Jln Semarak land worth RM1b
KUALA LUMPUR: The market value of the Felda land in Jalan Semarak here, which was slated for joint development of the Kuala Lumpur Vertical City (KLVC), is estimated to be RM1 billion, higher than the RM270 million it was sold for.
The RM270 million is as per four sale and purchase agreements between Felda and developer Synergy Promenade Sdn Bhd.
Senior valuation executive of a private valuation company Umar Suffian Husin said based on real estate sales data, the value of land within the Jalan Gurney, Jalan Maktab and Jalan Semarak triangle was estimated to be between RM1,300 and RM1,600 per sq ft.
“This is a rough estimate of real estate value in that area depending on size, land usage zone and location,” he said yesterday.
These estimates were also shared by a source close to the KLVC project, who said the land value in that area could reach RM1,950 per sq ft.
It is understood that several foreign companies, including from China, have held discussions with the developers, but KLVC had been keen to develop the area.
Berita Harian reported on Thursday that Felda stood the risk of losing its rights to ownership of the land due to questionable transactions that had transpired since 2015.
In a press conference yesterday, Felda confirmed the agency would pursue all means to regain ownership of the land, of which its transfer to Synergy Promenade is highly disputed, as stated by Felda chairman Tan Sri Shahrir Samad and Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim.
Razali is charged with handling Felda issues by Prime Minister Datuk Seri Najib Razak. He had in February called for a police report to be lodged over the dubious nature of the transfer of ownership of the land.
The Association of Real Estate Lawyers Malaysia deputy president Salkukhairi Abd Sukor said Felda’s move to provide full power of attorney to the developers had made the transaction at risk of being open to abuse of power by the developer.
He said from the aspect of real estate legislation, the move to hand the developer full authority of the project and land without interference from the land owners had made it possible for the land ownership to be transferred to a third party without Felda’s knowledge or approval.