UDA Holdings defended today the sale of prime land in downtown Kuala Lumpur, insisting that the RM215.5 million recouped was needed to shore up its depleting cash reserves.
The agency tasked with ensuring Malays have a bigger stake in urban economy activity said that Bumiputeras would not lose out from the sale to Mutiara Goodyear which is needed to boost UDA’s coffers that stands at just RM90 million.
Chairman Datuk Nur Jazlan Mohamed said the sale was approved by the board so that it could channel funds to develop new townships in the Klang Valley.
He said this in response to claims by right-wing Umno Youth leaders who accused UDA — formed after race riots in 1969 — of selling out Malay land by agreeing to the sale of the 1.15 hectares on Jalan Sultan Ismail.
“The sale will benefit Bumiputeras by allowing UDA to continue to be competitive with a solid financial position.
“Mutiara Goodyear offered the best price of RM1,400 per square foot as compared to the market value of RM800. Also, Mutiara Goodyear is a Bumiputera company,” the Pulai MP said.
UDA has come under fire recently from Malay hardliners in Umno and Perkasa as well as Utusan Malaysia for allegedly abandoning the Bumiputera agenda after it chose not to appoint Bumiputera joint-venture turnkey investors for the proposed Bukit Bintang City Centre (BBCC), located on prime land in the heart of Kuala Lumpur’s Golden Triangle.
Umno Youth information chief Datuk Seri Reezal Merican Naina Merican and exco member Tengku Azman Tengku Zainol Abidin also said yesterday that the Jalan Sultan Ismail deal would hurt Bumiputera interests.
Nur Jazlan has denied these accusations, saying UDA has no choice but to be competitive as it no longer received any direct assistance from the government.
The corporatised government agency, whose assets are estimated to be worth RM2 billion, is over RM900 million in debt.
He also added today that the Jalan Sultan Ismail sale would in fact pay for the outstanding RM104 million owed for the former Pudu Jail site that is to be developed into the BBCC.
The sale to Mutiara Goodyear is currently awaiting approval from the finance ministry.
comments
oh well, these malay-umnoputras are good at one thing, selling lands and contracts to earn a fast buck! there is no difference between the umno youth and the chairman of uda, they both came from the same toilet bowl - umno ! its just one is having the cake and the other is not.
Where were all the money gone? UDA is formed to create Bumiputra business centres and townships in urban areas. What can they show to justify their existence? May be Taman Tun Dr Ismail and Bandar Tun Husein Onn. Bumiputra business centres are at the basements of Pertama Complex and at Pudu Raya. The Central Market is a gone case. Now they claim they have even depleted their cash reserves and land bank.
It doesn't matter whether Mutiara Goodyear is a Bumi company or not... all it matters is whether Perkosa has a slice of it or not... they don't defend the Bumi/Malay rights, they defend their pocket!
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