Idle Malay land turned into RM33mil luxury homes

NAIM Holdings Bhd yesterday handed over properties worth about RM33mil to Miri Malay Welfare Trust Board (LAKMM) upon the successful completion of its project- Pantai Piasau Residence – to develop 20ha of idle land, owned by LAKMM at Kampung Melayu in Miri, into luxury residential area.

The properties include 10 bungalows and 18 detached lots (with land sizes between 0.25-0.3 acres) complete with basic amenities and Occupation Permits. Each bungalow is worth about RM2mil while the detached lots are RM25,000 per point.

Chief Minister Tan Sri Abdul Taib Mahmud witnessed the ceremony held at the project site in Pantai Piasau Residence. Naim was represented by its managing director Datuk Hasmi Hasnan while LAKMM by its chairman Abdillah Abdul Rahim.

The Pantai Piasau Residence is situated at a beach front area and next to a golf course.

Taib commended LAKMM and Naim for the smart partnership, adding other land owners, especially those who did not have the means to develop their land should emulate LAKMM’s move.

“You should go into a joint venture with credible private companies to ensure that the idle land can generate economic income. The land if left idle will not be of any benefits to the owner,” he added.

Under the joint venture with Naim, LAKMM had successfully turned its idle land at the Kampung Melayu into prime residential area, fetching hefty price in the market, he pointed out.

Abdillah said they would rent out the six-room bungalow at about RM7,000 a month.
He said LAKMM was also looking forward to work with Naim in developing its remaining land.

Hasmi agreed to the suggestion, adding the Naim-LAKMM project was Naim’s first joint-venture with a non-profit organisation to develop a real estate property.

Meanwhile, at separate function on Thursday night Naim Holdings Bhd donated RM1mil to LAKMM.

Naim Holdings Berhad entered into an agreement with LAKMM to develop the land in March 2006.

The development is divided into phases and the remaining vacant land will be developed for detached dwelling houses once the building plans had been approved by the authority concern.