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How Felcra ended up committing RM687m for a free office
Published:  Jun 7, 2016 8:23 AM
Updated: 2:55 PM

In early 2015, the Federal Land Consolidation and Rehabilitation Authority (Felcra Berhad) was set to have a new headquarters without having to pay a single sen.

All it had to do was allow developer WZR Group to fund and build a mixed development project, which included a 35-story office tower, a 43-storey residential tower, and a retail mall on its prime land in Jalan Sultan Yahya Petra (Jalan Semarak) in Kuala Lumpur.

"Felcra's application to carry out a mixed development project costing RM550 million... and to be developed by WZR; is approved as Felcra does not have to issue any funds to bear the costs of the project," read a letter from Minister of Finance Incorporated on Feb 18, 2015, sighted by Malaysiakini.

 

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