Highlight 2011 Budget

SOROTAN BAJET NEGARA 2011

With the theme “Transformation Towards a Developed and High-Income Nation”, the 2011 Budget amounting RM212 billion will centre on the following key strategies:

First     : Reinvigorating Private Investment;

Second : Intensifying Human Capital Development;

Third     : Enhancing Quality of Life of the Rakyat; and

Fourth  : Strengthening Public Service Delivery

Reinvigorating Private Investment

1. Intensifying Public-Private Partnership (PPP) Projects.

a) Several PPP projects identified under the 10MP will be implemented in 2011 through private investment of RM12.5 billion.

b) A PPP Project identified is the Academic Medical Centre involving private investment of RM2 billion.

2. Strategic high-impact projects such as the Mass Rapid Transit (MRT) in Greater KL (Klang Valley) will be implemented beginning 2011, with an estimated private investment of RM40 billion.

3. Revitalising capital market. Among these:

a) Government-Linked Investment Companies (GLICs) will divest their shareholdings in major companies listed on Bursa Malaysia.

b) GLICs will be allowed to increase investment in overseas markets.

c) Bursa Malaysia will launch sukuk and retail bonds.

d) The Securities Commission will offer 3 new stock brokering licences to local, foreign and joint venture companies.

4. To strengthen leadership in Islamic capital market, Bursa Malaysia will develop an international board to enable the listing of foreign securities including syariah-compliant products.

5. Venture capital, especially high technology sectors.

a) the Government will provide Entrepreneurship Enhancement Training programme to train 500 new technopreneurs.

b) Start-up fund amounting to RM100 million to provide soft loans.

6. A syariah-compliant Bumiputera Property Trust Scheme Skim will be launched under the the Bumiputera Property Trust Foundation, valued at RM1 billion.

7. A Private Pension Fund will be launched in 2011 to benefit private sector employees and the self-employed.

8. An allocation of RM857 million will be set for local companies investing in high-value activities in the Electric & Electronic industry (E&E).

9. Oil, gas and energy industry:

a) An allocation of RM146 million to develop the industry, in downstream activities.

b) Petronas will implement a regasification project with an investment of RM3 bilion in Melaka, which will be operational in 2012.

10. Advancing green technology including:

a) Extending Pioneer status and Investment Tax Allowance for the generation of energy from renewable sources and energy efficiency activities until 31 December 2015.

b) 100% import duty and sales tax exemption on hybrid cars.

11. Invigorating agricultural sector including:
a) Allocating RM252 million to develop large-scale integrated Aquaculture Zones in Sabah and Sarawak.

b) RM235 million allocation to enhance paddy productivity.

c) Encouraging farmers to participate in high-value agriculture activities, with RM135 million allocated for basic infrastructure.

d) RM80 million allocated to foster partnership between small-scale fruit and vegetable farmers with anchor companies.

e) Building an International Centre for the Crops of the Future.

12. Energising tourism industry, which includes:
a) Allocating RM80 million for infrastructure facilities to attract tourists to remote areas.

b) Constructing several shaded pedestrian walkways in the KLCC-Bukit Bintang vicinity.

c) Abolishing 5% – 30% import duty on 300 goods preferred by tourists and locals.

13. Revitalisng palm oil and related industries:

a) Encouraging replanting activity with high quality palm oil clones.

b) Allocating RM127 million to support domestic oleo derivatives and RM23 million for downstream palm oil industries.

14. Creating an innovative digital economy.

a) Implementing a MY Creative Content programme with an allocation of RM119 million.

b) Extending the investment allowance period for last mile broadband service providers, and exemption of import duty and sales tax on broadband equipment to 2012.

c) Exemption of sales tax on all types of mobile phones.

15. The business services industry will be developed to meet the increasing demand for repair and maintenance of aircraft and helicopters, with an allocation of RM91 million.

16. Corridor and regional development:
a) RM339 million allocated for the Iskandar Development Region.

b) RM133 million for the Northern Corridor Economic Region (NCER) and RM178 million for the East Coast Economic Region.

c) RM93 million for the Sarawak Corridor of Renewable Energy (SCORE) and RM110 million for the Sabah Development Corridor.

17. Research, development and commercialisation (R&D&C) activity will be intensified with an allocation of RM411 million.

18. A new Insolvency Act will introduce a provision relating to relief mechanism for companies and individuals facing financial difficulties, including reviewing the current minimum bankruptcy limit of RM30,000.

