PENANG: Five temporary occupation licence (TOL) holders in Kampung Buah Pala have accepted developer Nusmetro Ventures (P) Sdn Bhd's offer of double-storey houses for them.
Nusmetro Ventures director Thomas Chan confirmed that five house owners in the village had signed the offer letter last week.
"They accepted the offer before the deadline at noon last Friday," he told reporters here today.
He said Nusmetro would not entertain the rest of the villagers who rejected the offer and there would not be any such offer in future.
"Whatever needs to be offered has been offered, and we wish the rest of the residents who rejected the offer good luck," he said, adding that his company had suffered a loss of RM12 million over the past 18 months' delay of the project.
Chan declined to reveal when the demolition of the village would take place.
However, he said, the land issue in Kampung Buah Pala would have an effect on the property price in Penang.
"The compensation which we offered to the villagers would have an impact to other developers who have yet to develop their land," he said.
Chan said the more the compensation a developer paid out, the higher would be the house price as business always meant profit. - BERNAMA