State BN chief Teng Chang Yeow said the figure came from the party’s own research based on news articles, stock exchange disclosures and other publications.
He said their research showed that 1,426 acres of leasehold land were converted between 2009 and 2017.
“In comparison, over a 40-year period prior to 2008, the previous BN-run state government had only converted 153 acres of leasehold land to freehold status,” Teng said at a press conference here.
Teng said having more leasehold land available would allow more affordable homes to be built in those areas, for the good of the next generation.
“Converting land to freehold status will deny the future generations of land for state development planning, especially when it comes to affordable housing.
“Land prices will surge to a level not reachable by common Penang people and subsequently, house prices will also be impacted because of the conversion. This is already a real issue faced by Penang people who are unable to afford a house at a reasonable price,” Teng said.
He said under the previous BN state government, leasehold grants were issued for a tenure of 30 to 60 years for industrial use, and 99 years for residential purposes.
“Conversion of leasehold land to freehold status can only be granted for a very specific purpose.
“It is also rare for existing land to be granted with a freehold status to developers except for infrastructure development on a cross-subsidised approach, such as when the Tun Dr Lim Chong Eu Expressway was built, with 50 acres of land granted freehold status,” Teng said.
He added that abandoned projects were also given freehold status during BN’s time to relieve the burden of property buyers, giving the example of the Queensbay Mall project.
http://www.freemalaysiatoday.com/category/nation/2015/01/27/penang-losing-agro-based-land-to-housing-projects/