Compulsory Land Acquisition on part of land held under GRN 55365, Lot 14193, Town of Subang Jaya, District of Petaling, Selangor
Hektar Asset Management Sdn Bhd, the Manager for Hektar REIT wishes to announce that the government has compulsory acquired 0.1331 hectares (0.328 acres) of land from Hektar REIT under the Land Acquisition Act, 1960 for the proposed extension of the Kelana Jaya Light Rail Transit (LRT) Phase 2 project located in Subang Jaya.
The acquired land forms part of the 10.905 acres on which the Subang Parade Shopping Centre is located and which belongs to Hektar REIT. The acquired portion is only 3% of the abovementioned land area and affects a part of the outdoor car park area of the building.
The government has recently issued the Notice of Award (Borang H) which provided a compensation amount of RM4,155,518.00. However, AmTrustee Berhad, the Trustee for Hektar REIT had filed an appeal yesterday on the compensation amount. Under the Land Acquisition Act, 1960, 75% of the sum awarded under the Borang H will be paid to AmTrustee Berhad (on behalf of Hektar REIT) within 6 weeks from the date of service of the Borang H on AmTrustee Berhad, pending the outcome of the appeal.
This announcement is dated 12 March 2010.