Penang Chief Minister Lim Guan Eng is truly an extraordinary house-buyer as he is able to purchase a luxurious bungalow at way below market price, all the while claiming that he was unaware of the property’s value.

His excuse for not knowing the true value of his house because he is not a real estate agent is nonsensical. It is nothing more than an attempt to cover up any possible conflict of interest, abuse of power, and exchange of benefits in return for buying the house below market price.

His self-claimed ignorance of the market price is clearly an insult to people’s intelligence and a desperate move to divert attention and claim innocence.

Any house-buyer should know that a financial institution requires a property valuation to be conducted before deciding on the quantum of the loan. Thus, it is illogical for Lim, who has a professional accounting background, to not have knowledge about the market price before the purchase.

The property in question, a double-storey bungalow located at Jalan Pinhorn, George Town was valued at RM2.5 million in 2008. But after extensive renovation, the previous owner had sold it to Lim at an astonishing low price of only RM2.8 million in 2015.

From the official valuation by the National Institute of Valuation (Inspen) which can be obtained easily online, it is clearly indicated that the type of property should be valued at least RM4.27 million as at August 2015. As such, Lim must come clean and clarify the actual consideration for the huge differential price.

His actions in inviting the media to his house is meaningless. No matter how moderate the interior design or how down-to-earth the furnishing, it does not in any way help to answer the question of the below-market purchase. Instead, it only reflects Lim’s guilty conscience.

DR TAN CHUAN HONG is Penang MCA state liaison committee secretary.