Proposal to set up Kg Baru land trust not new

KUALA LUMPUR: The proposal to set up the Kampung Baru Land Trust based on the concept of the real estate investment trust (REIT) is nothing new, said the Secretary-General of the Ministry of Federal Territories and Urban Wellbeing, Datuk Ahmad Phesal Talib.

In fact it had already been tabled by the minister, Datuk Raja Nong Chik Raja Zainal Abidin on May 5 and had received cabinet approval.

"The matter had also been discussed at a dialogue session attended by almost 2,000 landowners and heirs in Kampung Baru at the Putra World Trade Centre on May 29, 2010.

"In addition, the ministry had also presented the proposal to various interested parties in Kampung Baru, including the Kampung Baru Development Association, Malay Agricultural Settlement (MAS), non-governmental organisations and government-linked companies (GLCs)," he said in a statement, here today.

He was commenting on the proposal by Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim that the Kampung Baru Land Trust (KBLT) be set up as an alternative plan for the development of Kampung Baru, where the land would be converted into share units regardless of the location of the land, on Sunday.

Ahmad Phesal said the proposal, which had received cabinet approval, would subsequently be drafted and completed in detail by the GLC appointed to
undertake the development. -- Bernama