“When you consider the LPI has an expected profit of $130 million this financial year and capitalize its value with future value considerations, its value is potentially over $3 billion.
“This is a big concern and makes you question if it is being undervalued.”
The proceeds of the sale of the lease are intended to be used to help build and refurbish two sports stadiums.
Industry groups which are against the sale include the Law Society of NSW, the Institution of Surveyors NSW and the Concerned Titles Group of Land Title Experts.
John added: “Privatisation is supposed to be for poor or failing government enterprises which could be turned into efficient and effective organisations in private hands. However, the LPI is far from a failing enterprise.
“It would make more sense to look at our ferries and rail transport, instead of one of the best government enterprises in Australia.
“I would urge our regional members to talk to their local politicians to ask the questions and make the government think twice before they go ahead.”
REINSW members are urged to share how they feel about this decision with John at [email protected].