Mitrajaya objects to sum of compensation for Johor land

PETALING JAYA: Mitrajaya Holdings Bhd has objected to a RM31.45 million compensation sum offered for the compulsory acquisition of its land in Johor.
In a filing with Bursa Malaysia yesterday, the company said it has registered its objection and will negotiate with the relevant parties to ensure that a fair compensation is received.
The Kota Tinggi Land Office notified Mitrajaya’s wholly owned subsidiary Kemajuan Sekim Baru Sdn Bhd (KSBSB) that it has imposed a compulsory acquisition on 122 lots covering 24,145.49 sq m of freehold land belonging to KSBSB. The acquisition of the land at Sungai Buntu in Kota Tinggi, Johor, is for the development of the Pengerang Petroleum Complex.
KSBSB said it obtained a development order for a mixed residential and commercial project at Pengerang in 2000. The project covers 54,947.98 sq m.
The first phase covering 11,247.77 sq m was completed and fully sold in 2012. The area to be acquired by the Johor government represents 55.3% of the undeveloped portion.