By Jahabar Sadiq, The Malaysian Insider
KUALA LUMPUR, Oct 5 — The Najib administration has dropped a mainland Chinese developer’s US$1 billion (RM3.2 billion) redevelopment plan for Pudu Jail in favour of splitting the eight-hectare prime land into parcels to be developed by mainly Bumiputera companies, sources say.
The Malaysian Insider understands that Pudu Jail land owner, UDA Holdings Bhd, has been instructed by its shareholder, the Ministry of Finance (MOF), to set up a special purpose vehicle (SPV) to oversee the redevelopment and carve up the land with two parcels to be given to Bumiputera companies and one to a non-Bumiputera firm.
“UDA Holdings received a letter from the MOF in July rejecting the Chinese bid despite a majority board decision to recommend their plan,” a source told The Malaysian Insider, referring to China’s Everbright International Construction Ltd’s bid.
A source said the eight-hectare piece of prime land will be split into three parcels under different developers. — vitruvianman.blogspot.com pic
UDA Holdings chairman Datuk Nur Jazlan Mohamed confirmed the MOF directive but declined further comment. Prime Minister Datuk Seri Najib Razak is also the Finance Minister with Datuk Ahmad Husni Hanadzlah as the Second Finance Minister.
It is understood that the Pulai MP chaired an UDA Holdings board meeting yesterday to work out the terms of reference for companies interested in redeveloping the site, which became Kuala Lumpur’s main prison from 1895 until its formal closure in 1996.
“The board is working out the terms for the new bids and it will take some time,” another source told The Malaysian Insider, adding the requirements were set by the MOF.
UDA Holdings had recommended Everbright as its partner for the redevelopment after a shortlisting process had been completed with Everbright’s bid providing an integrated commercial and transport hub worth RM2 billion, three times the value of the land. The other bids from local companies were not impressive or gave similar returns, a source said.
The board had planned an integrated commercial and transport hub as the site is near the proposed 100-storey Warisan Merdeka tower, the Jalan Shaw Light Rail Transit (LRT) station, the planned Klang Valley Mass Rapid Transit (MRT) and UDA’s own Pudu Sentral bus terminal.
Comments (19)..
written by onnetline, October 09, 2011 08:40:12
Clearly, look like some well ' cable connected ' BN-ARMNOs cronies are set to get a lot richer by again the lame & hidden 'NEP policy' excuse of helping poor and needy Bumiputras. How can ' these ' Bumiputras contractors be considered poor and needy when they are well and able to take on such ' huge ' multi-millions Ringgits projects ? Sadly, the genuine needy and poor Malays are again being used or exploited to enable these corrupted ARMNOs politicians and cronies getting richer ! ...
written by hariharan, October 06, 2011 09:32:17
Ibrahim Ali must make sure the contractors do not run away.Otherwise your struggles become useless. ...
written by din, October 06, 2011 00:09:20
another port klang, hello the monies belong to the rakyat, is your money you dumbo... ..
written by bashery, October 05, 2011 22:23:00
hear ye, hear ye. The umno contractor will sit on the throne and act like he knows everything, the mca contractor will just say oh! like that one ah, and laugh all the way to the bank, the mic contractor will lament, yenna da dai, 2.5 % is kacang putih, the indonsand banglas will do the hard job and the bumis will gloat at the development that they cannot afford to set foot on. ..
written by What's this?, October 05, 2011 17:52:32
Just hope the Bumiputra Companies will not turn this place into a white elephant of abandoned project just like Plaza Raakyat in Jalan Pudu. ...
written by Angela Ooi, October 05, 2011 16:01:08
More of Rakyat's $$ being screwed as it will surely be accompanied by huge costs over-runs n massive mark-ups for sure. It's another horse trading exercise n Xmas presents shared out among the dUMNOputras before GE. ..
written by uxzee, October 05, 2011 14:38:18
When these UMNO monkeys see a golden opportunity to make money, all rules, business decisions and good ethical practices are immediately broken. Like scavenger dogs, each will be fighting for their own cronies and themselves. For all they care, the project may be the worst among the many proposals, not viable or may even fail.
We need to see a change in this approach by changing the government. ...
written by onnetline, October 05, 2011 12:44:16
These corrupted BN or Barisan Najis pariahs are still saying "if everything awarded under strict scrutiny and transparent tender procedures how the hell to do a ' 30% mark up ' to rob or steal from the tax payers or country and get rich ?" ..
written by hariharan, October 05, 2011 12:21:54
Beware ,the contractors may run away.Government must punished them if they do so. ..
written by bumiputar, October 05, 2011 11:46:47
again it is the bumi and non fcuking policy that's screwing the decision.
That's why i said this motherfcuking policy must go.
I'm very sure the bumi developer will end up
1. overrun the project cost, and ask gom to pay, means you and i will have to pay for it ultimately.
2. project gets delayed for years...
3. the product (property) developed are not sellable.
4. End-reult: FAIL ..
written by soboi, October 05, 2011 11:42:42
Waah MCA cable very the kuat....ditch the mainland chinese for local MCA chinese contractors...bumiputra contractors are only in paper la...behind every sucessfull bumiputra contractor is a MCA butler...funelling money to UMNO...and scraps for MCA....nothing new la...don't understand why is this peice even in the news. ...
written by hariharan, October 05, 2011 11:36:31
Contractors must complete and not run away.Government must punish them if they run. ...
written by arazak, October 05, 2011 11:22:09
When they say "Bumiputra", what they meant was "UMNOputra" aka, UMNO cronies!
The poor Malay kampong folks do not get anything out of this! They still remains poor while the oligarch UMNOputra becomes richer! ...
written by Cengkiak, October 05, 2011 10:40:30
I think not enough football money. ...
written by Chanel, October 05, 2011 10:18:08
maybe the mysterious buyer of the 77m diamond ring is Robin tan again. Doubt the ompuan puaka" buy it herself.
Now no case, no ring and NO PROJECT! ...
written by Malay Gentile, October 05, 2011 09:55:40
Unlike habit like smoking, drinking, chasing women, drug and stealing there's no handbrake to stop corruption. NO matter how much you feed them but it's still not enough...
A person who lives with corruption will die in horribly embarrassing ways & conditions. nahuzubillah..... God knows the best. ...
written by Jambu Batu, October 05, 2011 09:24:49
Good idea for BN; more votes as bumis get the job as more indons and banglas will be hired for the labourer jobs. These people will be " required " by the bumi contractor bosses to vote BN as payback for their good fortune to be hired. Cinakui companies will be tainted as kafirs, dirty and unworthy.
written by Chanel, October 05, 2011 09:23:52
Padan Muka Robin Tan, for betting on the wrong mare(kuda betina). Its a known fact that all the rm1.3M worth of HermesBirkin handbags for Rosmah was a gift fr Robin a/l Vincent so that they can syndicate this deal to a China's developer.
Robin 2 Ros, "Can I have my birkins back?" ...
written by syd, October 05, 2011 09:13:41
This decision I don't understand.
UDA and govenrment is strap for cash.
Surely, the highest bidder to develop the land, local or foreign will get the job, after their proposal have been scrutinised, and the background check of the developer made.
If foreign developer, that means foreign money will be injected into the local economy.
If local developer, that means money from out local banks will be used to finance the project, which also means less money for other businesses to borrow.
If they give to bumi developer, we can assume that govenrment agencies will probably guarantee a long term lease to the offices/buildings in order for the bumi guy to get financing.
I will say the best bet will be a foreign party to develop for the sake of the economy.
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