KANGAR (May 20): The commercial property management of the Perlis State Economic Development Corporation (PKENPs) was not managed efficiently in 2018.
According to the 2018 Auditor-General's Report Series 2, The report also found that PKENPs did not fully achieve its set goal and objectives.
“Both strategic and development plans drawn up as targets for the commercial real estate management were less realistic.
“The targets for the real estate development were set without taking into account its financial resources, potential investors and real market demand,” it said.
The 2018 Auditor-General's Report Series 2 was tabled in the Dewan Rakyat on Dec 2, 2019 after it was consented to by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.
The report was subsequently received the consent of the Raja of Perlis Tuanku Syed Sirajuddin Putra Jamalullail for tabling in the state assembly today.
As of July 31, 2019, it was estimated that a total of RM10.91 million in losses were incurred due to uneconomical development projects namely the Halal Park Project (RM7.79 million) and the Easy Shop Project (RM3.12 million), said the report.
The report stated that PKENPs also suffered an estimated loss of RM3.4 million following the Pauh Industrial land price reduction.
“An exit conference has also been held to discuss the findings of the Audit report and to obtain clarification and feedback on the arising issues.
“To enable corrective action to be taken by the department head, the National Audit Department has also outlined four recommendations for the management of the commercial property activity to rectify its weaknesses,” the report said.
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