Mara paid 40% premium for another Melbourne property, claims NOW

Majlis Amanah Rakyat (Mara) allegedly paid RM27 million above market rates for another Australian property, the National Oversight and Whistleblowers Centre (NOW) said today.

This comes just a week after Australian paper The Age said the agency paid RM14 million above market rates for Dudley International House.

NOW director and PKR secretary-general Rafizi Ramli said documents it had obtained showed that Mara Inc paid A$31 million (RM89.89 million) for 333 Exhibition Street in March, 2013, just six months after an unknown company bought the same property for A$22 million in October, 2012.

He said the method of purchase was similar as for Mara's Dudley purchase, "with Mara Inc paying way over market rates”.

Australian property developer and fund manager Quintessential Equity had bought the property in 2011 for A$17.5 million, before refurbishing and selling it in October, 2012, for A$22 million to an unknown company, a price in line with then-prevailing market rates.

Mara paid A$9 million, or more than a 40% premium, in March, 2013, to acquire the property. Rafizi demanded to know the name of the company from which Mara bought the property.

"From which company and from whom did Mara buy the property?

"Knowing the details of the company will go a long way in shedding light on how this transaction took place and [who] benefited from it."

The Age reported last week that Malaysians linked with Mara overpaid developers of Dudley International House by A$4.75 million (RM13.8 million) for a five-storey apartment block in the city in 2013, paying A$22.5 million when the asking price was A$17.8 million.