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PRIME Minister Datuk Seri Anwar Ibrahim said the compensation for owners under the proposed Urban Renewal Act (URA) will be according to future property value, not the current one.
He also reiterated that the original owners affected will also get to live in the redeveloped property.
In a message relayed by his senior press secretary Tunku Nashrul Abaidah today, Anwar said that the compensation also includes rental for transit accommodation during the redevelopment, an ex-gratia payment for renovations to the existing property, and other payments.
“The perception that the URA will cause Malays and Bumiputera to lose their place in cities, or that this law prioritises developers, is not true.
“Instead, the URA is being formulated to protect the rights of owners. and ensure a fairer and higher compensation than now, to protect the rights and elevate the people, especially the urban Malays,” Tunku Nashrul said during a briefing by the Prime Minister’s Office today.
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