The Selangor government says it did not err on caretaker government principles over the land deal between a private property developer and a state owned company announced yesterday.
Caretaker Menteri Besar Tan Sri Abdul Khalid Ibrahim said the deal between Dijaya Corporation Bhd and Permodalan Negeri Selangor Bhd (PNSB) is yet to be set in stone.
"The deal has not been signed yet. Dijaya has to accept the terms of the deal which it has yet to do so," said Khalid, who is chairman of the wholly-owned state subsidiary.
Khalid was speaking to fz.com after a press conference on the Selangor Pakatan Rakyat manifesto for GE13.
Asked about the developer's announcement yesterday, Khalid said: "I think they had acted upon a letter from PNSB which only outlines the terms of the agreement."
Khalid said as a public listed company, Dijaya can make the announcement of the land deal based on insider information.
He also said the final discussion regarding the deal took place last month, suggesting that talks on the transaction had been initiated prior to that.
The Selangor state assembly was dissolved on April 4, a day after the federal Parliament's dissolution, to pave the way for elections which will be held on May 5.
The principles of a caretaker government, among others, prohibit the state or federal government from etching any long term contracts that would bind the incoming government after elections.
Dijaya, in its announcement yesterday, said the company had entered into an agreement to acquire 1,172 acres of land in Canal City, Selangor from PNSB.
It said the parcel of land is priced at RM1.3 billion and Dijaya will be settling the bill via deferred payments spanning a period of up to 20 years.
The price tag comprises land purchase of RM587 million, interest cost, share of gross development value and profit entitlement from the development of the land.
The land will be used to house an integrated self-contained township development in the Kota Kemuning and the South Klang corridor, which is serviced by four major highways namely Lebuhraya Shah Alam (Kesas), Lebuhraya Kemuning Shah Alam (LKSA), South Klang Valley Expressway and Expressway Lingkaran Tengah (Elite).
In addition, the accessibility to our proposed township will be further enhanced with the completion of the West Coast Expressway, the statement read.
Dijaya Group managing director Datuk Dickson Tan was quoted as saying that the area's accessibility was expected to boost its capital appreciation.
"This project can potentially generate a GDV of up to RM20.0 billion when fully completed over its 15-20 year targeted development timeframe. This acquisition will serve to further strengthen Dijaya's presence in the three key growth regions of Malaysia namely the southern region of Johor, the central region of Greater KL, as well as in the northern state of Penang," he said.
The integrated self-contained township will comprise landed houses, condominiums, serviced apartments, shop offices, corporate office towers, shopping malls, private hospitals and international schools.
It will also sport generous central linear parks and lakes, continuous vehicular free bike trails and jogging paths, children's playgrounds, community clubhouses, sports centres, schools, kindergartens and many other public amenities to promote healthy living among patrons.
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