MP SPEAKS | Prime Minister Najib Razak today denied investor confidence was affected due to the 1MDB affair, pointing to the rapid development of the Tun Razak Exchange (TRX) project as proof. Talking about 1MDB and TRX, who can forget that the BN government had sold 70 acres of TRX land to 1MDB at a cheap price of only RM64 per square feet, when the market price was RM2,700 per square feet in 2010?

This works out to a purchase price of only RM 194 million, when the market value is more than RM8 billion, a benefit to 1MDB of 42 times (4,200%) over market value.

How low this price of RM64 per square feet is can be seen by 1MDB selling only 1.56 acres of land to Lembaga Tabung Haji at a supposedly cheap price of RM2,773 per square feet for RM188.5 million. In other words 1MDB practically got back their entire investment of RM 194 million for buying 70 acres of TRX land, by selling only 1.56 acres.

And yet we see MCA deputy president Wee Ka Siong arrogantly challenging Deputy Chief Minister II P Ramasamy to sell him seaside land at Gurney Drive for RM475 per square feet, which was the market value in 2012 - 2013.

Wee even said that if Ramasamy can help to facilitate MCA to buy seaside land on Gurney drive for RM475psf, MCA is willing to donate half of the profits to a charity that would benefit Malaysian education.

Wee must remember that the Penang government did not sell the land at RM475 per square feet to Zenith Consortium, which won the open tender of the Penang undersea tunnel and three main highways project, but at a much higher price of RM1,300 per square feet.

The Penang government sold our land at three times the market value, unlike the BN federal government that sold its land at 42 times below market value to 1MDB. If Wee can sell us TRX land at RM64 per square feet - at a price 42 times below the market value - then we can donate not half, but all the profits to a charity that would benefit education.

LIM GUAN ENG is Bagan MP and Penang Chief Minister.

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