Bill paves way for Kg Baru development

PETALING JAYA: The Government has paved the way for the development of Kampung Baru with the first reading of the Kampung Baru Development Corporation 2010 bill at the Dewan Rakyat last Tuesday.

The tabling of the bill will set in motion the setting up of the Kampung Baru Development Corp (KBDC). Debate of the bill in Dewan Rakyat is scheduled for March next year

Talks on developing Kg Baru, which comprises 378.93 acres of land set amid the central business district of Kuala Lumpur, have been on and off in the last several years.

Abdul Rahim, who is also property consultancy Savills Rahim & Co's executive chairman and founder, said the KBDC board would have a chairman, to be appointed by the Federal Territories Minister and to be approved by the Prime Minister.

It wil also have four representatives from the federal government, the secretary-general of the FT Ministry, a commissioner of the City of KL, a representative from Selangor to be nominated by the Selangor sultan because the Kg Baru Enactment was done under Selangor, two representatives to be nominated from among the land owners of Kg Baru, and up to six others who have expertise for the development.

In addition to that, Abdul Rahim said an advisory council consisting of a chairman to be appointed by the minister and 15 representatives of Kg Baru would also be set up.

A fund, known as the Kampung Baru Development Corporation Fund, would also be set up under the proposed act.

It also enables the corporation to borrow money and invest the money of the corporation.

The proposed act states that the corporation should not sign any contract exceeding RM10mil without the approval of the FT Minister and Finance Minister.

By The Star Online

Source: http://biz.thestar.com.my/news/story.asp?file=/2010/12/20/business/7654631&sec=business