Google Map: Air Itam

The Penang government will ‘fight till the end’ to safeguard the interest of 3,000 families staying on the plot of land belonging to 1Malaysia Development Bhd (IMDB) in Air Itam.

Chief Minister Lim Guan Eng said the state would ensure the interest of each ground tenant is protected should there be housing developments taking place on the 94.7ha land.

He said the state had no information pertaining to any land sale in the area although there were reports that several parties were interested in it.

“I just wish to remind whoever the land buyers are that any approval needs to come from the state government,” he said, referring to approval for land deals.

Lim was commenting on reports that 1MDB had received ‘proposals’ for its land in Air Itam in Penang and Pulau Indah near Port Klang in Selangor.

1MDB plans to appoint a real estate consultant to evaluate several proposals to buy its land in Penang and Selangor.

These developments follow efforts by the government strategic fund to monetise its various land parcels through joint ventures or outright sales.

It is part of a strategic review to decrease its RM42bil debts as of March 2014.

1MDB president and group executive director Arul Kanda had said that 1MDB had received significant expressions of interest in both land parcels.

“An announcement on the progress will be made within the next two weeks,” he had said.

Source: TheStar.com.my