The site of the Penang tunnel special purpose vehicle (SPV) condo project.
PETALING JAYA: The Barisan Nasional Strategic Communications (BNSC) team has questioned why the Penang tunnel special purpose vehicle (SPV) condo project was approved in only eight days when in comparison, approval for the state's affordable housing project took more than 200 days.
The project in question is a joint-venture between the SPV and a listed company to develop a piece of seaside state land and build luxury condominiums, reported to be worth RM800mil in gross development value. The joint-venture for development was on a 60-40 basis, with the SPV holding a 40% interest
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