In a press interview, he said that the company had faced many obstacles in trying to develop the land for a medical centre, later revised to include a hotel.
“I just want to get back my capital. If the state government can sell it off for a higher price, by all means let them profit. I already invested RM20 million on plans for Taman Manggis and I am still paying the interest,” he said, adding the land still belonged to KLIDC.
Questions have been raised about the Taman Manggis sale, said to be below market value, and of purported plans to sell-on the company, Kuala Lumpur International Dental Centre, to a third party for RM70.6 million last year.
Tang is the majority shareholder of KLIDC which bought the land for RM232 per square foot from the state government to build a medical centre on the site, which the Barisan Nasional has said was to be the second phase of a public housing project.
In an interview with Nanyang Siang Pau, Tang said KLIDC had faced many obstacles in developing the land. The project was later amended for a hotel to form 70 percent of the multi-storey tower to be erected.
Several years ago, he had suggested that the state government take back the land, he said.
Tang also admitted that he did not inform the state government because the plans were not finalised, according to Nanyang Siang Pau. “We didn’t want any confusion to arise as the plan did not materialise,” he said.
Tang denied that KLIDC had purchased the land at below market price. The company had offered RM232 per sq ft, the highest bid in the tender, when the estimated value was between RM180-RM200 per sq ft.
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