Najib slams sale of GLC-owned Golden Triangle buildings to Singaporeans

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Former prime minister Najib Razak has again questioned the sale of properties owned by government-linked companies (GLCs) after it was revealed that the MIDF building at Kuala Lumpur has been sold to a Singaporean company for RM140 million.

“We already have to pay compensation of anywhere between RM300 million and RM700 million to Singapore because we cancelled the HSR (high-speed rail) project, and now Singapore is buying our buildings at the most expensive location in the country?” he questioned in a Facebook post today.

He said this comes after Perikatan Nasional (PN) approved the sale of the Royale Chulan Bukit Bintang, a four-star hotel owned by Lembaga Tabung Angkatan Tentera (LTAT), to another Singaporean company, with a 10% discount, only two weeks ago.

“The 10% discount was given because the hotel sector has been weakened due to the Covid-19 pandemic. The price fell from RM197 million to RM177 million.”


Najib had previously claimed that negotiations for the sale started during the Pakatan Harapan (PH) administration.

“Before this, Mat Sabu had asked me not to lie about the sale of the hotel, but in the end the hotel was sold to the same Singaporean buyer with the same price, and now at a discount. What will he say now?” Najib asked.

He was referring to Amanah president and former defence minister Mohamad Sabu, who had slammed Najib for allegedly making defamatory statements on the sale of the hotel in March 2019.

It was reported then that Singapore-listed Hotel Royal Ltd was buying over the Royale Chulan Bukit Bintang from Boustead for RM197 million. Boustead is expected to get RM92 million profit from the sale.

Boustead Holdings, in which LTAT is the largest shareholder, had reportedly said the sale of the Bukit Bintang property in Kuala Lumpur formed part of the group’s overall plan to return to profitability by divesting non-strategic assets. – FMT