Sure, LGE will be focus of attack. As Penang is showcased by PR for CAT (Competency, Accountability, and Transparency) policy, the success of LGE’s governance in Penang will mean not only BN being unable to re-capture Penang but also by comparison look bad in other states it controls with dire political implications. Problem is LGE & family members must be not only whiter than white but also show commercial wisdom in the commercial deals the State enters into. There’s no point comparing with the PKFZs or the NFC’s because LGE’s detractors hold him to a higher standard of example by his much touted CAT.

Oops “…whereas was the “recent” transaction at about RM400 per sq foot…”The other point of attack on Bayan Mutiara will come from direction of why sale price of RM1.1 billion is payable over 7 tranches over 60 months/5 year period with 1st tranche deferred by 11th Nov 2011 Supplement Agreement! The question would be raised whether this deferred payment terms imply PDC is indirectly financing the buyer, and if so what’s the extra consideration to PDC factoring in time value for money (if buyer Victory Properties had paid the entire consideration within 6 months instead of 5 years). This method of ‘vendor financing’ could be explained that a RM1.1 billion deal is hard for any buyer to get financing (unlike the 10x smaller RM160 million + transaction near the mall). Still questions will be raised by detractors whether and how an RPF is equivalent to or lead to or combine with an open tender. (RFP is but an invitation to enter into a negotiation. The successful proposer is given an opportunity to negotiate with the owner, but not yet awarded contract whereas an open tender is a bid process open to all qualified bidders and where the sealed bids are opened for scrutiny and the successful bid are chosen on the basis of price and quality).