Monday, May 31, 2010

Kg Baru 60:40 Deal?The Idiot Guide towards Monetization of Malay Reserve Land

Mmmm......looks like everything is up for sale these days.....

KUALA LUMPUR: The interests of the Malays in Kampung Baru here will not be jeopardised even if non-Malays are given a 40 per cent quota to own property in the area when the Kampung Baru Development Project is implemented later, said Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin.
He said this was because the Federal Territories Land Working Committee and Kampung Baru Development Corporation which will be established under acts of Parliament would serve as mechanisms to protect Malay ownership of property in the area.
"This will allow maximisation of the development potential of Kampung Baru...and when we say non-Malays, it is not limited to non-Malay Malaysians but also interested foreign investors.
"If we continue to restrict development of the area to only Malays, I don't think we will be able to get value of RM4,000 or RM1,000 (per square feet) as is desired by the landowners and beneficiaries," he told reporters after holding a meeting on developing Kampung Baru with landowners and beneficiaries of the Malay settlement in the city, at the Putra World Trade Centre here Saturday.

Based on the proposed lifting of restrictions to develop the prime land, non-Malays will be eligible to own business and housing properties which will be built, on a ratio of 60:40.
Raja Nong Chik said, the Cabinet at its meeting earlier this month, had agreed in principle to the proposal.
Presently, there are restrictions preventing non-Malays from owning land or properties in the settlement, which has caused a dilemma in maximising the development potential of Kampung Baru.
Asked if the RM4,000 per square feet value was realistic, Raja Nong Chik said it was rather high but not impossible to be met in the long term.
Raja Nong Chik also said that the government had agreed to appoint Permodalan Nasional Berhad (PNB) as the master developer for Kampung Baru and that two other government-linked companies (GLCs), Lembaga Tabung Haji (LTH) and Pemodalan Hartanah Berhad (PHB), had also been asked to come on board.
He said the government would not be the developer but play a supervisory role as it did not have the capacity and that the three companies were considered because they would be able to protect the interests of the Malays.
However, other GLCs would be encouraged to take up ownership of properties to be built, he added.
The size of Kampung Baru is 307.344 acres and based on the valuation done on 136 acres in March 2007, land there was valued at between RM270.00 and RM300.00 per square feet for housing and from RM500.00 to RM600.00 per square feet for commercial lots.

Lets get back to basic a bit on this one....

How many Malay Land Owners kat Kg Baru?Seratus, seribu.....sepuluh ribu?

Do they represent the interest of Malays sampai nak kena ada  Federal Territories Land Working Committee and Kampung Baru Development Corporation establish under a Parlimentary act?

What nonsense is this? 

What about other Malay Reserve areas in the country...will value be extracted via the same way?

What was the original objectives of Malay reserve land? And what should the Modern Day Policy look like?

I find all these crap coming out from our policy makers macam sial to the power of 11.....


what is it that you want to do?

its a private property la dey.....

who has the power to designate which site is Malay Reserve and which site is not?and under what clause can the restriction be lifted?

If all the Malay Owners of the Area apply to the government to lift the restriction of their specific area tak boleh ke? What fucking bullshit are we talking about here....

If you want to monetize the value.....

Lift the fucking restriction without any stupid quotas......

If you want to take care of the "interest" of the Land Owner.......get all of them to agree that 

  1. All of them will join a Cooperative who will have interest in the development
  2. Create A JV Company for development between Land Owners Cooperative, Capital Providers and Developers
  3. JV Company Purchase the Land for a specified sum to be agreed between Land Owners Cooperative done at Fair Value based on Non-Malay Reserve Market Price (Excluding Development Value)
  4. Development Value will be in the form of Real Estate Investment Fund for Each of the Cooperative Members according to their Land Size within the development area.
  5. Other Malays who do not own the land can also participate in the Real Estate Investment Fund 
  6. Develop and Sell the fucking thing to any species with money
  7. Hold some parts of the Development Area for Future Rental Income of the Real Estate Investment Fund
If we go along with the current proposal ....50 years from now there is gonna be bersepah2 Kg this Kg that development corporations established under Acts of this the way forward folks?

Do not create a stupid precedent for problems in the future..

This is a private deal between a group of Malay Land Owners and interested parties......

Let the interested parties bid the hell out of the value of Kampung Bharu......

Not a Single Inch will be Sold to Non Malays  Quote of the day from The Stupid Guy who proposed it

Minds are like parachutes; they work best when open. -Lord Thomas Dewer