick Lim Soo Kit has resigned as chairman and executive director of Equine Capital Bhd, the company told Bursa Malaysia Bhd in its filing yesterday. Lim has been involved in the property development since 1988 andis a member of the Council of Advisors, Akademi Ekuestrian DiRaja Selangor. The company also announced that its chairmanship will be held by Datuk Seri Tengku Ahmad Shah Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah, the company's former non-executive director.

the brother of the sultan of selangor huh.. maybe this guy could revive PGCC. as his brother is rich..and is currently building that 70+ story building in KLCC.

Equine Capital chairman resigns
Published: 2008/10/11




DATUK Patrick Lim Soo Kit has resigned as chairman and executive director of Equine Capital Bhd, the company told Bursa Malaysia Bhd in its filing yesterday. Lim has been involved in the property development since 1988 andis a member of the Council of Advisors, Akademi Ekuestrian DiRaja Selangor. The company also announced that its chairmanship will be held by Datuk Seri Tengku Ahmad Shah Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah, the company's former non-executive director.


Patrick Lim cuts loose from Equine Capital
by Jose Barrock
Email us your feedback at fd@bizedge.com


KUALA LUMPUR: Datuk Patrick Lim Soo Kit, the controlling shareholder of property developer Equine Capital Bhd, stepped down late last week as the company’s chairman and executive director.

Speculation that Lim planned to leave the company had been circulating for months, after Equine’s RM20 billion Penang Global City Centre project was shelved. Equine’s associated company Abad Naluri Sdn Bhd was given the mandate to develop the mammoth project.

Lim’s stepping down has raised yet more questions surrounding the shareholding structure of the company, including what has happened to his 29% equity stake.

The equity interest was held via private vehicles Indera Muhibbah Sdn Bhd, Perharap Sdn Bhd, Temasya Permai Sdn Bhd, Insan Mayang Sdn Bhd and Duta Kembang Sdn Bhd, as well as under his wife Datin Wong Mun Yee’s name.

In April this year, rumours had it that Equine and Lim were about to part company and a new controlling shareholder would appear. The notion was dispelled by the company, as the parties that were purportedly affiliated to Datuk Lim Siew Choon of Malton Bhd were already in the company.

There has also been many shareholder changes in the company this year.

For starters, British Virgin Islands-registered Smiling Sun Ltd ceased to be a substantial shareholder in Equine from end-May this year. The company emerged as a substantial shareholder at end-January after acquiring a 5.4% stake or 8.7 million shares. Smiling Sun upped its stake in Equine in March to 7.9% or 15.1 million shares.

Just who acquired Smiling Sun’s block is still unclear.

At the end of April, Long Ngah Mat Unah, via his vehicle Azim Raya Sdn Bhd disposed of 15.7 million shares or 8.2% in Equine and ceased to be a substantial shareholder. His equity could have been taken over by privately held Jasa Lumayan Sdn Bhd, which emerged as a substantial shareholder with the same number of shares that Azim Raya had disposed of.

Checks with the Companies Commission of Malaysia (CCM) revealed that Jasa Lumayan’s directors were Wee Beng Aun and Lee Kian Jin, and together with one Suanto Ng, the three controlled 98% of the company.

However, a mere two days later Jasa Lumayan ceased to be a substantial shareholder and Istima Permata Sdn Bhd emerged with a 10.8% stake, or 20.8 million shares.

CCM’s corporate information showed that Istima Permata’s shareholders and directors are Ng Ah Pong and Teng Mee Leng. However, two individuals, Goh Chee How and Wong Wing Fatt, were said to have a stake in Istima Permata, according announcements on shareholding changes to the Bursa Malaysia.

Both Teng and Ng were also minority shareholders in Jasa Lumayan with 1% each. Wee from Jasa Lumayan was also a director of Domain Resources Sdn Bhd, which is a wholly owned unit of Malton. This was what sparked rumours of Malton’s chieftain Siew Choon entering Equine.

With Lim leaving his executive position, what lies in store for Equine is not clear.

Equine’s main assets are its land banks in Selangor and Penang, which according to the company’s latest annual report have a net book value in excess of RM350 million.