19. An allocation of RM200 million to acquire high quality locally-produced content from the creative industry covering animation, advertising, films and others.

20. Increasing the rate of service tax to 6%, including paid television broadcast services.

21. Reinforcing the nation’s financial position by strengthening the revenue collection system.

Intensifying Human Capital Development

1. Increasing the number of talented and quality workforce by establishing a Talent Corporation in early 2011.

2. Revamping the national education system, including:

a) Allocating RM6.4 billion to construct and upgrade schools, hostels, facilities and equipment, a well as uphold the status of the teaching profession.

b) Allocating RM213 million as reward to high-performance schools and as remuneration to Principles, head Teachers and Excellent Teachers.

c) Providing an additional 1,700 classes, strengthening the curriculum and appointing 800 graduate teachers for pre-schools.

d) Allocating RM111 million for the PERMATA programme.

e) Providing allocation of RM250 milion as development expenditure for religious schools, Chinese-type schools, Tamil schools, missionary schools and Government-assisted schools nationwide.

f) Providing assistance per capita to praimary and secondary rakyat religious schools through an allocation of RM95 million.

g) Scholarships worth RM576 million provided to teachers to further their study and enhance their skills.

h) Allocated RM213 million to enhance proficiency in Bahasa Malaysia, strengthen the English language, and streamline the Standard Curriculum for Primary Schools, including recruiting native-speakers from English-speaking countries.

3. Strengthening institutions of higher education such as:

a) Increasing the percentage of PhD qualified academic staff to 75% in research universities and 60% in other public institutions of higher learning.

b) Improving opportunities for promotion of lecturers in public institutions of higher learning to the highest grade of Staff III, II and I as well as conferred Premier Professors.

4. Enhancing the skills of graduates including:

a) Intensifying Industrial Skill Enhancement Programme in State Skills Development Training Centres for engineering graduates and technical employees.

b) Allocation of RM50 million to train ICT graduates.

c) Allocation of RM200 million for a variety of programmes to develop the competency and employability of graduates in other fields.

5. A provision of RM474 million to enhance productivity and skills of non-graduates.

6. Implementing a 1Malaysia Training Programme to enhance knowledge through upskilling and reskilling, with an allocation of RM500 million.

7. Enhancing productivity of Employees which include:

a) Establishing the National Wage Consultation Council as the main platform for wage determination and the introduction of a minimum wage plan beginning January 2011.

b) A gradual increase of levy by sector on all foreign worker intake, as well as imposing mandatory ruling for employers to procure health insurance for their foreign workers.

8. Women:
a) Allocated RM30 million to encourage participation of women in entrepreneurship.

b) Implementing a pioneer Small Office Home Office programme for disabled women for 3 months.

c) Rebranding 40 1Malaysia TASKA for women to obtain quality childcare and early childhood education for their children.

d) Provide flexibility for female civil servants to self-determine fully-paid maternity leave up to 90 days, subject to the current total of 300 days.

9. Sports development and management will receive an allocation of RM365 million and RM20 million allocated to establish a Football Academy.

Enhancing Quality of Life of the Rakyat
1. The less fortunate will be looked after with an allocation of RM1.2 billion, which includes:

a) RM166 milion for welfare programmes for senior citizens.

b) RM121 million for assistance programmes to benefit 97,000 children.

c) RM218 million for assistance programmes to benefit 80,000 disabled individuals.

d) 100% sales tax exemption on the purchase of one national vehicle for disabled individuals.

e) Construction of an intervention centre for the homeless by providing employment opportunities, housing facilities and counselling.

2. The electricity bill rebate programme will be continued for those with monthly consumption of below RM20.

3. Extending tax relief on medical expenses for parents to a maximum of RM5,000.
4. Housing facilities, including:

a) A provision of RM568 million to build homes under Projek Bantuan Perumahan Bandar, Program Perumahan Rakyat Bandar and Projek Bantuan Sewa Rumah.

b) Skim Pembiayaan Perumahan Kos Rendah will be provided for estate workers through Bank Simpanan Nasional.

c) Introducing Skim Rumah Pertamaku with the Government guarantee on the 10% downpayment for first-time house buyers on property below RM220,000.

d) Exemption of 50% stamp duty for first-time house buyers on instruments of transfer on a house price not exceeding RM350,000.

