PUTRAJAYA: The developer of the Kampung Sungai Baru redevelopment project in Kuala Lumpur has disbursed RM62.57 million in compensation to owners and stakeholders thus far.
Kampong Bharu Development Corporation chief executive officer Dr Khairul Nizam Othman confirmed the payout amount during a briefing on the project’s progress.
He explained that the Federal Territory Department of the Director-General of Land and Mines determined the compensation sum using the First Schedule of the Land Acquisition Act 1960.
Flat owners are being offered replacement houses valued between RM884,000 and RM1 million through the joint venture arrangement.
Terrace house owners will receive between three to nine replacement units with an estimated total value ranging from RM2.7 million to RM8.1 million.
The compensation package covers multiple components including property valuation, maintenance costs, repair expenses, and relocation fees.
It also includes rental costs, temporary accommodation expenses, loss of income compensation, court attendance fees, and valuation charges.
Flat owners have an additional option to purchase a 900 square foot unit worth RM300,000 at half price using their compensation money.
An owner receiving RM250,000 in compensation could buy the unit under the Harmoni Package for just RM125,000.
The developer presented these offers to owners and applicants on May 16, 2022, with 11 flat owners already accepting the proposal.
Currently 72% of homeowners, representing 236 out of 328 property owners, have agreed to the redevelopment plan.
The remaining 28% continue to oppose the project due to dissatisfaction with the compensation terms.
The Kampung Sungai Baru redevelopment aims to provide residents with modern and comfortable housing opportunities.
Some homeowners stand to receive compensation packages estimated to reach millions of ringgit. – Bernama