Lim Guan Eng's personal bungalow was RM2.5million back in 2008.

GEORGE TOWN: The Penang High Court yesterday was notified that the commercial market value for Chief Minister Lim Guan Eng's personal bungalow in Jalan Pinhorn here was RM2.5million back in 2008.
A prosecution witness - a realty director from Henry Butcher Sdn Bhd, Dr Teoh Poh Huat, told the court that the sale value of the unit was pegged around RM1.85million while fire insurance was at RM600,000.
In his written statement, he said the valuation of the value was reasonable after considering the prices of property in the neighbourhood.
He said this comes as the company received an application from a bank to prepare a valuation report on the bungalow on Nov 21, 2008.
He informed the court that the report was meant for credit security purposes which the landlady Phang Li Koon had earlier sought from the bank.
Teoh testified before High Court Judge Datuk Hadhariah Syed Ismail who is the presiding trial judge here.
Lim and his co-defendant - Phang were both charged by the Malaysian Anti - Corruption Commission (MACC) for alleged corruption and abuse of power in the purchase of the bungalow.
Another prosecution witness was Yeoh Peng Hong, who is a senior business development manager in Henry Butcher (Penang Branch) said that he had prepared the valuation report of the bungalow on Nov 21 in 2008.
He told the court that the report was been prepared so he could submit it to his director - Teoh.
Yeoh said he went to inspect the property after being asked to do so by his superior, adding he found the house was located in strategic place and about 4.2km from the city.
Lim and Phang have both maintained their innocence and pleaded not guilty when the amended charges were read to them on Monday.
In the first amended charge, Lim was charged with using his position as a public officer namely, Chief Minister of Penang, to gain gratification for himself and his wife, Betty Chew Gek Cheng, by approving the application for conversion of agriculture land to a public housing zone in southwest Penang to a company, Magnificient Emblem Sdn Bhd.
He allegedly committed the offence while chairing the Penang State Planning Committee meeting at the operations room in Level 28, Komtar building here, on July 18, 2014.
In the second amended charge, Lim was charged with using his position to obtain for himself a plot of land and a bungalow located at No 25, Jalan Pinhorn, George Town on Oct 21, 2015 from Phang for RM2.8 million, a price which he allegedly knew did not commensurate with the property's then market value of RM4.27 million.
Phang meanwhile is charged with abetting Lim in obtaining the bungalow at an undervalued cost.
She allegedly committed the offence at the same place and date.
The amended charges involved the change of the term "civil servant" to "public officer" and the change of dates from July 28, 2015, to Oct 21, 2015.
The hearing was later adjourned to April 9 by Hadhariah.
The case will then be heard from April 9 to 12, April 23 to 27, May 7 to 10 and May 21 to 25.