International Business & Economy Malaysian gov't to pay Ampang Park shop owners RM400m for compulsory acquisition

Malaysian gov’t to pay Ampang Park shop owners RM400m for compulsory acquisition

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The Malaysian government may be paying compensation of between RM300mil and RM400mil to complete the compulsory acquisition of the privately-owned mall setting a precedence in the country.

Some of the shop owners at the mall – popular with Ampang folks – fought a losing battle in the courts against the forced takeover of their popular business address.

The mall has been in existence since 1972 but is in a prime position at Jalan Ampang, only a few feet away from the iconic Kuala Lumpur City Center.

The protesters posted banners saying “SAVE AMPANG PARK” on their shop windows and walls in a failed bid to prevent the forced takeover by a major corporation, in what has been deemed an unfair move in the government’s dishing out of contracts.

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The government will now acquire Ampang Park mall from strata shop lot owners in order to proceed with the second mass rapid transit (MRT) line, according to sources that spoke to The Star newspaper.

It is understood that there will be a separate package for tenants which have been excluded from the valuation.

The Star said ground floor owners were offered between RM55,000 and RM75,000 per sq metres, or about RM6,000 per sq ft.

About four-fifths of shoplot owners have received their formal awards. Compensation is expected to be paid by this November, the paper said.

The government is buying the premises to build a link between the existing Ampang Park LRT station and the new MRT and to build train tunnels.

 

The Ampang Park destruction is an example of how the big companies, aided by the authorities, can swallow anything in Klang Valley, said an observer to TISG.

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