Penang Turf Club votes to dissolve and sell prime land
Source: The Star
The Penang Turf Club (PTC) has voted to sell its historic land in Batu Gantong following an Extraordinary General Meeting (EGM) on Monday. The motion to dissolve the club was overwhelmingly supported, with 146 members in favor and only three against.
With the current market value of commercial land in George Town at approximately RM700 per square foot, the site is expected to be worth around RM6 billion once converted to commercial status. However, converting the land from its current recreational use to a mixed-development property is estimated to cost about RM1 billion.
The PTC, established in 1864, is the oldest horse-racing club in Malaysia and has a membership of 600. The club’s storied history began with a land grant on Macalister Road, where it built its first wooden and attap buildings in 1869. In 1939, the PTC moved to its present prime location next to Taman Jesselton Heights.
The club’s dissolution marks the end of an era for horse racing in Penang, leaving the Selangor Turf Club and Perak Turf Club as the remaining active clubs in Malaysia.
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