For the first three months of its financial year ending March 31, 2009, Equine posted a meagre net profit of RM26,000 on the back of RM28.3 million revenue. For the corresponding period a year earlier Equine netted RM575,000 profit on RM19.3 million revenue.

The new faces at Equine are executive director Othman Mohammad and chairman Datuk Seri Tengku Ahmad Shah Sultan Salahuddin.

a very dodgy company... :bash:

Like somebody said before, it's dead......now concentrate on KOMTAR!

I suggest you read more news before starting your own conspiracy theory.


Are you from the state government or the vendor providing the wifi or wimax?

Well, I am from one of the other company providing the service for the broadband. It is not fair to give priority to the certain company. What about the rest of the companies providing the broadband?

There is one company which is currently starting to provide 3G broadband in Penang is facing problems with the penang council. The penang council is slow in approving their request for installing the RBS. They have started their operation in Penang around 1st qtr this year but they still cannot start work on the other RBS site. They are depending on the national roaming with other operator. If you are a telco guy, you will know which company I am referring to.

This is also happening to other operator.

Before the March 8th, the DAP have been protesting against the PDC telecom tower around Penang. Since they are controlling the state government. Now they are quiet about it. If you are a telcom guy, you will know the problem.

You cannot give priority to certain company only. Why P1 are given the priority? Have the state government approach the other wimax operator? If yes, what are their proposal? Is it display in the internet for the public to compare? The state government can said that there are no money involved but giving priority to certain operator is not healthy.

I suggest that you get to know more about the telco operator's problems in getting approval from the council.

First of all, this is the wrong thread to post what you are saying. Secondly, take it up to the Council if you have problems with them. Thirdly, read this excerpt of a press release.

It is 100% private sector driven with nearly no or minimal costs put in by the state government

There are no rights to exclusivity and all qualified and recognised industry players are welcome in the interests of promoting competition;

The Penang state government will provide equal facilitation to install their services for those who are as partners of Wireless@PENANG project.

Recognised partners are those who have a proven track record or are listed companies in Bursa Malaysia such as REDTone which is listed on Mesdaq.

Are you from the state government or the vendor providing the wifi or wimax?
No. I am but a normal citizen of Penang, but from other posting I guess you could say I am slightly more aligned to the current Penang administration - though I have been critical of them before and I do not necessarily support every single thing they do.

can somebody close this thread..its dead already..

can somebody close this thread..its dead already..

it is not necessary to close a thread for a suspended or cancelled project. this is not way things are done in SSC. Threads are closed because they violate the forum rules :yes:

I SUPPORT PGCC !!!!!:banana::banana::banana:


Why waste the big piece of land? Shift the turf club out of the Island.

I agree that the turf club shouldn't be on the island, and the land should be developed. I just do not support the previous embodiment of PGCC, with its wishy-washy stand on the 30-odd towers, and in fact wishy-washy stand on everything.

I support PGCC too and also support that the turf club should be moved to the mainland. I know that PGCC have a lot of tall tower. The light is just the same like the PGCC. I prefer the PGCC as the land is not reclaim land. Will the land be stable?

PGCC will only survive if any nice superman developer help to revive it....like ivory or belleview, IJM and PDC.......but then again PGCC is bloody expensive like billions.....only joint-venture is possible.....and it's not that hard honestly.....the problem lies in those different ideas of different group of people....i'm personally a hardcore supporter of PGCC....but if non-supporter give legitimate reason for opposing. i accept it because we also care for Penang...but i just hate people who blindly jump on the bandwagon says no to PGCC...a very moronic way of saying things..........to be honest these are the group of people who totally buried the PGCC instead of carrying out some fine-tuning of the project.....if not for them...PGCC would have been nicely revised and brought closer to reality....now totally sunk because of mindless people who totally said no to PGCC....in brief these group did not even give a chance for the PGCC project to be revised and reviewed of altered to a more balanced project....SO I DEFINITELY BLAME THESE PEOPLE FOR CAUSING A LOSS OF A NICE PROJECT AND OPPORTUNITY IN PENANG...coz PGCC could have really contributed many good things to PENANG....sad....

what happen to Abad Naluri? are they still carrying out the other projects?

PGCC is a futuristic city. This project can boost penang to the next level of urban contentment and can bring penang nearer to other well known metropolis around the world. People who blindly opposed this project only follows their emotion, they don't see the rational of it.

malaysia gov sucks, such a nice plan...

