The RM30 million development, will be sited on two separate parcels of prime freehold land totalling 2.25ha, on the fringes of the horse track in Batu Gantung.
The club stands on a plot of land totalling 104ha. It will use internal funds for the development.
"We are projecting a RM1.94 million net annual income from the rental of the new homes," PTC president Datuk Ong Eng Khuan told reporters after an extraordinary general meeting held at the club's premises yesterday.
While the estimated development cost has been tagged at RM30 million, Ong said the projected annual return from rental as a percentage of the development cost stood at 6.43 per cent.
The history of the Penang Turf Club dates back to 1864. Apart from the Singapore Turf Club, this is the oldest club of its kind in Peninsula Malaysia.
The earliest horse racing turf in Penang was on a field along Macalister Road on the island.
Members voted for the project, which will comprise detached and semi-detached homes, which are slated for completion by the end of 2012.
"Since the lots are within an area zoned as 'established housing' and 'low density residential', the height of the proposed houses should not be more than 2 or 3 storeys," said Ong, adding that this is to ensure that the proposed development will be consistent and compatible with existing houses in the surrounding areas.
The club is located next door to the upmarket Jesselton neighbourhood, which serves as one of George Town's more prestigious addresses.
"The maximum density allowable for the area is 6 units per acre," said Ong, "and the development will not interfere with the running of the club."
By Business Times (by Marina Emmanuel)
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