Patrick Lim's Batu Kawan. A new administrative capital?
That's the talk in the market. In Penang, at least. Patrick's Equine Capital has a huge landbank in Batu Kawan in the Prime Minister's home state, and is believed to have finally received the green light to turn it into a mega property development like nothing Penang has witnessed.
Lim, who is also known as Patrick Badawi for his perceived closeness to the PM, rose to prominence for being the Chosen One to develop Pulau Duyong in Terengganu and organize the Monsoon Cup, a pet event of Abdullah Ahmad Badawi.
Equine and friends will benefit immensely from another mega project on Penang island, including the multi-billion ringgit 2nd Penang bridge. Equine also owns a quarter of the 239-acre Penang Turf Club, which has been earmarked to be Penang's new city centre. A Penang Towers Complex will be built. The redevelopment of the Penang Turf Club is estimated to generate a value of RM25 billion over 10 years, double that of the KLCC's!
The Batu Kawan project will be as grand as the Iskandar Development Region in Johor and is expected to offer foreigners the same NEP-free incentives. There'll also be a bullet train service that zips through it, I believe.
Question is, do we need another Administrative capital?
I am sure the financial journalists who are going to Penang for a briefing tomorrow on the country's latest mega-mega project will ask the tough questions but one thing's for sure, mega projects are well and alive.
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