news

PKENPS' commercial property management inefficient: AG's Report

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.

Stay safe. Keep updated on the latest news at www.EdgeProp.my 

Click here to see residential properties for sale in Perlis.

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. TH records RM1.55b investment income in 1H20
  2. What ails the Malaysian residential property sector
  3. Padang Besar, Durian Burung ICQS complexes opening to commercial, cargo vehicles — Ismail Sabri