FT Ministry mulls setting up Mayor Incorporated

He said the body would administer and manage assets and investments owned by the Kuala Lumpur City Hall (DBKL) in carrying out business-related activities.

He said several acts needed to be introduced and amended, among others, to overcome legal constraints for that purpose.

"DBKL can create (Mayor Incorporated) just like the MB Incorporated established in several states.

"This is to enable the Mayor (of Kuala Lumpur) to carry out joint venture projects in an ordinary manner and, thus, speed up the urban renewal process," he said in a talk show programme hosted by the ministry that was streamed live on Facebook today.

The talk show programme was held in conjunction with the virtual launch of the Kuala Lumpur Urban Renewal Guidebook by Annuar.

Commenting on the Implementation of Kuala Lumpur Urban Renewal programme, Annuar said a total of 30 areas had been identified for redevelopment, among them being the Sri Negeri Sembilan Public Housing (PA) and Sri Labuan People's Housing Project (PPR).

He said this was to ensure a better quality of life among city folks by allowing them to live in bigger, more relevant and comfortable residences.

"Through this, they will also own new residences that will have better asset values in the future without additional cost," he said.

Annuar said the government also offered several incentives to encourage the involvement of the private sector in the project, which has been proven to benefit the community as seen from its implementation at the Kerinchi Residence.