00:04Some of Penang's most valuable land has been put up for sale, but buyers didn't come.
00:10Is prime Penang land becoming too expensive?
00:13Take the Penang Turf Club land in Batu Gantum.
00:15The club tried selling about 82 hectares of land worth billions of ringgit in 2024.
00:21Eight major parties showed interest, but none submitted a bid that matched the club's requirements.
00:26The club later considered selling the land in smaller bustles.
00:30Then there's the reclaimed land of Perseiran Gurney.
00:33The state government put the 2.43 hectare plot up for auction in October.
00:37The reserve price? RM313.6 million.
00:42That's RM1,200 per square foot.
00:45Not a single bidder turned up.
00:47Property industry players suggested lowering the price to RM900 to RM1,000 per square foot.
00:52They said developers must deal with construction costs, building density,
00:56and potential profits.
00:57But Chief Minister Chao Konyao defended the reserve price.
01:01He said land near Glen Eagles Hospital in Jalan Pangkau sold for about RM1,200 per square foot.
01:07So our sellers are asking too much?
01:09Or our developers now just more cautious about spending hundreds of millions of ringgit on land?
01:14For now, both cases show one thing.
01:17Even prime land in Fernand doesn't guarantee a buyer.
01:20Even prime land in Fernand doesn't guarantee a buyer.
01:20just as although we never .
