Capturing land windfalls for the people in Penang
AS Penang faces unprecedented transformations in land use and real estate, the proposed sale of the Penang Turf Club (PTC) land underscores a deeper issue: how should extraordinary land value gains – especially from land originally granted for public or recreational use – be recaptured for public benefit?
According to a report in The Star on June 10, 146 ordinary members of the PTC voted in favour of selling the club's 81ha site in George Town, paving the way for a transaction that could yield up to RM6bil once the land is rezoned for commercial use ('Penang Turf Club members vote for land sale during EGM'; online at bit.ly/star_turf).
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