The Malaysian Insider
Wednesday November 25, 2009
By Asrul Hadi Abdullah Sani
KUALA LUMPUR, Nov 25 — International Trade and Industry Minister Datuk Mustapa Mohamed today defended the proposed expo centre in Jalan Duta from controversy after the RM628 million project was given to Naza TTDI, saying the government was getting it for free.
Mustapa explained that building-for-land deal is good value for the Malaysian External Trade Development Corporation (Matrade).
“The valuation of the land in 2007 is RM197 million and we are getting RM628 million’s worth building so we are getting value for money for us. We need a big centre,” he told reporters in parliament here.
The mammoth expo centre being built on a 13.1-acre site in Jalan Duta here is to be developed by Naza TTDI, a unit of the Naza Group, in exchange for 62.5 acres of state land at RM226 per square foot although the market value of the land could reach RM1.5 billion. The entire project will have a gross development value of RM15 billion.
The Matrade centre is estimated to be 90,000-sq-m and set to be completed in 2013.
Mustapa noted that the currently available exhibition centres in the Klang Valley were too small to lure major investors. Continue reading “Matrade gets expo centre for ‘free’, says Mustapa”