A raw deal for KTMB?

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Did you catch the front page of theSun today? It’s an important story not to be missed – for KTMB needs all the money it can get to upgrade its archaic rail system.

For a glimpse at what visitors think of our railway system, check out a feature in TIME here.

Yesterday, we saw how the Sarawak government would lose hundreds of millions of ringgit if land in Kuching was sold at bargain basement prices. And now this. The big question in this case is – apart from KTMB being deprived of the full value of the land – who is going to be the ‘lucky’ developer?

A 3-car KTM Komuter Class 82 EMU (Union Carria...
Image via Wikipedia

An unfair deal?
Terence Fernandez and Llew-Ann Phang

KUALA LUMPUR (Aug 26, 2010): Is Keretapi Tanah Melayu Berhad (KTMB) getting a raw deal in the development of a piece of railway land in Bangsar?

This is the question on the lips of those concerned with recent developments of the 8ha site behind the former the Unilever headquarters along Jalan Bangsar.

Said to be worth at least RM400 million, the national railway company may be paid only RM50 million for giving up the prime real estate. The concerns were so great that in 2008, then KTMB chairman Tan Sri Lim Ah Lek raised the matter with then prime minister Datuk Seri Abdullah Ahmad Badawi. He was concerned that KTMB was on the losing end as the RM50 million “compensation” offered by Pelaburan Hartanah Bumiputra Bhd, now known as Pelaburan Hartanah Bhd (PHB), is far less than the market value of the property.

PHB is the subsidiary of Yayasan Amanah Hartanah Bumiputera, a foundation initiated in 2006 with RM2 billion capital, to raise bumiputra property ownership.

In 2007, the Valuation and Property Services Department valued the tract of land at RM299.477 million or roughly RM350 per sq ft. “Today the land is worth at least RM350 million,” said a property consultant.

In his budget speech in 2006, Abdullah, who was finance minister, said the land will be surrendered to PHB to be developed. Full story in theSun here.

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charlie chan

Malaysians- since when do Malaysians gets a fair deal. as far as the leaders are concerned they are there to fill their pockets and enriched themselves- see (family of) Sarawak CM and their untold billions overseas. look at how MAS was plundered – 9 billion- poor taxpayers got to pay more taxes and todate no one is responsible as the money just disappeared into thin air . thats the work of the M- MAGICIANS. CORRECT CORRECT CORRECT

kl_boy

The link between business and politics is a tie that binds the economic landscape in Malaysia for a long time. It is therefore unsurprising that such transaction would come to light. What they will normally do in KL is 2 methods i think 1. Engage local companies (normally the big names) to develop the land (and pocket the money?). An easy case of taking money without needing to work…especially if they get the land for a cheap rate ! You can say that’s an Ali Baba partnership as the signboard outside the land will proudly say “Satu lagi Project Kerajaan… Read more »

Jonathan

KTM has been repeatedly “raped” by all and sundry since the British left this country.. Instead of quickly upgrading to broad gauge, changing the rolling stock, electrifying and expanding the tracks….KTM has been (taken for a ride) by every developer, politician and transport ministry official…. By so doing this..Malaysians have been deprived of cheap public transport..as far as Malaysia is concerned in rail transport we are stuck in the stone ages compared to China and India and stuck in the really dark ages compared to France, Germany and Britain….if a volcano erupts in Sumatra tomorrow and our air space clouded… Read more »

LBJ

This (appears to be) blatant daylight robbery…

Ganesh

KTMB needs all the money to upgrade our trains. 2020 is just 10 more years away and our train system remain so ancient. Tell people that we take like 6 to 8 hours from KL to JB, they get shocked. No where in the world (other than hardcore poor 3rd world countries) trains crawl at that speed. That distance of 350KM should only take 2 to 3 hours. And we are not talking about bullet trains. These are ordinary fast trains seen in many other countries. For a country that is producing oil, to have rail transport system that crawls… Read more »

Gerakan K

Take an AirAsia flight instead of train.

They got beautiful stewardess and their ticket is very cheap too.