FELDA Tower a Wise Real Estate Investment - Ahmad Maslan

KUALA LUMPUR 25 November - The Menara Felda project will give big returns to Felda's young generation, said Deputy Minister in the Prime Minister's Department, Ahmad Maslan.

He told Dewan Rakyat that the project in Jalan Tun Razak, not far from Petronas Twin Towers, was not wasteful and had already generated profit despite not yet completed.

"We bought the land in 2008 at RM930 per sq ft but the price has now risen to RM1,400-RM1,500 per sq ft giving Felda profit of about RM300mil.

"This is wise real estate management," he said in reply to a supplementary question by Kamarudin Jaffar (PAS-Tumpat).

Felda has 340,000 hectares of land, making it one of the world's largest plantation owners, with nett profit of RM1.1bil annually for six consecutive years.

Felda also set up Koperasi Permodalan Felda 2 (KPF2) to allow the young generation the chance to be involved in development and business activities.

"Previously, only the settlers and staff were given this opportunity under Koperasi Permodalan Felda (KPF)."

To the original question by Halimah Mohd Sadique (BN-Tenggara), he said Felda had no plans to issue special trust shares for settlers and the young generation.

"This is because KPF has succeeded in uplifting the economic status of settlers via investment activities. KPF has 215,412 members and shares worth RM1.56bil.

Ahmad (left) said KPF has 51 percent equity in Felda group of companies with investments worth RM353mil and real estate worth RM235mil.

Felda also has investments in 16 joint-venture companies worth RM423mil, Bank Rakyat shares worth RM35.68mil and RM458.43mil in securities.