PUTRAJAYA: The Federal Territories Ministry sees the possibility of needing fund injection amounting to between RM6 billion to RM10 billion if it intends to buy over the land in Kampung Baru , Kuala Lumpur for the purpose of development.
Its Minister, Khalid Abdul Samad said the ministry is now studying the best mechanism to obtain the funds including the possibility of allowing Kuala Lumpur City Hall (DBKL) to issue city bonds or sukuk as practised in developed countries.
“There is only one problem to develop Kampung Baru, sufficient money to buy up all 250 acres of land from their owners so that we can develop in an organised and integrated approach according to a master plan.
“However, the required fund is based on the condition that all land owners agree to accept cash as the negotiation to take over their land to be developed by an appointed developer,“ he said in a media conference at his ministry here today in conjunction with one year Pakatan Harapan rule.
Khalid said the master plan is important as land acquired directly by developers and later developed individually would not led to planned and integrated development.
In fact, Khalid said the feedback he obtained found Kampung Baru residents are generally more interested if the land is acquired by the government for development compared to purchase by private developers.
Therefore, he is putting a personal Key Performance Indicator (KPI) to resolve the issue of Kampung Baru development this term and hoped it would receive the cooperation and agreement of residents in the area.
“If we allow Kampung Baru to become an unkempt area which mar the view of a Malay village in the eyes of tourists. it would benefit no one when the land is very valuable and could benefit the residents,“ he said. — Bernama