Say YES to PGCC
It is better to build talls building at PGCC then at the reclaimed land near Pg bridge
:dance:

Say YES to PGCC
It is better to bulid talls building at PGCC then at the reclaimed land near Pg bridge
:dance:

To build is one thing, but to have a good traffic flow and acceptable public transport, is also another thing...

malaysia gov sucks, such a nice plan...


Wronglah, It is the state government that stop it !!!!!

To build is one thing, but to have a good traffic flow and acceptable public transport, is also another thing...


Have you seen the plan of the PGCC. I was in Gurney Plaza to look at the plan. They intend to add extra land to the overhead bridge in front of the state mosque. Build underpass near the junction of CGL. This will be done before the actual stage PGCC.

^^ You do know that none of whatever they presented to you was approved by the council right? As such, it's their proposal - not a concrete plan. Furthermore, what they were doing were illegal. One should not launch their project before any approval by the council. In effect, the PGCC Abdullah Badawi and Koh Tsu Koon launched was a fraud.

The (current) state government never stopped the project, the MPPP did. And that's because the developer never followed the density requirements of the land. Granted, it was a beautiful idealistic plan, with a hint of corruption and conspiracy added in.

I oppose a lot of things: PGCC by Abad Naluri for a lot of reasons, and I oppose the opposition of PGCC by different groups for different reasons too. I do think, and most Penangites here would agree, that the land should be developed.

Please just read the 27 pages in this thread to get a bigger picture of the actual case of PGCC.

I am for PGCC !!!!!
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Equine sells Abad Naluri
by Jose Barrock
Email us your feedback at fd@bizedge.com


KUALA LUMPUR: Property developer Equine Capital Bhd has disposed of its 25% stake in Abad Naluri Sdn Bhd for RM2 million cash to privately held Kiara Ikhtisas Sdn Bhd.

Abad Naluri was the company given the mandate to develop the controversial RM20 billion Penang Global City Centre (PGCC) project, which was shelved when the ruling coalition Barisan Nasional lost Penang state.

Checks with the Companies Commission of Malaysia show that Kiara Ikhtisas was registered end-April this year with an authorised capital of RM500,000. Its directors are Mejar Jeneral (Rtd) Datuk Sulaiman Kudus, Mohamed Fadzil Mohamed Ariffin and Shahrin Osman.

The company’s shareholders are Zainudin Koming and Noraini Abdullah, who control the company equally.

Both the individuals are also shareholders in Gubahan Saujana Sdn Bhd which, together with LSG Asia GmbH and Fahim Capital Sdn Bhd, acquired LSG Sky Chefs-Brahim’s Sdn Bhd (formerly known as MAS Catering Sdn Bhd) for RM175 million in 2003. Gubahan Saujana is reported to have a 25-year concession to supply in-flight catering for the national flag-carrier.

The duo’s plans for Abad Naluri are not clear. Datuk Ibrahim Ahmad Badawi, the brother of Prime Minister Datuk Seri Abdullah Ahmad Badawi, was once a director of Gubahan Saujana.

Previously, there was speculation that officials of property developer Malton Bhd, in particular its managing director Datuk Lim Siew Choon, were interested in taking over Equine, but this remains unsubstantiated.

It is also noteworthy that the acquisition comes shortly after Equine’s controlling shareholder Datuk Patrick Lim Soo Kit stepped down as chairman and executive director about two weeks ago. Lim still controls about 28.9% of Equine.

According to Equine’s announcement to Bursa Malaysia, its cumulative cost of investment in Abad Naluri was RM4 million and the company had net assets of RM765,679 and recorded a loss after tax of RM3.9 million for the financial year ended March 2008.

“In view of the rejection of Abad Naluri’s proposed development plans for the PGCC by Majlis Perbandaran Pulau Pinang, Abad Naluri is not expected to generate any positive contribution to the earnings of Equine in the near future,” Equine said in its announcement.

Equine, meanwhile, posted a net profit of RM26,000 on the back of RM28.3 million in revenue for its first financial quarter ended June this year.

Year-to-date Equine has shed about 85% of its value and closed at 33 sen yesterday.

