What were Lot 702’s appraised figures and area measurement at the time?

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Lot 702's Valuation and Dimensions Detailed in Court Proceedings

Lot 702 was assessed at RM50 million, with its area measuring 14,863 square metres. The valuation per square metre distinguished between freehold and leasehold status, standing at RM3,360 for freehold and RM3,100 for leasehold. These figures were presented in court as part of testimony concerning the land's valuation for a mixed development project.
Valuation of Lot 702

During testimony, senior valuer Zakariya Nayan confirmed the valuation of Lot 702 at RM50 million. This appraisal was conducted in December 2014, following an application from the Penang Lands and Mines Office. The purpose of the valuation was related to a transfer of ownership from the Penang state government to Ewwin Zenith BUCG Sdn Bhd.
Area and Unit Pricing

The total area for Lot 702 was reported as 14,863 square metres. This area was evaluated with a price of RM3,360 per square metre for freehold land and RM3,100 per square metre for leasehold land. Zakariya stated that the valuation was derived from the market value of the area at that time.
Valuation Process Compliance

Zakariya affirmed that his valuation of Lot 702 adhered to established protocols and the standard practice manual issued by the Valuation and Property Services Department (JPPH). He testified that there was no external meddling or pressure influencing his assessment of the land's value. The witness also agreed that the land's value was significantly less than the developer's estimated cost of work done, which was approximately RM138 million.

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What were Lot 702’s appraised figures and area measurement at the time?

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