Federal Territories Minister Khalid Samad and Kuala Lumpur Mayor Datuk Nor Hisham Ahmad Dahlan look a 3D replica of the Kampung Baru Redevelopment Plan at DBKL Tower in Kuala Lumpur October 24, 2019. — Picture by Hari Anggara
KUALA LUMPUR, Oct 24 — The federal government announced today its best and final offer of RM1,000 per square foot (psf) for land in the Kampung Baru Malay enclave here, up from RM850 previously.
Federal Territories Minister Khalid Samad said landowners who accept the offer are also eligible for a 15 per cent discount when buying property that will be developed on the acquired land.
“I had the opportunity to discuss the matter with Prime Minister Tun Dr Mahathir Mohamad and he has subsequently endorsed the new offer,” he said during a press conference at Kuala Lumpur City Hall (DBKL) today.
According to Khalid, 85 per cent of the price will be paid in cash or other means of the seller’s choosing while the addition announced today will come in the form of shares in a special purpose vehicle (SPV) that will be established in the future.
Khalid also urged landowners to submit their feedback forms to the Kampung Baru Development Corporation (PKB) following a town hall meeting last September, with a November 30 deadline already fixed.
On October 6, Dr Mahathir said the land acquired in Kampung Baru, Kuala Lumpur would be alienated exclusively to a government agency for development, in a bid to allay concerns it will go to private interests.
He said that the government agency will help landowners develop Kampung Baru without neglecting the original features of the location.
On September 21, Khalid said the government was offering to buy land in Kampung Baru here at the rate of RM850 per square foot, as compensation to landowners and heirs, in return for the redevelopment of the area.
However, most residents felt the offer was unreasonable given the strategic location of the settlement and asked the government to review it.
Kampung Baru sits on 220 acres of premium land in the heart of the capital city. Right next to it is the iconic Petronas Twin Towers, where the land is valued at RM3,000 per square foot.
MORE TO COME
