Of the 490 ordinary member of the Club, 383 members, or 78 percent, voted in favour of the committee’s proposal to sell the club’ s entire land bank in Jalan Batu Gantong to developer Abad Naluri Sdn Bhd for RM488mil, PNTC President Ong Eng Khuan told a news conference after the EGM.

"They also agreed for Abad Naluri to acquire a 120ha site in Batu Kawan and to construct the new racecourse and ancillary buildings for PNTC at an estimated cost of RM375mil."

Mr Ong said 61 members opposed the above resolution while there were four spoilt votes.

The second resolution — "that the club carries on the sport of horse racing at, and removes itself to, a new location at Batu Kawan after a racecourse and ancillary premises have been constructed" — was supported by 385 members while 38 objected. There was one spoilt vote.

Mr Ong said 382 members voted for the third resolution that authorised the committee to apportion and distribute a sum of RM20,000 to each and every ordinary member of Penang Turf Club for the additional cost and inconvenience of attending the races at the new location (Batu Kawan) of the racecourse. Thirty-five members opposed this resolution and there was one spoilt vote.

Work on the Penang International Equestrian Centre, as the new site will be called, is scheduled to start next year and it is expected to be ready by 2008, replacing the 64-year-old racecourse at Jalan Batu Gantong.