KUALA LUMPUR – January 15, 2018: Felda has successfully regained its land on Jalan Semarak and now plans to review the development agreement of the KL Vertical City (KLVC) project.
Also to be be reviewed is the developer’s power of attorney over the land that was given to it by Felda in 2014.
At a press conference today, Felda chairman Tan Sri Shahrir Samad said certain conditions in the development agreement – which are believed to be lopsided – will be made more equitable.
Under the existing agreement, Felda stands to gain a minimum return of RM500 million.
“Felda will also amend the Power of Attorney so that it will be that of a limited and revocable PoA. Also, from now on the developer will need to obtain a written authorisation from Felda on matters concerning land transfers,” said Shahrir.
Felda was shoved into the limelight following reports that it had lost 16 plots of land on Jalan Semarak after KLVC developer, Synergy Promenade Sdn. Bhd. (SPSB), was said to have transferred the contentious land to itself via the PoA.
“We’re grateful that SPSB has agreed to transfer the ownership of the land back to us without any cost,” said Shahrir, adding that Felda has no intention of changing the developer.
When asked if SPSB may resume construction work, Shahrir said it can do so as soon as possible.
In an exclusive with The Mole earlier today, Shahrir stressed that Felda had no intention of stopping the project and instead was solely focused on getting its land back.
Shahrir had requested for the interview after this portal published an article on January 9 which stated that the land deal and KLVC project were decided with the full knowledge of Felda’s board and that it is profitable venture.
We publish here the full video interview as per Shahrir’s request: