Gov't ups 'final bid' for Kg Baru land to RM1,000 per square foot

Putrajaya is making a 'final bid' for land in Kampung Baru, offering an increased price of RM1,000 per square foot.

Federal Territories Minister Khalid Abdul Samad said in addition to the original RM850 offer, RM150 will be given in the form of shares of a soon-to-be- established special purpose vehicle.

"The shares mean that the owners still own the land that is being developed. We want to encourage Kampung Baru residents to continue living there and return to the area," he said at a press conference in Kuala Lumpur today.

He added that landowners who opt for the buyout are also entitled to a 15 percent discount on redeveloped properties there.

Khalid said the four options originally offered to landowners on Sept 21  are also still on offer.

That is, they can either get their payment in the form of cash or get a developed property, a mix between cash and property or shares in the SPV.

"I think this is the final and best offer the government can make to Kampung Baru landowners," Khalid said.

He also said the government is buying and selling the land at a "Malay price".

Critics of the buyout previously said the RM850 price was too low given the location but Prime Minister Dr Mahathir Mohamad said this was to ensure the prices of properties in the redevelopment would be affordable.

Khalid said that of the 2,500 feedback forms issued over the buyout plan, some 1,371 had been returned of which 96 percent agreed to sell their land.

The deadline for opting in for the buyout is Nov 30.

The Kampung Baru redevelopment project involves 153.46 acres of land.

Among the proposals are to build 45,000 affordable housing units which will account for half the residential units in the area.

There are also plans to build a 90-storey tower, heritage parks and complexes, and an arts and cultural centre among others. - mkini