Was Berjaya Land given 600 acres of land for free?

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Berjaya Land Denies Receiving 600 Acres of Land for Free

Berjaya Land Berhad has categorically denied allegations that it or its related companies received 600 acres of Selangor state land valued at RM10 billion for free. The company clarified that only parcels totaling 103.6 acres were approved for alienation to the joint venture company Landasan Lumayan Berjaya Sdn Bhd (LLBSB), and that a premium of RM113.1 million is required for this land alienation, to be funded by Berjaya Land.
Clarification on Land Allocation

Berjaya Land stated that the assertion of receiving 600 acres of land worth RM10 billion for free is entirely false and defamatory. The company clarified that its joint venture with Menteri Besar Selangor Incorporated's (MBI) subsidiary, Landasan Lumayan Sdn Bhd, resulted in the formation of Landasan Lumayan Berjaya Sdn Bhd (LLBSB). It was this joint venture company, LLBSB, that received approval for the alienation of several parcels of land totalling 103.6 acres, identified as feasible for development.
Land Premium Payment Obligation

Contrary to claims of free land, Berjaya Land highlighted that it is obligated to raise funds to cover the RM113.1 million premium for the alienation of the 103.6 acres to LLBSB. This premium is calculated based on the current market value, as assessed by the government valuer, the Valuation and Property Services Department. This financial obligation underscores that the land was not provided without cost.
Joint Venture Structure and Purpose

The joint venture company, LLBSB, is structured with MBI's subsidiary holding a 45 per cent stake and Berjaya Hartanah Berhad holding 55 per cent. A primary objective of LLBSB is to clean and develop the Klang River, with a focus on affordable housing projects designed to generate revenue that sustains river-cleaning initiatives under the Selangor Maritime Gateway (SMG) project. The SMG project has been recognised for its efforts in improving the Klang River's water quality.

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Was Berjaya Land given 600 acres of land for free?

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