5. For the rural population, a sum of RM6.9 billion is provided to implement basic infrastructure development, including:

a) Building and upgrading rural roads in Sabah and Sarawak at RM2.1 billion dan Peninsula Malaysia at RM696 million.

b) Providing water and electricity supply with an allocation of RM1.5 billion in Sabah, RM1.2 billion in Sarawak and RM556 million in Peninsula Malaysia.

c) Housing assistance programme consisting of 12,000 units for the poor and hardcore poor in rural areas with a sum of RM300 million.

d) Providing a Unit Khas Bergerak by the National Registration Department to register the citizenship of the rakyat in remote areas.

6. Allocation of RM974 million for paddy subsidies and RM230 million for incentives to increase paddy production and yield. A sum of RM170 million is provided as incentive to increase fish landing.

7. Consumers
a) Allocating RM200 million for the Distribution of Essential Goods Programme to standardise prices of goods.

b) Establishing a “1Malaysia Smart Consumer” interactive portal for the rakyat to track price movement of goods in almost 7,000 business premises nationwide.

c) Introducing the Retail Shop Transformation Programme, Automotive Workshop and Community Market projects.

8. Contiuing the implementation of PIA and PIAS projects with an allocation of RM500 million.

9. The contribution of community leaders are recognised by:

a) Increasing allowances for Chairpersons of JKKK and JKKP, Tok Batin dan Chairpersons of JKKK Orang Asli, and Chairpersons of JK Kampung Baru to RM800 from RM450.

b) Increasing meeting attendance allowance for all committee members from RM30 to RM50.

c) Increasing the monthly allowance of Imam to RM750.

d) Increasing the monthly allowance of KAFA teachers to RM800.

10. To enhance the socioeconomic status of the Orang Asli and Pribumi, a sum of RM100 million is provided to formulate a new development model for Orang Asli. Jabatan Hal Ehwal Orang Asli will be transformed into Jabatan Kemajuan Orang Asli.

11. Toll rates at 4 highways owned by PLUS Expressway Berhad will not be raised for the next 5 years with immediate effect.

12. To ensure quality health:

a) An allocation of RM15.2 billion to build new hospitals, increase the number of doctors and nurses as well as medical supplies and equipment.

b) Adding another 25 1Malaysia Clinics.

13. A sum of RM350 million is allocated to implement various programmes for public safety.

14. The role of NGOs is recognised with a provision of RM70million to implement integrated social programmes with Government agencies.

15. An allocation of RM1.9 billion to fund environmental conservation projects.

16. To assist in implementing Corporate Social Responsibility:
a) 10 Trust Schools will be given established and receive financial contributions from Khazanah Nasional Berhad.

b) Primary school students nationwide will receive a supply of multi-vitamins.

c) A 1Malaysia Youth Fund will be established with RM20 million start-up.

d) 4 1Malaysia Mobile Clinics will be provided for the rakyat.

Strengthening Public Service Delivery

1. The MyCoID Gateway initiative will be expanded to more ministries and Government agencies.

2. Application for Permanent Resident (PR) status can be submitted after 5 years.

3. The Stamp Act 1949 is amended to enable the valuation of properties after the payment of stamp duty.

4. For civil servants:
a) The Government abolishes the Competency Level Assessment (PTK).

b) Special financial assistance amounting to RM500 is granted to civil servants from Grade 54 and below, contract officers and retirees.

c) Increasing the rate for Funeral Arrangement Assistance to RM3,000.

d) Extending the services of Pegawai Khidmat Singkat ending 31 December 2010 by 1 year.

e) Allowing the purchase of properties from parents, children and siblings.

f) Raised the loan amount to RM20,000 for additional works on low cost houses for Support Group II.

g) Raising the maximum housing loan eligibility to RM450,000.

Menjawab persoalan mengenai Menara Warisan Merdeka

Menerusi bajet 2011 yang dibentangkan sebelum ini, cadangan untuk membina menara warisan 100 tingkat bernilai RM 5 billion telah dibentangkan di Parlimen. Rata-rata pihak pembangkang menolak cadangan dan memainkan isu ini sebagai proje mega membazirkan wang. Sejauh manakah dakwaan ini? Untuk menjawab tohmahan pembangkang yang bersifat opportunist ini, jawapan disertakan sekali di bawah...

