KUALA LUMPUR: A Special Purpose Vehicle (SPV) company will be set up to carry out the Kampong Baru redevelopment project, the Dewan Negara was told today.
Federal Territories Minister Khalid Abdul Samad said so far, no developers had been appointed to carry out the project.
He said the SPV would look for funds to buy land in the areas to be developed and make land-owners as holders of part of the company shares.
“The SPV, as the landowner will then regulate the development of Kampong Baru by dividing it into several packages which will be developed in collaboration with developers appointed through open tender.
“The SPV will act as the master developer to develop the 219.91 acres of the Malay Agricultural Settlement area,“ he said during the question-and-answer session.
He said this in reply to a question from senator Dr Yaakob Sapari, who wanted to know about the developer of the Kampung Baru redevelopment project.
Khalid said in order to safeguard the interests of the landowners, the government, which would lead the SPV, would ensure the company was managed by experts and experienced personnel.
He said the ministry and the Kampong Bharu Development Corporation were in the midst of having discussions with government agencies and government-linked companies to develop the best model to be used in formulating the Kampong Bharu development plan.
Khalid said the government would also ensure that the viability of the SPV in order to achieve the goal of making Kampong Baru a prime area equipped with complete facilities but at the same time preserving the existing Malay cultural elements. - Bernama