5/26/2010
Land Acquisition Act
Mahathir thought he could squeeze Singapore's balls by letting the Tanjong Pagar Railway Station to rot and be the eyesore in the heart of Singapore's business district. He forgot that the govt could throw the Land Acquisition Act on it and take it back with a little compensation like what it had done to acquire land for HDB flats and other infrastructure projects. If it was done, what Malaysia could get, going by the going rates for land acquisition will be peanuts.
Of course nothing was mentioned on this option while we were still dependent on the water supply and water collection plants in Skudai. Now that this is no longer a trump card, and we could do without, using the Land Acquisition Act could be a matter of time. For good bilateral relations, it is good that we don't have to come to that and create more bitterness and animosities.
Now we have a good ending to a fairy tale and they live happily ever after.
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5 comments:
The Railway Station at Tanjong Pagar will always remain as a heritage landmark to me within the concrete forest of SIN. As a nature lover, the railway track with the little growth along it is much cherish by me for not turning into highrise lifeless concrete contraptions.
Like the loving couples that have their romantic chats along the railway track for the serenity, me is going to lament it's demise.
As for the compensation for compulsory acquisition, me believes foreigners are not that easy to deal with like Singaporeans. Foreigners will and shall make sure that they are adequately compensated. Singaporeans are easy meats to their Rulers.
Mahathir aside; Brother Redbean, do You think Malaysia needs anything from SIN to be viable and prosperous? Looking forwards to your response here or when we meet.
patriot
If I am not wrong, the Land Acquisition Act was amended a few years back to peg compensation to the current market values already.
This came about, if I am not wrong, because under the Singapore-US FTA which required the Singapore government to provide US nationals (and companies) market-based compensation in the event of any nationalisation. This would result in US entities being treated better than locals (not that this is not still true in Singapore in other matters) and so led to the change.
The relevant section is s33 of the Land Acquisition Act and is effective for land acquired after 12 Feb 2007.
You guys are right. It is now market rate. No retrospective. No wonder market rates are so high now.
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