1. Dakwaan pertama: projek ini adalah pembaziran duit rakyat yang sepatutnya digunakan untuk membina sekolah, membangunkan kemudahan prasarana dan membantu rakyat miskin

=Pertama sekali, rakyat telah dikelirukan kerana menganggap projek ini menggunakan wang rakyat. Sebenarnya, projek ini dibiayai sepenuhnya oleh Permodalan Nasional Berhad (PNB). Perlu diningatkan, PNB sebagai sebuah syarikat pelaburan amanah saham merupakan GLC (governemnt linked company) adalah entiti pelaburan berdasarkan misi dan visinya. Projek menara warisan adalah pelaburan hartanah oleh PNB juga untuk memberi pulangan kepada pemegang akaun ASB, ASN, ASW dan lain-lain. Kerja-kerja membina sekolah dan baiki jalan adalah kerja kerajaan dan bukan PNB. Tiada pelabur dalam PNB nakkan pembinaan sekolah sebagai salah satu bentuk pelaburan..                                                 

2. Dakwaan kedua: Di Bukit Bintang masih banyak lagi kawasan yang masih boleh dibangunkan, dikelilingi Jalan Barat, Jalan Imbi, Jalan Bukit Bintang dan Jalan Tun Razak, di mana kawasan ini berhampiran Berjaya Times Square dan Plaza Imbi. Kenapa menara ini tak dibina di kawasan ini?

=PNB dah lama membeli tanah berdekatan Stadium Merdeka. Memandangkan kawasan ini telah dibeli maka perlulah kawasan ini dibangunkan menara 100 tingkat dan cadangan untuk membeli tanah lain adalah tidak munasabah.

Pembinaan menara di kawasan downtown akan mendatangkan kesesakan yang lebih teruk di kawasan Bukit Bintang dan kawasan berhampiran KLCC. Jadi, kawasan downtown KL juga perlu dibangunkan.

3. Dakwaan ketiga: Projek menara ini terlampau dekat dengan kawasan bersejarah seperti Stadium Negara dan Victoria institution.

=PNB tak merancang untuk merobohkan stadium negara atau Victoria Institution. Membina menara di kawasan bersejarah ini tidak akan menghilangkan identiti sejarah tapi jika kawasan berhampiran dibangunkan, kawasan bersejarah ini akan menjadi tumpuan ramai.

4. Dakwaan keempat: Projek menara warisan ini adalah untuk bermegah-megah!!

Kalau untuk bermegah-megah, PNB dah cadang nak tambah jadi 200 tingkat...Menara ini setlah siap nanti, bukanlah menara paing tinggi dunia, lihat di bawah:

1 Burj Khalifa 828m, 162 tingkat DUBAI

2 Abraj Al-Bait 601m, 95m tingkat MECCA

3 The Pentominium 516m, 122 tingkat DUBAI

4 Federation Tower 510m, 93 tingkat, MOSCOW

5 Taipei 101 508m, 101 tingkat, TAIPEI

6 Shanghai World Financial Center 492m, 101 tingkat, SHANGHAI

7 International Commerce Center 484m, 108 tingkat, HONG KONG

8 Petronas Towers 452m, 88 tingkat, KUALA LUMPUR

5. Dakwaan kelima: Nak bina lagi menara mega? KLCC masih lagi kosong...

=Menurut laporan dari CB Richard Ellis Malaysia, peratusan kawasan pejabat yang diduduki di Kuala Lumpur berada pada 86.6% (June 2010). Bagaimana pula dengan Menara Berkembar Petronas?

50%, 60%, 75%? Tidak dan yang mengejutkan peratusan pejabat yang digunakan di Petronas twin tower adalah 100%. Ini berdasarkan laporan terkini Kenanga Research untuk  KLCC properties holding (KLCCP), 3 menara di KLCC termasuklah Petronas twin tower, ExxonMobil and maxis tower diduduki sepenuhnya 100%.

Jadi, dari mana mendapat laporan mengatakan menara-menara ini tidak diduduki sepenuhnya?

6. Dakwaan keenam: projek menara ini adalah pembaziran, adakah member manfaat kepada rakyat?

=Projek ini bersifat jangka masa panjang, PNB telah merangka pelan ini sejak 2004 lagi dan merupakan pemilik kawasan sekitar Stadium Merdeka dan Stadium Negara. Jadi, perlulah PNB membina pelan pelaburan jangka masa panjang di kawasan tersebut.

Pada hemat saya, PNB mahu mencontohi strategi Petronas mendapat keuntungan melalui KLCC Property Holdings Berhad yang merupakan pemilik kawasan KLCC di mana mercu tanda Malaysia dibina. Mercu tanda ini menunjukkan kejayaan Petronas sebagai badan korporat GLC yang menawarkan ribuan peluang pekerjaan kepada rakyat Malaysia dan menarik tumpuan pelancong dari serata dunia.

