Compensation under Urban Renewal Act will exceed market value, says Nga
Housing and local government minister Nga Kor Ming has given his assurance that compensation for property owners involved in housing renewal projects under the proposed Urban Renewal Act (URA) will exceed the market value.
He said the success of such projects could be seen from the redevelopment of Razak Mansion Flats in Bandar Tun Razak and Kampung Kerinchi in Kuala Lumpur, where owners received compensation that was much higher than the original value, Berita Harian reported.
Nga said the redeveloped projects saw the original 400 sq ft homes replaced with 800 sq ft units, with their value increasing from RM70,000 to RM450,000.
“I will ensure that the compensation given is better than the price for the property they currently own. Just look at (the projects) Razak Mansion and Kampung…
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