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KL land scam to be solved with RM120 million in compensation?

I think this is still a hot topic in terms of land sale,especially when it involves DBKL and private developers. This is especially so because it happened before the GE14. We get a little more clearer on the issue today. Remember Kepong MP Lim Lip Eng’s report with the MACC on May 16, alleging that were there scams involving the sale of DBKL land deals under the purview of former federal territories minister Datuk Seri Tengku Adnan Tengku Mansor? Here’s that article in TheStar.com.my today.  Federal TerritoriesMinister Khalid Abdul Samad said that about RM120mil in compensation will be paid to reacquire land that had been sold by Kuala Lumpur City Hall (DBKL) under the Barisan Nasional administration.
He said that the sale of the 14 hectares of land, in 10 transactions, would be stopped and compensation would be paid to the would-be buyers. He added, “We will also recover money for the land transactions that are currently under renegotiation, which I will announce tomorrow (Oct 8).” Some other details mentioned in the article included that of 20 land ownership transfers which has been handed to the Malaysian Anti-Corruption Agency (MACC) for investigation. MACC has seized documents related to 64 parcels of land which had been flogged off without open tender between 2013 and 2018 by DBKL. The lands were valued at RM4.28bil. The deals, involving 172ha of land, were allegedly made through “direct negotiations”, rather than by open tender. Out of the 64 parcels of land, 16 lots or 37.24ha of land were sold to a single property developer for RM785mil. Do refer to the full article in TheStar.com.my for reference yeah. 
Okay, no comments for now. Wait for more announcements as to MACC’s investigation results as well as the reasons for the compensation if the land transfers were indeed part of a scam. What the public would want is definitely whether more affordable homes would be built in areas which they love instead of areas which are not that favourable to them; far away, no connectivity etc. KL median property price is the highest in Malaysia and land transactions would be one key reason for higher costs being passed through home prices. Happy following yeah. As concerned Malaysians, we must follow this story closely.
written on 6th Oct 2018
Next suggested article: People power versus millions in compensation? Not an easy answer perhaps

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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