The question which has put Penang Chief Minister Lim Guan Eng under siege this week is whether he had purchased a two-storey bungalow on the affluent Jalan Pinhorn below market price.

According to Tasek Gelugor MP Shabudin Yahya, the market value of the property was between RM6 million and 6.5 million.

At least two reports - in Penang and Kuala Lumpur - have been lodged again Lim, and the Malaysia Anti-Corruption Commission said it has opened a file to probe the claims.

Jalan Pinhorn is a short stretch of service road linking Jalan Hamilton to Jalan Greenlane (Jalan Masjid Negeri).

While both main roads are busy as schools like the famous Penang Free School, Green Lane Convent and Heng Ee High School are located within the vicinity, Jalan Pinhorn itself is quiet and lush, lined by single, double or triple storey houses with nice gardens.

Most of the houses were built some 30 years ago, and have gone through massive renovation and several transactions since.

Lim’s house is No 25, a double storey bungalow with a big garden hidden behind tall gates.

Lim took a RM2.1 million loan and forked out RM700,000 to purchase the unit in 2015.

The DAP secretary-general has said the bungalow is a normal unit with no swimming pool.

Malaysiakini has obtained a list of transacted properties on Jalan Pinhorn which showed that the plot area for the two-storey bungalow Lim purchased at RM2.8 million (RM275.56 psf) on July 28, 2015, was 10,161.13 sq ft.

The same unit was earlier sold for RM2.5 million (RM246 psf) on September 27, 2008. The property appreciated RM300,000 in seven years.

Lim has denied a link between his purchase to a 2012 sale of a state government land in Taman Manggis to private developers.

'Prime location'

A smaller property with a plot area of 4,983.690 sq ft was transacted for RM3.6 million (RM722.36 psf) on Oct 8, 2014. This is a two-storey unit which has been newly renovated.

One of the properties with a plot area of 5,500.358 sq ft was transacted at RM1.1 million (RM199.98 psf) on July 15, 2011.

It was transacted again a year later - on July 11, 2012 - at RM1.9 million (RM345.43 psf), appreciating RM800,000 in just a year.

Another property, with a plot area of 13,040.563 (three-storey) was transacted at RM2.8 million (RM 214.71 psf) July 25, 2009.

As early as April 27, 2004, a property at only 6,781.263 sq ft was transacted at RM2.4 million (RM353.92 psf).

Currently, the asking price for a shabby 2.5 storey bungalow (photo) within the vicinity is RM3.36 million.

Most developers and property consultants Malaysiakini spoke to described the area as being a prime location, although it is unlike the more posh residential plots of Jesselton Heights, which is situated close to the Waterfall Gardens.

When contacted, Raine Horne International Zaki + Partners Sdn Bhd senior partner Michael Geh said Jalan Pinhorn is a “desirable neighbourhood”.

Asked if Lim’s property was sold below market price, Geh declined to evaluate the value as he has not seen the property yet.

“We do not know what is inside to comment on the value of the property.

"If you want to know the value of your unit, I would have to ask you how many bedrooms you have, and what kind of renovation you have done to the unit before I can decide on the value,” said the well-known property consultant.

NOTICE: Malaysiakini is facing technical issues with the 'comments' feature in some stories, which our technical team is working to rectify. We apologise for any inconvenience caused to subscribers.