Teresa, are you unhappy that the lower income group is getting a good deal from the federal?

Dato’ Eric See-To

YB Teresa Kok’s allegation that DBKL had sold leasehold land below commercial market value at the site of the Desa Waterpark is malicious and misleading.

YB Teresa is accusing DBKL of selling the 7.5-acre land in Taman Desa for RM24mil, which she says is 5 times below market price.

“This means the land was sold at RM74 per square foot (psf), but the market price of Taman Desa has reached approximately RM400psf.” said YB Teresa.

However, what YB Teresa does not acknowledge is that the sale of the land was via a limited tender and the use of land was only for the purpose of building a federal affordable housing project, called Rumawip or Federal Territories Housing Scheme.

The federal government has planned to build 80,000 units of Rumawip from 2014 to 2018.

Despite its strategic location near the city center, this Taman Desa land cannot be used to build anything else – not luxury condominiums, offices nor malls.

Therefore, the land value cannot be compared to commercial land value that can be used to build more profitable projects.

This Taman Desa project is called Residensi Desa Satumas where 3,002 units will be built in 36 months.

Residensi Desa Satumas are priced at RM230,000 for 850.0 square feet units – or just RM270 psf.
https://www.edgeprop.my/…/Rumawip-Residensi-Desa-Satumas-at…

This is great value considering its location and hard to find in Kuala Lumpur.

Compare this to so-called “affordable housing” in the DAP-led Penang where units cost RM400psf or more.

The so-called “affordable housing” towers that was being built on the site of the Tanjung Bungah project where the fatal landslide happened was selling at RM430,000 for 800 sq feet units – or more than RM500psf – almost double the price of the Taman Desa project.

So, YB Teresa should explain what is wrong with the Federal Govt making a loss on its land in order to subsidize and ensure Malaysians have access to affordable housing?

Must you still mislead and politicize this in order to score cheap points?

Or are you unhappy that more lower-income group people will now stay in your up-market constituency?

Source: Eric See-To

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