The PGCC project was a much-talked-about multi-billion-ringgit development project on Penang island. It was Patrick Lim’s biggest coup in his corporate heyday as he managed to stave off competing bids from corporate big guns such as T Ananda Krishnan and Tan Sri Vincent Tan to win the rights to develop the turf club land.

However, the project came under much criticism despite getting all approvals and was the target of DAP’s political campaign against the Barisan Nasional in the state. Hence when there was a change in the state government, the project could not make any progress.

However, the project came under much criticism despite getting all approvals and was the target of DAP’s political campaign against the Barisan Nasional in the state. Hence when there was a change in the state government, the project could not make any progress.

Wow. That's some bad reporting. If I remembered clearly, they did not satisfy the requirements of MPPP. MPPP wrote to them and there was no correspondence from the company for months.

"Getting all approvals"? I beg to differ.

Wow. That's some bad reporting. If I remembered clearly, they did not satisfy the requirements of MPPP. MPPP wrote to them and there was no correspondence from the company for months.

"Getting all approvals"? I beg to differ.

I am perplexed of the quality of reporting, especially, when it comes to projects....including rails! :lol:

I am perplexed of the quality of reporting, especially, when it comes to projects....including rails! :lol:

True. There r too many paid contents in our mainstream today. When comes to property, projects, construction, i dun trust the news. They r 95% bullshiting especially the star paper. I rather talk to them, find out from the people dealing with.

PGCC is a futuristic city. This project can boost penang to the next level of urban contentment and can bring penang nearer to other well known metropolis around the world. People who blindly opposed this project only follows their emotion, they don't see the rational of it.

ur rite bro.....what a waste........

^^ You do know that none of whatever they presented to you was approved by the council right? As such, it's their proposal - not a concrete plan. Furthermore, what they were doing were illegal. One should not launch their project before any approval by the council. In effect, the PGCC Abdullah Badawi and Koh Tsu Koon launched was a fraud.

The (current) state government never stopped the project, the MPPP did. And that's because the developer never followed the density requirements of the land. Granted, it was a beautiful idealistic plan, with a hint of corruption and conspiracy added in.

I oppose a lot of things: PGCC by Abad Naluri for a lot of reasons, and I oppose the opposition of PGCC by different groups for different reasons too. I do think, and most Penangites here would agree, that the land should be developed.

Please just read the 27 pages in this thread to get a bigger picture of the actual case of PGCC.

Khen is rite. PGCC screwed up by the previous owner, Equine. Some penangites forumers here have no idea whats going on with PGCC except too caught up with artist futuristic impressions. Find out the real facts before blindly blame the opposition groups. Had PGCC run by a shabby developer with bad track records in kl, you guys would now ranting 100pages long of angers and regrets.

As I've mentioned before, there is no point looking back at PGCC. It's a good concept, it's a good idea to rejuvenate Penang, but it's done the WRONG way. (it should be a lesson to Equine and future developers)

It should not have been launched by "u know lah" in the first place. Wasted my time putting its renderings here n there especially in the World section (buat malu sajer).

No point of having such a big project with tonnes of worms behind it. It's better to see it gone this way than to have future generations regretting later.

But hey, the developer was given a chance to resubmit their proposal, but they themselves got K.O. So technically the developer actually killed it themselves.

The only person I pay tribute to this project and developer is the man who got his head chopped off by the helicopter blade. He was the general manager of Abad Naluri.

I am looking forward in The Light instead

It should not have been launched by "u know lah" in the first place. Wasted my time putting its renderings here n there especially in the World section (buat malu sajer).


With due respect to nazrey n some of you guys, most of the posted malaysian projects under proposal at General Urban Developments are not approriate for the world scale level. Its better we scrutinise first n pick the best thats fit. Threads like tamansari, kenanga wholesale, southgate and istana negara in General Urban Developments doesnt need a thread. They shld be compile in City/Metro Compilations thread instead.

I STRONGLY SUPPORT PGCC !!!!

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I strongly oppose your blatant use of large fonts and excessive emoticons.

wat happen to this thread???

People... don't be emotional. I for one will not object to any development as long as it is done properly and economically and socially beneficial to the people.

i hope not being hijack by some "cronies" lol

I gotta said my experience in SSC sees a similarity in all penang threads...always tie up to self imposed 'don't-condemn-don't-critize' policy by some under-age trolls.

