He said it was imperative that the government make a stand on the issue as KTMB was a GLC and such a sale of its entire stake in Sentul Raya would mean the company was forsaking all future profits that could be generated on the projects planned by Sentul Raya.
“I call for an official explanation and clarification on what gain does KTMB acquire from the sale of shares of Sentul Raya at the price of RM250 million.
“The government has to take serious consideration that the company has social responsibilities towards KTMB staff and many residents who are soon to be evicted from their homes.
“Will Sentul Raya uphold their promise to build replacement homes for the residents as promised?” Tian Chua said in a statement today, referring to the former residents of Kg Railway and Railway Quarters, among others, who were evicted three years ago.
“These residents were promised three years of temporary accommodation provided by DBKL at PPR’s (public housing) around Klang Valley while Sentul Raya develops the low-cost housing promised to these residents at a price of RM42,000 and it was expected to be completed by December 2016.
“The residents who were evicted are from lower earning groups and these low cost apartments promised to them are among the one way they are able to own homes,” the PKR lawmaker said, adding that many of those in the PPRs are looking forward to moving back to their own homes in Sentul.
Tian Chua also voiced his concern that once the sale goes through, KTMB and the government will lose any voice it has in Sentul Raya to ensure the promised low-cost homes are built as promised by YTL Land.
In a filing with Bursa Malaysia on Nov 29, YTL Land said it had entered into an agreement with KTMB and its fully-owned subsidiary KTMB (Sentul) to purchase the 30% stake in Sentul Raya for RM252.42 million.
It was reported that the proposed acquisition entailed a cash payment of RM190 million and payment in kind of RM62.42 million via 53 units at Sentul Raya’s The Fennel project at Sentul East in Kuala Lumpur.
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