By Farah Wahida:
Despite being delayed for nearly a year, the upcoming redevelopment of an affordable housing project at Jalan Ikan Emas, Bandar Tun Razak at Kuala Lumpur is expected to commence in 2013.
According to a report by The Star, the affected areas are Ikan Emas, Sri Melaka, Sri Pinang and Sri Johor. Most of the residents in these areas have consented to the project, explained Datuk Raja Nong Chik Raja Zainal Abidin, Federal Territories and Urban Wellbeing Minister.
“After a recent survey, we have found that more than 95 percent have agreed to purchase their units and only four percent chose to remain as tenants.”
“After speaking with the residents, we decided that those who purchase their current units will receive the 800 sq ft flats when the project is completed,” noted Nong Chik.
The redevelopment project will be a joint venture (JV) between SP Setia Bhd, Kuala Lumpur City Hall (DBKL) and Tradewinds Corp Bhd. Moreover, FT Ministry Secretary-General Datuk Adnan Md Ikhsan will soon meet with the residents to discuss the details of the project.
Notably, the FT Ministry has decided that all residents, regardless of the size of their unit, will be able to purchase their units at RM28,000 and will be replaced with a 800 sq ft flat.
In addition, residents who do not want to buy will be allowed to continue renting and will be provided with a new unit to rent when the project is finished. About 4,858 flats will be affected by the upcoming redevelopment.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com