PGCC.....not yet launched, yet it's got glitz and glamour...

To be fair, the developer has given a chance to resubmit, and they didn't...

I gotta said my experience in SSC sees a similarity in all penang threads...always tie up to self imposed 'don't-condemn-don't-critize' policy by some under-age trolls.

Condemn fellow forumers? Or condemn the project in discussion?

PGCC.....not yet launched, yet it's got glitz and glamour...

To be fair, the developer has given a chance to resubmit, and they didn't...

^^Exactly. And then here comes new forum members blaming the state government for it.

Who owns Abad Naluri?
By Joyce Goh
Email us your feedback at fd@bizedge.com


Has Datuk Desmond Lim Siew Choon, the owner of property development firm Malton Bhd, acquired an interest in Abad Naluri Sdn Bhd — the company that was to develop the Penang Global City Centre (PGCC)? Lim has flatly denied the speculation.
In a written reply to The Edge, Lim says neither he nor Malton is involved in the PGCC project nor do they have any link to Kiara Ikhtisas Sdn Bhd — the company that acquired a 25% stake in Abad Naluri recently.
Although the RM25 billion PGCC project has been shelved by the Penang Island Municipal Council (MPPP), interest in Abad Naluri appears to be still there.
Property developer Equine Capital Bhd had, on Oct 20, disposed of its 25% stake in Abad Naluri for RM2 million cash to privately-held Kiara Ikhtisas.
Interestingly, according to information on the website of Companies Commission of Malaysia (CCM), Kiara Ikhtisas’ directors include Tan Sri Zainol Mahmood, who is also the chairman of Urusharta Cemerlang Sdn Bhd — the developer of Pavilion KL.
The development manager of Pavilion KL was Malton’s once wholly-owned subsidiary Kuala Lumpur Pavilion Sdn Bhd (KLP).
Malton entered into a share sale agreement with Gematunas Sdn Bhd to dispose of its entire equity interest in KLP for RM2.54 million on Oct 13. In a statement to Bursa Malaysia, Malton says it sold its stake in KLP because the development management projects it undertook, and which is a major source of its income, have been completed.
Gematunas is a privately-owned company that was incorporated in March this year. According to information on CCM website, its directors are Pang Jee Heon, How Wee Teck and Wong Wing Kai @ Wong Weng Fong. Its shareholders are Ooi Poh Khum and Au Hien Kean, who both own the company equally.
Could the Pavilion factor be the link?
Checks by The Edge on the CCM website on Oct 20 reveal that only Mejar Jeneral (Rtd) Datuk Sulaiman Kudus, Mohamed Fadzil Mohamed Ariffin and Shahrin Osman are directors of Kiara Ikhtisas. Zainol’s name was not in the list then.
However, updated information shows that Zainol was appointed a director of the company on July 21. He was also named a shareholder of Kiara Ikhtisas, with a 50% stake. The other shareholders include the three directors of the company, together with Zainudin Koming and Noraini Abdullah.
So, now that Abad Naluri’s “jewel in the crown” project has been halted, what exactly is the reason for the company’s attraction?
Could Abad Naluri’s appeal to the MPPP to review the rejection of its proposed development plans have something to do with it?
Another part of the Abad Naluri story is tied up with a parcel of land in Batu Kawan, which it is reported to have bought from the Penang Turf Club (PTC) for RM488 million in 2002. The purchase price was said to be satisfied by Abad Naluri undertaking to build a RM375 million equestrian centre there for the turf club to be relocated. The rest was to be paid in cash.
Now that the PGCC project has been halted, industry observers believe the land deal between Abad Naluri and PTC would not go through. They say the land occupied by the present racecourse would be transferred to the developer only when the equestrian centre was completed and handed over to the PTC.
The latest financial statement filed with CCM shows that Abad Naluri accrued RM2.7 million in revenue and RM4.6 million in net profit for FY2007 ended March 31. The company has RM1.2 million worth of fixed assets, RM38.6 million of current assets and RM534.1 million of “other assets” as at March 31, 2008. Its paid-up capital stood at RM519.867 million and current liabilities at RM569.2 million.
It was the PGCC project that brought Equine’s controlling shareholder — Datuk Patrick Lim Soo Kit — into the spotlight. In 2003, Abad Naluri won an open tender to redevelop the turf club. The project was only formally launched in August last year by Prime Minister Datuk Seri Abdullah Ahmad Badawi.
Although Patrick Lim was the man behind the PGCC project, it now looks like he may be exiting the scene. The sale of the 25% stake in Abad Naluri by Equine happened shortly after Patrick Lim stepped down as chairman and executive director of Equine. According to filings with Bursa Malaysia, Patrick Lim still controls 28.89% of Equine.
The multi-billion ringgit project came under fire over concerns about its high density. As a result, when there was a change in the state government after the March 8 general election, the project hit a blind alley. Now, with the entry of new shareholders, it may be premature to write off the PGCC project for good.

