BROGA LAND DEAL FOLLOWED PROCEDURE, NO LOSSES INCURRED - PKNS

SHAH ALAM, Feb 26 (Bernama) -- The liquidation of land assets in Bukit Broga, Semenyih to Sutera Maya Resources Sdn Bhd in 2023 was conducted according to procedures that ensured the rights of all parties.

Selangor State Development Corporation(PKNS) explained in a statement that the deal was conducted without losses incurred, in line with the market value set by the assessment by the Valuation and Property Services Department and stressed that each transaction was done transparently and complied with good corporate governance.

“Any allegations claiming that the deal was done at below current market value are baseless,” PKNS said, adding that every transaction would be audited by the National Audit Department in accordance with responsible management principles.

Hulu Klang assemblyman Datuk Seri Mohamed Azmin Ali had recently claimed during a speech at the Selangor state assembly that PKNS faced huge losses over the sale of a plot of Broga land in Semenyih at a price far lower than current market value.

According to PKNS, the liquidation of Bukit Broga assets was also part of its long-term strategy to strengthen its core business and focus on higher impact development projects that would benefit the people of Selangor.

PKNS also denied that its Broga properties were strategic property as they were not strategic for development due to several major factors that restricted its potential.

The Broga land also encompassed land that could not be developed, including forest reserves, land owned by Tenaga Nasional Berhad (TNB), level three and four critical slope areas and pools that restricted development, the agency said, adding that there were trespassing issues and illegal structures linked to the site as well.

"Therefore, it is improper to assume the Broga land as a strategic asset due to the various physical and legal limitations associated to that property,” PKNS said.

-- BERNAMA