Image: The Star

The Penang Turf Club (PTC) has announced that it will explore alternative methods to unlock the value of its properties after a recent open tender exercise failed to yield any qualified bids.

The tender, initiated as part of a mandate from the Club’s ordinary members during an Extraordinary General Meeting (EGM) on June 10, aimed to solicit offers for a range of properties. These included bungalows, a retirement resort, bungalow lots, and hill land surrounding the racetrack. The tender exercise, which closed on December 30, was conducted as part of the proposed dissolution of the Club.

Despite receiving submissions, the Club’s tender committee determined that none of the tenders met the necessary qualifications. In a press release signed by PTC general manager and secretary Leow Khin Ming, the Club confirmed its intention to pursue alternative avenues to realise the value of its properties.

The decision to dissolve the Penang Turf Club was supported by its members during the June EGM. However, the Club’s rules require a second special general meeting to confirm the dissolution resolutions. If confirmed, the dissolution process is expected to take one to two years, allowing ample time for an orderly execution of the plan.

While the tender exercise did not meet its objectives, the Club remains committed to fulfilling its members’ mandate and will continue exploring viable options to maximise the value of its assets.