KBDC: 83 million sq ft of residential and commercial space in the heart of Kuala Lumpur

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I have been to Kg. Baru a couple of times for food in the evenings. Usually it’s full of people and there are lots of choices too. It’s not easy to find a car parking space most of the time. This may be changing soon. Recently, Federal Territories Minister Khalid Abdul Samad said the government needed RM10 billion to acquire land in Kg Baru and after that Kg Baru will be developed into a modern and integrated settlement of the Malay community in the heart of Kuala Lumpur. (earlier news here) The RM10 billion fund was required if all landowners in Kg Baru agreed to accept cash for their land. The developer will be appointed by DBKL.

Article in nst.com.my here. Kampung Baru Development Corp (KBDC) chief executive officer Zulkurnain Hassan said that the new redevelopment plan for Kampung Baru (Kg Baru) in Kuala Lumpur will have 83 million sq ft of residential and commercial floor space. 70 percent of the floor space will be residential and 30 percent would be iconic corporate towers and retail complexes. Zulkurnain also shared that Kg Baru will no longer have any landed houses except for a few “kampung” houses which would be duplicated in a public area in order to preserve the history of the 120-year-old settlement.

He said, “It will all be high-rise dwellings as we want to subsidise the development in Kg Baru. We are looking at building apartments, serviced apartments, condominiums and serviced suites to support the commercial development within and around Kg Baru.” The estimated gross development value (GDV) based on a new master plan being drafted by DBKL is RM50 billion to RM60 billion. This new master plan is different from the Kampung Bharu City Centre (KBCC) which has been shelved due to many circumstances including unreasonable pricing demand from land owners. Article in nst.com.my here.

Looking forward to the master plan for everyone to understand what’s coming up in the heart of Kuala Lumpur. Many years ago, a developer told me that when they wanted to develop in Kedah, sometimes they face a big issue because one piece of land may be jointly owned by 30 others. Getting an agreement from all of them is an uphill task. This is also one major reason why some owners appoint auctioneers to auction off their properties to the public instead of selling it via direct negotiation because the owners (usually siblings) may not trust one another enough when it concerns money of many hundreds of thousands. Happy following.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

Next suggested article:  Interesting view on price increase. I beg to differ.

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