Felda land sold for RM270 million is worth RM1 billion. Let's see if they treat this similiar to LGE case.

Felda land sold for RM270 million is worth RM1 billion 

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A Malay daily has reported that ownership of the four parcels of land belonging to Felda was transferred under shady circumstances in 2015 during the tenure of former Felda chairman Isa Abdul Samad. – The Malaysian Insight file pic, December 23, 2017.

FOUR parcels of Felda land in Kuala Lumpur, which ownership was transferred to a private company under suspicious circumstances, are worth an estimated RM1 billion, Berita Harian reported.

However, Synergy Promenade Sdn Bhd, the developer of Kuala Lumpur Vertical City (KLVC), is said to have paid Felda only RM270 million for the land.

Umran Suffian Husin, a senior executive at a property valuation firm, said land along Jalan Gurney, Jalan Maktab and Jalan Semarak, where the the four parcels of land are located, are valued at RM1,300 to RM1,600psf.

“This is a rough estimation based on the value of property in the area. The final price would depend on the land size, the use it is zoned for, and the actual location,” the Malay daily quoted Umran saying.

Berita Harian had claimed that a KLVC source said the land was worth  RM1,950psf, and that foreign companies were also interested in the land parcels.  

The daily had reported on Wednesday that ownership of the four parcels of land was transferred under shady circumstances in 2015 during the tenure of former Felda chairman Isa Abdul Samad.

It said the transactions involved seven towers, including Felda's iconic development, KLVC.

Citing sources, Berita Harian said the company appointed by Felda Investment Corporation Sdn Bhd (FIC) on June 3, 2014, was allegedly given power of attorney to develop these parcels.

The Felda board of directors were only informed of the project three months later, on September 2, for backdated approval, it said.

Felda chairman Shahrir Abdul Samad has lodged a police report on the matter after finding elements of fraud in the transactions, implicating  Synergy Promenade Sdn Bhd, the company that was given power of attorney to develop the land.

Isa was Felda chairman from 2011 to January. He was replaced by Shahrir, who is the Johor Baru MP. 

Isa was also the Felda Global Ventures Holdings Bhd chairman from January 2011 till June, and was FIC chairman since its inception on July 2, 2013, until this year.

He is now acting chairman of the Land Public Transport Commission.

Isa had yesterday avoided reporters waiting for him at the Kuala Lumpur International Airport. – December 23, 2017.

Felda land sold for RM270 million is worth RM1 billion. Let's see if they treat this similar to LGE case which only amounted to 2.5 million ringgit. Shocking grand theft!