THE opposition Democratic Action Party (DAP) will review plans for a US$8 billion (S$11 billion) real estate development project in the northern industrial hub of Penang, a party official said yesterday.
It is the first major project the opposition wants to review after winning five of the country's 13 states in an election upset at the weekend, and the project has close links to the federal ruling coalition.
The project's major backer is a company partly owned by businessman Patrick Lim, a friend of Prime Minister Abdullah Badawi's son.
The Chinese-dominated DAP is forming the state government after the ruling Barisan Nasional (BN) coalition lost the state in an election upset at the weekend.
'Once the DAP state government is sworn in, Penang Global City Centre will be reviewed,' the party's state treasurer, Mr Phee Boon Poh, told Reuters.
'It will definitely be reviewed because it was not included in Penang's development structure plan.'
The Penang Global City Centre forms part of a US$51.2 billion plan unveiled last July by Datuk Seri Abdullah to turn Malaysia's mainly rural north into a logistics, food-processing and tourism powerhouse by 2025.
Malaysian property developer Equine Capital, valued at just US$87 million, owns 25 per cent of Abad Naluri, the unlisted company behind the government project. Plans include luxury homes, shopping malls, parks and a convention centre.
In January, Malaysian media reported the government had asked the developers to revise their plans, which could delay the project, following widespread protests from residents.
The revisions sought included such measures as scaling down its density, complying with affordable housing norms and leaving hilly land untouched.
Posted by Raja Petra
Malaysia Today
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