Nearly Rm63m Paid To 72pct Of Kg Sg Baru Owners Says Developer

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The developer of the Kampung Sungai Baru redevelopment project in Kuala Lumpur has paid out RM62.57 million in compensation to owners and stakeholders so far, said Kampong Bharu Development Corporation CEO Khairul Nizam Othman.
He stated that the compensation sum was determined by the Federal Territory Department of the Director-General of Land and Mines based on the First Schedule of the Land Acquisition Act 1960.
“Through the joint venture offer, flat owners are offered a replacement house valued between RM884,000 and RM1 million.
“Terrace house owners will obtain between three to nine replacement house units with an estimated value of between RM2.7 million and RM8.1 million,” he said when delivering a briefing on the development of Kampung Sungai Baru today.
He said the compensation payment covers the property value, maintenance, repairs, relocation expenses, rental costs, temporary rental, loss of income, court costs, and valuation fees.
Khairul said flat owners are also offered a reasonably priced house unit, with an area of 900 square feet, worth RM300,000, which can be purchased at half the price of the compensation received.
“For example, the owner who receives RM250,000 in compensation can purchase the unit under a Harmoni Package for RM125,000,” he said.
He said the offers were made by the developer to owner/applicants on May 16, 2022, with 11 flat owners accepting the offer.
He said that to date, 72 percent, or 236 out of 328 homeowners, have agreed to the redevelopment plan, while 28 percent refused.
According to him, the remaining owners are dissatisfied with the compensation provided.
The redevelopment project is expected to provide residents with an opportunity to own more comfortable and modern housing, with some homeowners receiving compensation up to millions of ringgit.
- Bernama

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