GEORGE TOWN (May 2): Chief Minister Lim Guan Eng on Wednesday conceded that the sale of the land in Bayan Mutiara was not according to the valuation stipulated by the Valuation and Property Services Department.

He said the 102.56-acre land was sold to Ivory Properties Group Bhd (IPGB) on an open tender basis using the "request for proposal" method for mixed development.

"I admit that the state government did not follow the valuation set by the Valuation Department... whereas the state government had fixed a reserve price of RM200 per sq ft.

"When we sold through open tender in a competitive manner, it was sold at a higher price which was RM240 per sq ft," he said when replying to a question from Datuk Jasmin Mohamed (BN-Sungai Dua) at the State Assembly sitting here.

Jasmin wanted to know in detail the sale of the Bayan Mutiara land pertaining to the method of the sale and for what purpose the land was sold. — Bernama

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