Petronas mengubah lanskap kawasan tersebut menjadi kawasan paling mewah di KL dan melonjak nilai tanah kawasan sekitar. Untuk itu juga, PNB ingin membangunkan kawasan downtown dengan melaksanakan idea sama ingin membina satu ikon yang dapat menarik jutaan penduduk dari luar negara agar menjadi tempat untuk datang, menjalankan bisnes dan bermastautin. Jika dibina setakat 40 hingga 50 tingkat, harapan untuk melihat kawasan ini membangun seperti KLCC mungkin tidak kesampaian.

Menurut Pengerusi PNB, Tan Sri Hamad Kama Piah Che Othman, beliau percaya Menara Warisan Merdeka bakal mencetuskan satu manfaat besar. Ini bakal mewujudkan 5000 peluang pekerjaan dan akan meningkatkan nilai kawasan tersebut. PNB punyai sumber untuk membiayai projek tersebut melalui sumber kewangannya sendiri hasil dari keuntugan yang disimpan (retained profits). Jangkaan pulangan pelaburan hasil projek tersebut adalah sekitar 8-10%.

Sebagai entity bisnes, PNB tidak akan membiarkan kewangannya beku dan tidak digunakan untuk peaburan mega ini. Dengan pelaburan ini, keuntungan ini juga akan dinikmati pelabur ASB, ASN, ASW dan yang lain.

7. Dakwaan ketujuh: Projek ini akan meningkatkan hutng dan deficit Negara dan bakal menjadi seperti seperti Negara Eropah lain seperti Greece.

=Tidak, wang yang digunakan adalah wang keuntungan dari PNB dan tidak menggunakan wang rakyat.

8. Dakwaan kelapan: kenapa wang 5 billion itu tidak digunakan untuk pembangunan Sabah Sarawak?

=Itu adalah tanggungjawab kerajaan dan bukan PNB

9. Dakwaan kesembilan: Jika projek menara ini menggunakan wang sector swasta, kenapa dibangkitkan dalam bajet 2011

=Sepatutnya tidak patut dibentangkan dalam bajet 2011 kerana tidak menggunakan wang rakyat akan tetapi tidak salah untuk memaklumkan kepada rakyat mengenai projek mega ini. Tambahan pula, Bajet 2011 adalah platform terbaik untuk kerajaan memberitahu rakyat akan projek ini.

ENGLISH VERSION

Hereby comment below was some accusations made by the opposition parties (PR)

1. Mega project, is a waste of funds. Put the money to better use by building more schools, improving rural infrastructure, and helping the needy

2. Bukit Bintang still got lands unoccupied and in low density. Which is surrounded by Jalan Barat, Jalan Imbi, Jalan Bukit Bintang and Jalan Tun Razak, and this area is just adjacent with Berjaya Times Square and Imbi Plaza. why not just focused in Bukit Bintang area?

3. The current project in PNB do too near the heritage buildings, two stadiums, and one of the news reported that Stadium Negara need to be make a way for this skyscraper because of the current land is too small. Stadium Negara is the heritage, and Victoria Institution built around early 20th century is also nearby, old shoplots below the hill all are heritage of Kuala Lumpur. An city without heritage is souless. We have heritage and we should proud of it, and not using tallest skyscraper to show national pride with the cost of destroying the heritage, because an skyscraper can built anywhere for anyone who have enough capital, but heritage is unique.

4. This project is just an ego-thing.

5. Why need world tallest tower?

6. Why not building DISNEYLAND? it will bring cash cow to Malaysia...

MALAYNEUM comments:

1. First of all, people here are confused, they thought this project used money from tax payer. Guys, please notice that this project is fully funded by Permodalan Nasional Berhad (PNB). PNB is not in the business of building schools or upgrading roads and electricity supply.PNB is Goverment Link Investment Company (GLIC) who work as one entity to do investment. warisan mega tower is one of the property investment that will benefit ASB holder, ASN holder, ASW, etc. Hmm, one more, building schools, upgrading roads, all that works are GOVERMENT work, not PNB. Trust me, no ASB holder want their investor company bulding schools for investment :P

2. PNB purchased land near Stadium Merdeka long time ago. I believe they need to develop the land for return rather than keep it. They might not plan to purchase in other area while they could possibly develop existing land.

building a tall skyscraper inside current downtown will only attract more protest that probably going to say "ENOUGH CONGESTION IN BUKIT BINTANG or nearby KLCC AREA". So, expanding KL downtown is good. Why do we have to stuck within BB/KLCC area for God sake?? while we could expand the city.

