News: Developers eyeing Penang's St Nicholas' Home for land swap
Property developers in Penang proposed a swap for a 2.4-ha prime land owned by the Anglican Church, comprising a residential and training centre for the visually-impaired and blind.
The Business Times reported that the land swap involves the St Nicholas' Home, which was formerly known as St. Nicholas School for the blind. The report added that in exchange for the property, developers are offering land located elsewhere on the island.
Although the size of the land to be exchanged has not been disclosed, the successful bidder must pay the difference in the valuation to the landowners to make the deal fair.
A source added that "there are at least two big property players wanting the land in exchange for their own land. The successful bidder will have to build a new school and chapel for the home at the alternative site."
The 2.4-hectare land, which is currently zoned for education purposes, is valued at about RM400 psf. It is also near the Penang Adventist Hospital, Penang Chinese Girls High School and the sea-fronting Gurney Drive.
Another piece of prime land that had also recently attracted the attention of developers is the Penang Sports Club, which is situated in one of George Town's most valuable lots.
This 6.4ha leasehold land is reported to be on the brink of losing its clubhouse, swimming pool, main car park and most of its tennis courts, due to the club's failure to pay RM24 million to renew the property's lease.
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