Stop all hillside project. Stop reclaiming of the sea. Bring back PGCC.


Why waste such a big piece of land in Penang? Penang is need more land to build apartments. The land is flat. I don't mind more apartments being build there instead of hillside and reclaimed land. Hillside and reclaimed land developement should be stop as it spoilt the environment. Don't let Batu Ferringhi become another Bukit Antarabangsa.

^^ yealo 1st batu bukit n later gunung hehe...

^^ Yes, we should stop all those developement on the hill. Don't go against mother nature.

Bring back PGCC. It is safer to bulit apartments on the turf club then on the hill or reclaim land. We don't want the turf club in Penang Island.

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

walao :lol:

dream on!

the land will not sit there forever, something will be done in the future... the question is when and what??

at the mean time, let's dream on... :lol::lol::lol:

actually majority of Penangite TAK NAK this project right?

Fix the KOMTAR first

actually majority of Penangite TAK NAK this project right?

i guess the minority TAK NAK the project and the majority TAK NAK the company...

i guess the minority TAK NAK the project and the majority TAK NAK the company...

Well said!

It is true that we must stop the project on the hill before more landslides occurred. STOP all those developement at the hillside along Batu Ferrighi. I do agreed that the land at the penang turf club should be use to build more apartments.


Bring back PGCC::

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

the land will not sit there forever, something will be done in the future... the question is when and what??

at the mean time, let's dream on... :lol::lol::lol:

The land will sit there until the whole hillside at Batu Ferrighi collapsed then we will developed the land.

Turf club forfeits RM4.5mil from PGCC developer
By DAVID TAN


GEORGE TOWN: The Penang Turf Club (PTC) has forfeited RM4.5mil in deposits from Abad Naluri Sdn Bhd, the developer of the proposed RM25bil Penang Global City Centre (PGCC) project.

PTC president Datuk Ong Eng Khuan said the PTC had last October forfeited RM2mil in deposit from Abad Naluri for failing to commence substantial work for the Penang International Equestrian Centre (PIEC) in Batu Kawan.

“On April 1, the PTC forfeited RM2.5mil more for a similar reason,” he told reporters after the company AGM yesterday.

The deposits were placed by Abad Naluri in accordance with the conditions of a supplemental agreement signed last April between PTC and the former, which allows PTC to forfeit the deposits should Abad Naluri fail to commence substantial work for the PIEC within 12 months.


Datuk Ong Eng Khuan ... PTC entitled to terminate both agreements if Abad Naluri fails to deliver
Under the agreement, Abad Naluri is also required to pay RM10,000 to PTC per day after April 1 for failing to start substantial work on the PIEC.

Ong said if the amount owing was not settled in three months, PTC was entitled to terminate the supplemental agreement and the original agreement of the PTC relocation plan.

“A final condition of the supplemental agreement also requires Abad Naluri to complete the PIEC up to a value of RM165mil by April 1 next year. The work done has to be certified by our quantity surveyors and architect.

“Should Abad Naluri fail to perform this task, PTC is also entitled to terminate both the supplemental agreement and original agreement for PTC’s relocation,” he said.

Ong added that the PTC would not vacate its present site until the PIEC was completed and had been issued with a certificate of fitness.

Last September, the state government rejected Abad Naluri’s plan for the proposed PGCC project for the present PTC site, which measures 105.2ha.

Penang Chief Minister Lim Guan Eng had said that the developer had failed to meet the council’s requirements.