3. PNB do not have any plan to demolish Stadium Negara or VI. Trust me, they're not stupid to attract more protest. Preserving nation pride is not about leaving a structure empty & in a dark w/out any development. PNB going to build a heritage centre with it. Plus with the tower, this will put Stadium Negara/Merdeka & surrounding area back to its glory. That's what preserving heritage should be -PUTTING BACK THE GLORY.

When was the last time we step into Stadium Negara/Merdeka?? I bet we wouldn't dare to walk over there at night by now. Is that a proud heritage that we're talking about??

Building a skyscraper with classic design might be interesting, but I believe "classic" for Malaysia is quite related to British architecture. Thus, mordern design with our elements etc Petronas Twin Tower/TM Tower is what we need.

4. if the tower is an ego-thing, i bet they would go for 200-storey instead of 100.

5. ehem...Warisan Merdeka not the world tallest tower....

1 Burj Khalifa 828m, 162storey DUBAI

2 Abraj Al-Bait 601m, 95m storey MECCA

3 The Pentominium 516m, 122 storey DUBAI

4 Federation Tower 510m, 93 storey, MOSCOW

5 Taipei 101 508m, 101storey, TAIPEI

6 Shanghai World Financial Center 492m, 101storey, SHANGHAI

7 International Commerce Center 484m, 108storey, HONG KONG

8 Petronas Towers 452m, 88storey, KUALA LUMPUR

6. The site for project is too small for DISNEYLAND...

7. Want to build mega tower? twin tower still empty maaa...

According to a latest report by CB Richard Ellis Malaysia, the current overall occupancy rate of office space in Kuala Lumpur stands at approximately 86.6% (June 2010). what about petronas twin tower occupancy rate?

50%, 60%, 75% ? none of this CORRECT!..surprisingly Petronas twin tower occupancy rate is 100%..don't believe it? yep that is the fact...based on Kenanga research latest report for KLCC properties holding (KLCCP), occupancy rate for the three main office tower around KLCC area are fully 100% occupied. The towers are Petronas twin tower, ExxonMobil and maxis tower.

so where do 'they' get report that this tower empty?

8. This tower totally waste of money, how can it give benefit to people?, why not just build 30 storey building or 40 storey...save money meh....

This project is long term project, PNB was study this project since 2004 and PNB is the owner of the land around the heritage site around stadium merdeka and stadium negara. As one of the largest investor company in malaysia that hold billion of ringgit their depositor money, PNB need to invest to the land as it's future main investment.

In my opinion, PNB want to use petronas strategy that create huge profit through KLCC property that own the land in KLCC area where the most iconic building in this country was build. Petronas twin tower is another success story made by petronas, it create thousand of job opportunity to malaysian and attract million of visitor to visit to this country.

Petronas change the area from nothing to become one of the most profitable area in KL and price land around it has increase sky rocketing to become the most expensive and valuable in KL. To make this formula success on PNB's land around stadium merdeka and stadium negara, PNB need to build something iconic that can attract million of people come, setting business and living there. By build another 30 or 40 storey tower with ordinary design, it is almost impossible for PNB to change this area to become the next KLCC.

According to PNB chairman, Tan Sri Hamad Kama Piah Che Othman, he is confident that Warisan Merdeka will create spillover benefits. For starters, it will generate about 5,000 jobs in the development stage, and boost property prices in the area.He said PNB has the capability to finance the project through internally-generated funds, and as an investment house, would seek to optimise returns from the development. It expected to yield returns of 8-10 per cent.

I'm sure as a business entity, PNB would not let their money keep frozen on the land without do nothing to develop it thus by developing this area PNB will gain profit and at the same give benefit to their unit holder.

9. This project will increase government debt...soon malaysia will be another Greece (bankrupt)

Nope...again this project privately fund (through PNB) and do not use public money....

10. let the money use to develop sabah or sarawak and other poor state....

That is government responsibility not PNB...

11. if the tower use private fund money, why the government announced it on government budget?

From the beginning, its VERY WRONG to announce it in the budget since this project actually do not related with public money and the way government spending the tax payer money.