Race for Penang Turf Club

The decision to sell the 160-year-old Penang Turf Club (PTC) — the largest undeveloped tract of land in George Town — has generated substantial interest from both local and international companies, including notable property developers.

The PTC land, along with seven other plots, covers a total of 203.4 acres with recreational or residential titles and could be valued at approximately RM2.6 billion.

Sources indicate that Tan Sri Desmond Lim Siew Choon, renowned for Pavilion Kuala Lumpur, is considering the PTC land for a potential Pavilion Penang shopping center. Additionally, $SUNWAY / 5211 (SUNWAY BERHAD) is reportedly interested, with its subsidiary Sunway Healthcare shortlisted to purchase the 600-bed Island Hospital in Penang.

The PTC land in Batu Gantong, which is three times the size of Tun Razak Exchange in Kuala Lumpur, includes the flat PTC land (118.14 acres), a hillside parcel (73.32 acres), and six other components totaling 11.04 acres. These components consist of vacant plots, Brook Garden bungalows, Penang Retirement Resort, double-storey detached houses, and a bungalow on Penang Hill.

Furthermore, $BJLAND / 4219 (BERJAYA LAND BERHAD) recently announced the pre-launch of its latest premium residential development, Jesselton Courtyard at Jesselton Selatan, with an estimated gross development value of RM862.7 million. The 11.908-acre freehold development will feature 239 houses, including 32 four-storey Courtyard Homes and 207 1.5- and two-storey Courtyard Villas, strategically situated next to the esteemed Penang Turf Club and Kensington Gardens.

Could this be the value unlock of PTC land? In a previous post, I predicted the parties that might be interested in bidding for it, successfully identifying GOB (likely backed by Tan Sri Desmond Lim) and SUNWAY. Will BJLAND also be one of the interested parties, given its recent pre-launch of a new project adjacent to PTC?