The PGCC project was announced by Abad Naluri in September 2007 but ran into opposition from several non-governmental organisations and residents’ associations.

Penang Turf Club to build bungalows
By Regina William of theedgeproperty.com
Tuesday, 20 October 2009 04:06

GEORGE TOWN: The Penang Turf Club (PTC) is planning to embark on a RM30 million development project to build 25 bungalow units on the fringes of the PTC, which would be rented out when completed to generate income for the club.

PTC president Datuk Ong Eng Khuan, who spoke after an extraordinary general meeting (EGM) where the resolution for the development was passed said two plots measuring 1.42 acres and 4.22 acres, totalling 5.64 acres have been earmarked for the purpose.

Ong said construction on the low-density development project would begin as soon as development plans are approved by the Penang Island Municipal Council (MPPP) and will be completed by end-2012.

The proposed development is for eight units of freehold detached houses and 17 units of gated and guarded community detached houses.

The first plot of 1.42 acres is located at the corner of Jesselton Road and Brook Road and is presently used by the club as a plant nursery while the second plot totalling 4.22 acres is bounded by Scotland Road and Sungei Ayer Terjun and the continuation of Brook Road up to Scotland Road.

The lots were gazetted for redevelopment in 2007 under the Penang Structure Plan 2020.

"The objective of this development project is to enhance the value of the property and also to enable the club to fulfil its social and environmental responsibilities while generating income from premium rentals. Funding will be via the PTC's own financial resources.

"These parcels of land are freehold and zoned for residential development and will not interfere with the running of the club. Besides upgrading the area with a well-landscaped residential development, it will also optimise size potential, increase land value while providing quality landed properties in George Town.

"The project will be tailored towards attaining a suitable rating in the green building index to be implemented by the government soon," he added.

He said the estimated total capital outlay for the project including land cost will be RM86.7 million while the projected annual return from rental will be 6.43% of the development cost and 2.24% of the capital outlay (including land cost). The projected net annual income from rental is expected to be RM1.94 million.

"The proposed development has taken into consideration all aspects of planning, building standards, MPPP guidelines, site conditions and developments in the neighbourhood.

"With the existence of the race course on the opposite side and the proximity of established housing areas, the proposed site is conducive for low-density development as proposed and being free from squatter problems, we hope to develop the site upon approval by the MPPP," he added.

The bungalow development plan comes in the wake of the cancelled agreement between the PTC and Abad Naluri Sdn Bhd, the developer of the ill-fated RM25 billion Penang Global City Centre (PGCC), after Abad Naluri failed to deliver a new turf club in Batu Kawan in exchange for the PTC land in Batu Gantong.

Abad Naluri signed an agreement with the PTC in 2004 and paid an advance of RM10 million to acquire the land in Batu Gantong for RM488 million.

As part of the deal, the company was supposed to build a race course in Batu Kawan for RM375 million and hand it over to the PTC by 2007. The balance was to be paid in cash to the club.

However, following the change in state government after the March 8 general elections, the PGCC project failed to take off.

PENANG NEEDS PGCC...BRING BACK PGCC :cheers::cheers::cheers:


http://i226.photobucket.com/albums/dd216/jegelsker99/4063375072_1120039ffb_o.jpg

Sorry for bumping this thread

:cry: PGCC :cry:

haha this thread is still alive :lol:. Just dream on as this project has been included in the scrapped/never realised project in Malaysia :lol:

This project is just too awesome to be true. I so much want this to be built, exactly my kind of futuristic skyscraper project. That's how I'd imagine human colonies on other planets to look like.

Is it really completely dead? No signs of life whatsoever?

I'd like to share a collection of Penang Global City Centre renderings with you.


http://i49.************/fmkqci.jpg

http://i47.************/2gy9ke8.jpg

http://i47.************/osu4wi.jpg

http://i46.************/2l9jviu.jpg

Source: http://www.skyscrapercity.com/showthread.php?p=59556313#post59556313

erks???? new proposal??? lol...ahhh i miss dis proposal.....1 of the best proposal ever!!!

maybe after the election if BN rules the penang i think this project will alive again.

