Monday, August 13, 2007

Lulu Shares With You The Malaysian Dream aka How To Make The Federal Government Pay RM25/sf For A Land Bought From The State At RM3/sf

Lulu, in a post from yonder years once explained,
The American Dream is the belief that hard work can lead to a better life, usually through the earnings of money.
The Malaysian Dream is the belief that if you join the correct party, "perjuang"ing the "correct" "hak" and being elected even to the minor-est post can lead to a better life.
Don't believe me? Look at your State Assemblyman. Look at your MP. Look at your local municipal.
AT that point in time, news had broken out that the "honourable" Port Klang State Assemblyman had paid RM180K for a 43,000 sq ft of land.

This works out to RM4.186/sf. NST states that the current market value of the 43,000 sq ft property is about RM1.3 million based on the lower end of the going rate for land in the area of between RM30 and RM40.

Today, we read of another land scandal, also in Port Klang. Thanks to investigative reporting from the Singapore Straits Times (by way of RPK), Malaysiakini and The Sun Malaysia, we learn that

The land from the project belonged to Kuala Dimensi, whose current chairman is Umno treasurer Datuk Azim Zabidi. The company acquired the land in the 1990s for RM96 million, or roughly RM3 per sq ft.

When the Port Klang Authority proposed to buy the land from Kuala Dimensi, documents reviewed by The Straits Times (Singapore, not the Malaysia New Straits Times) show that the government body was advised to forcibly purchase the land under the country's Land Acquisition Act, which meant that the property would have been valued at around RM10 per sq ft.

But the Port Klang Authority ignored the advice from the government's chief legal adviser and proceeded to buy the land from Kuala Dimensi in 2002 on a commercial basis, for RM1 billion, or roughly RM25 per sq ft, government documents show.

Yup! The Malaysian Dream is at work.
You pay RM3/sf for a piece of land from the state, and you get the federal government to pay you RM25/sf for it, in spite of the land being valued at RM10/sf

Show Lulu this Malaysian dream, and Lulu will show you the Rakyat's nightmare.

I hope the Sultan of Selangor would take a stern stand against these people who have enriched themselves at the state's expense, and totally blew the whole project into bail-out status.

At the rate we're going, Lulu thinks we probably make it into the Guiness Book of Records [the real one. not the "longest ketupat line" or "most mat rempits in one padang" local edition]
Possible categories
Most Bailout From A Single Nation
Most AMount of Money Spent in Bailout from A Nation
Highest Failure Rate of Government Initiated Projects,
and of course,
Most Number of Millionaires Made in A BailOut

For further reading



ghostline said...

To paraphrase the inimitable Husin Lempoyang at (minta maaf dulu ya tuan husin):

"Satu Billion Ringgit?? WOW! Main tanah lebih untung dari buat kerja!"

the team said...

this is like satayman 2 except it is a billion times more meat & fats!

but sadly result will be the same boring no taste one then soon forgotten, like all da rest...

before the next tear drops fall