Monday, March 10, 2008

Malaysian Opposition Party To Review Penang Project

Malaysian opposition party, the ethnic Chinese-dominated Democratic Action Party, will review plans for the $8-billion Penang Global City Centre project, the party's state treasurer, Phee Boon Poh, told Reuters on Monday.

In January, domestic media said the Malaysian government had asked developers to scale down the real estate project in northern Penang state following widespread protests from residents.

Small Malaysian property developer Equine Capital Bhd (EQUE.KL: Quote, Profile, Research), valued at just $87 million, owns 25 percent of Abad Naluri, the unlisted firm behind the government project, which will include luxury homes, shopping centres, parks, convention and performing arts centres.

Shares of Equine were down 29 percent at 1.01 ringgit by 0416 GMT. (Reuters)

***** This move is sure to send shivers down the spine of certain Gerakan and Umno leaders and their cronies. Good move DAP but let not this enthusiasm lead to a witch hunt.

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3 Comments:

Blogger mindful mariner said...

The Penang City Centre (PGCC) should be turned into the Penang City Centre Public Park,(PCCPP)a green lung that will benefit every Penangite.

Several other environmentally unfriendly projects in Penang should be reviewed also.

2:56 PM GMT+8  
Anonymous BrightEyes said...

Best news I heard today.

BTW, am gonna inform my new Rep. for Pantai Jerejak about that land clearing on the northern tip of the Pulau Jerejak forest reserve. I can view it from my apartment window. What the hell are they doing there?!

11:22 PM GMT+8  
Blogger Trashed said...

I don't think this is a witch hunt - that project is just too grandiose for Penang and does not benefit Penangites.

12:24 AM GMT+8  

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