I'd like to share a collection of Penang Global City Centre renderings with you.


http://i49.************/fmkqci.jpg

http://i47.************/2gy9ke8.jpg

http://i47.************/osu4wi.jpg

http://i46.************/2l9jviu.jpg

Source: http://www.skyscrapercity.com/showthread.php?p=59556313#post59556313

:banana:

what was this building going to use for?

remember the plan was changed and add in high dense residential condo..which get the most rejection...

that PGCC proposal is sooo old.. almost ancient lol.. and it's not gonna happen

that PGCC proposal is sooo old.. almost ancient lol.. and it's not gonna happen

yes, it wont happen anymore

This's dead meat. I thought it has already flushed to Melacca Straits.
Even BN retake Penang, it will remain wet dream of political power faded of some people.

Penang already has many sea side small PGCC in Straits Quay, The Lights, Bayan Mutiara and South Bay.

I have taken a chance to visit Penang turf club last weekend during open day. The scenary was awesome. Why wanna to develop it in first place?

This's dead meat. I thought it has already flushed to Melacca Straits.
Even BN retake Penang, it will remain wet dream of political power faded of some people.

Penang already has many sea side small PGCC in Straits Quay, The Lights, Bayan Mutiara and South Bay.

I have taken a chance to visit Penang turf club last weekend during open day. The scenary was awesome. Why wanna to develop it in first place?

Im not againts PGCC im just dont like where it was going to be built. PGCC is better off built by the sea on reclaim land rather than right next to a residential area.

I think the main reason some ppl wish PGCC 'dreams' will come true is their hyper modern award winning design.
I believe there still many awesome architecture proposal if our developer or government dare to make it happen.

It never been built coz traffic conggestion

i think it will not be built coz of traffic congestion but i love the design

That's too bad because I really love the design
PENANG need to have another tall iconic building or take Marina Bay as an example .
We need something special

it will never get built as long as the selfish big houses owners around the area still breathing

it would never be build because i don't think patrik lim have this kinna money

yeap. Just look at his pathetic Equine Park. At least build something like Sime Darby's Bukit Jelutong ka, Setia Eco Park ka..

I will rather see this at The Light Waterfront! I hope I get to see a building taller than KOMTAR somewhere else. That has nothing to do with this PGCC mess. It was just at a completely wrong location.
http://www.eikongraphia.com/?p=1829
http://www.eikongraphia.com/images/Asymptote_PGCC_1s.jpg

that PGCC proposal is sooo old.. almost ancient lol.. and it's not gonna happen

Nothing is impossible in Malaysia...


Penang Sentral can come back...i am sure this one will be back soon..:lol::lol:

Pull down KOMTAR and build this as a replacement at KOMTAR site? LOL we dont need PGCC next to the bukit its very out of place.

^^ Why u want to block the developments in Penang....for traffic congestion, what penang need now is MRT or LRT.

I did not say block the development. I just hate the location The area where KOMTAR is should be the central city center where a skyline should be with adequet transportation links of course by MRT, LRT etc It will make Georgetown in to something more than a tourist attraction.

Now the real problem is the lack of space in Georgetown itself.

I did not say block the development. I just hate the location The area where KOMTAR is should be the central city center where a skyline should be with adequet transportation links of course by MRT, LRT etc It will make Georgetown in to something more than a tourist attraction.

Now the real problem is the lack of space in Georgetown itself.

Government should create a new modern CBD north of Georgetown along Gurney Drive neighbourhood. Lots of tall structures can go there, including an iconic one like this PGCC.

yeah,good news!pgcc was selected to compete for unbuilt cup!

yeah,good news!pgcc was selected to compete for unbuilt cup!

where?

here

Nominate your 3 favorite skyscrapers that have never been built for the Unbuilt Cup (http://www.skyscrapercity.com/showthread.php?t=1561977)

Thanks all for nominating, these are the top-16

1. Russia Tower
2. Chicago Spire
3. Dubai Towers Dubai
4. Palace of the Soviets
5. Reforma 432
6. Crystal island
7. Penang Global City Center
8. Miglin Beitler Skyneedle
9. Illinois, Chicago
10. Grollo Tower
11. Volkshalle
12. Constellation
13. Lighthouse Tower
14. Dubai Towers Istanbul
15. Minerva Building
16. Millennium Tower

These will go one on one starting Wednesday. And yes, this means you can stop nominating. :)