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Cancel the land deal, reselling makes no sense

YOURSAY ‘No wonder land and property prices are sky rocketing.’


Najib breaks silence, says TH to make 'millions'

Simple Malaysian: Why didn't the government think of giving Tabung Haji a better profit by selling the plot of land directly to Tabung Haji after which Tabung Haji would be able to sell at multiple folds of profit?


Why sell via 1Malaysia Development Berhad (1MDB) which has taken the bulk of the "inflated profit"? Is this how government agencies carry out real estate business, ie, buying the property today and selling it off at "millions" of profit the following week/fortnight?


These are the questions the layman on the street is asking. Please enlighten us.


Starwars: 1MDB needed money to service its staggering loans. 1MDB then looked for someone with lots of cash. It found Tabung Haji. 1MDB then sold a small part of its land in Tun Razak Exchange (TRX) to Tabung Haji at a much higher price to temporarily cover its debts.


The billions of loaned monies have not been accounted for, millions were paid in commission and the cash from Tabung Haji was used to settle the ‘missing’ money. Is this not a bailout?


Voice: A smart trader or buyer should have approach 1MDB for the purchase of any remaining part of land in TRX given the situation that 1MDB is in dire need of fund.


Even they buy it at 2,000 per sq foot (psf), they have save a lot compared to the price they going to pay for the land offered by Tabung Haji. So, why the three potential buyers rush to Tabung Haji and not 1MDB?


Anyway, this time it will not be an easy way out for 1MDB. If they sell lower than the price they offered to Tabung Haji, they will make Tabung Haji a fool again.


If they sell at price more than the price they offered to Tabung Haji, they might have difficulty finding buyers.


Swipenter: My salutations to Najib, 1MBD and Tabung Haji for being so shrewd in the world of big business and high finance. This is Najibnomics at work.


1MDB bought the 70 acres at RM64psf for RM194.1million. It sold 1.56 acres (67,953.6sf) at RM2.773psf to Tabung Haji for RM188.5million, thus making a whopping profit of RM184 million (RM188.4 million - RM4.4 million) within a few years.


Now Tabung Haji is going to make a "few millions" within days of buying the land by reselling to another ready buyer. I assume that 1MDB and Tabung Haji are Goods and Services Tax (GST) and Real Property Gains Tax (RPGT) exempt entities, or are they?


No wonder land and property prices are sky rocketing in the Kuala Lumpur and the Klang Valley. Damn, I didn't know that buying and selling land and property is so profitable and easy.


I think I am going to study to qualify to become a real estate agent as soon as possible. There is no time to waste.


Real Truth: Najib should have instructed 1MDB to cancel the deal and return the money. Simple, then 1MDB could find some overseas company to purchase the land and in this way we get direct foreign investment.


I am sure Jho Low has Saudi friends who have plenty of petro dollars to fund this purchase.


Cantabrigian: Lies, lies and more lies by Najib 'Pinocchio' Razak. Tabung Haji is indeed involved in real estate investment before this, but land brokering is never its modus operandi or standard operating procedure.


Most of the pilgrims don't really care about dividends; they just want a clean and ‘halal’ place to deposit their money.


Now Najib has tainted the fund when it links itself with 1MDB, which are already full controversy and un-Islamic activities - from Jho Low's parties to the production of ‘Wolf of Wall Street’.


Odin: Anyone even with an average IQ would be able to tell that the land sale was meant to be a bailout. Unfortunately for those liars and crooks, the information pertaining to the sale was leaked.


If it was not meant to be a bailout, 1MDB could have sold off the piece of land to the highest bidder and the matter was made public.      


Vijay47: Your wife, Najib, for all her ostentatious obnoxious ways, seems to have more spine, resolve, and intelligence than you have displayed since you assumed the throne.


Your 1MDB now has a cousin, Tabung Haji, in the world of financial scandal and your latest explanation only aggravates the situation.


Before we examine the expected profit from Tabung Haji selling its recent asset, please explain why buy it in the first place, for resale within a few days?


You now grudgingly, desperately, claim that the fund is poised to make "millions" of ringgit. How many? Two, five, 19, 68, 743, how many millions?


Going by Tabung Haji chairperson Abdul Azeez Abdul Karim's revelation, the gain is expected to be about RM5 million, which works out to about RM3.5 million after RPGT from a venture that involved RM188 million. And nobody else knew anything.


You are making yourself into a greater object of ridicule than you already are, Najib. You should have just kept quiet. Or let your wife do the talking.


Onyourtoes: I think our PM is fast becoming the greatest chief of pyramid scheme in the world. I sell to you one million ringgit, you sell back to me RM10 million, I sell to you again for RM20 million.


Soon we all become billionaires. How come we never think of this before?

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