The four land parcels along Jalan Semarak which Felda are at risk of losing to a private developer may actually be worth four times more than what it had been sold for.

The plots of land were sold by Felda to a private developer for RM270 million in a dubious deal dating back to 2015.

Berita Harian, however, cited an independent valuer as estimating that the land is now worth around RM1 billion.

Umran Suffian Husin, a senior valuation executive said based on data, land along Jalan Gurney, Jalan Maktab and Jalan Semarak were worth between RM1,300 and RM1,600 per square foot.

"This is a rough estimate as the price of land in that area depends on the size, its usage zone, and actual location," Umran Suffian was quoted as saying.

The Malay daily said a source familiar with the matter had also given a similar valuation for the land.

The Jalan Semarak land is currently being developed as a part of the Kuala Lumpur Vertical City (KLVC) project, which involves seven towers - including a "Felda tower," known as KLVC Tower1A, a 68-storey structure comprising 59 levels of office space and a helipad.

Felda chairperson Shahrir Samad said Felda was supposed to retain ownership of the land, but in 2014, the KLVC project's master developer was granted power of attorney and transferred ownership of the land to itself.

Police have launched investigations into the matter, and former Felda chairperson Isa Samad is expected to be questioned.

Deputy Minister in the Prime Minister’s Department Razali Ibrahim, meanwhile, said that an independent audit would be conducted next month to determine if there had been breaches of procedure within Felda or Felda Investment Corporation (FIC) Sdn Bhd.