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Did Penang CM buy his house below market price?

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.

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.

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.

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