OF LITTLE VALUE: 438 acres are submerged while 573 acres are forest and ecology reserves, claims Chua
BATANG BERJUNTAI: DATUK Chua Tee Yong yesterday continued to pile pressure on the Selangor government. He said the controversial land it had bought from Talam Corporation was worth RM100 million less than its actual price.
Two weeks ago, Chua, who is MCA's Young Professionals Bureau chief, said the 2,263-acre land in Bestari Jaya here, was acquired by the Pakatan Rakyat-led government for RM181 million, or RM80,000 per acre.
"However, a state subsidiary, Kumpulan Hartanah Selangor Bhd (KHSB), which owns another piece of land in the same district, had valued its property at only RM36,000 per acre."
Chua was citing KHSB's April 2009 valuation letter, which states that its 4,975-acre land parcel was worth about RM109 million.
"Why did the state government purchase the land at RM80,000 per acre when its state company had indicated a huge difference in valuation?
"If KHSB's valuation is accurate, then the neighbouring land asset, purchased from Talam, should only be worth RM81 million," Chua said during a site visit to the land.
Also present were Hulu Selangor member of parliament P. Kamalanathan and assemblyman Wong Koon Mun.
He said the land had little commercial value as 438 acres of it were submerged and 573 acres were forest and ecology reserves.
According to Talam's annual report, the land purchase is one of 13 assets purchased by the state government between March 12 and April 9, 2010.
Two weeks ago, Chua alleged that the Selangor government had bought over Talam's assets, worth RM676 million, to clear the financially troubled firm's debts.
He also claimed the Selangor government had overpaid the debt-ridden Talam by RM42 million, according to an October 2010 valuation report by Mitra Valuers and Property Consultants Sdn Bhd.