News: Kampung Baru Redevelopment Not To Materialise

Jun 22, 2020

Malay Agricultural Settlement (MAS) Honorary Secretary Shamsuri Suradi does not expect the proposed redevelopment of Kampung Baru to materialise since the government no longer has enough resources to fund the project.

According to Shamsuri, the matter was disclosed to him by Federal Territories Minister Tan Sri Annuar Musa, who had taken over the ministry from Khalid Abdul Samad after a change in the Federal Government.

“MAS was told that there was a difference in terms of the number of landowners who had agreed to the plan that was reported by the previous government compared to the information that was received by the present government,” The Star quoted Shamsuri as saying.

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He noted that any development of Kampung Baru should be done in stages, while incorporating feedback from all landowners.

And while MAS is not against the development of the Malay enclave, Shamsuri underscored that the multiple ownership issue should be resolved first before proceeding with any plan.

Under the helm of Khalid, the ministry on 21 September 2019 unveiled the redevelopment plan for Kampung Bahru, which involved the government acquiring plots of land to kickstart the RM10 billion project.

The government offered a land rate of RM850 per sq ft, with landowners given four options – namely, cash compensation, owning a unit in the project, a combination of cash and a unit within the project, or becoming a shareholder in the project.

On 25 October 2019, the offer was revised to include a further RM150, which would be in the form of shares within the special purpose vehicle set up for the project.

A 15% discount will also be offered to landowners should they choose to acquire a unit within the project.

 

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Henry Tan
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Aczeon Properties Sdn. Bhd.
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