GEORGE TOWN: The DAP-led Penang government has converted 577 hectares of land from leasehold to freehold status within 10 years of its administration.
State Barisan Nasional chairman Teng Chang Yeow said the land, including that which is in the midst of being reclaimed, was sold to developers for commercial purposes.
He said that Penangites would be at the losing end because the value of properties will skyrocket multiple times, putting it out of reach for most people to own.
“This is a vast difference compared to when BN was administering Penang for 40 years, where only 61.9 hectares of land was ever converted to freehold, for the purpose of developing infrastructure and saving abandoned projects.
“At that time developers were only granted leasehold basis between 30 and 60 years for industrial usage and 99 years for residential usage,” he told a press conference at the state Gerakan headquarters here today.
According to BN’s own research, the land conversion to freehold was conducted between 2009 and 2017, following sale of the land to private developers.
Teng said that there was also reclaimed land, which was still in the reclamation process, but had been handed over to developers with freehold status.
“Conversion of land to freehold impacts the future generation, especially in terms of fulfilling affordable housing needs.
“The price of houses will surge to a level beyond the reach of most because of the conversion,” he said.