GEORGE TOWN: The market value for the bungalow at No 25 Jalan Pinhorn was RM2.5 million back in 2008. Teoh said the RM2.5 million valuation was reasonable taking into account the prices of similar properties near the said bungalow. Elaborating, he said the company had received an application from Public Bank Bhd for a valuation report on the bungalow on Nov 21, 2008. “It was then concluded that the reasonable market price was RM2.5 million while forced sale value was RM1.85 million. Lim had bought the bungalow from Phang in 2015 for RM2.8 million.

Source: New Strait Times March 27, 2018 04:34 UTC