KUCHING, Aug 5 — The move to establish Pemodalan Satok Berhad for the development of Satok, and Malay village areas in the city would be a model to preserve their real estate holdings.

Sarawak Premier Tan Sri Abang Johari Openg said the setting up of the property development trust company would enable the Malay community in the area to invest in the form of units of real estate investment trust (REIT).

"Obviously the investment will grow and we will get to keep the Malay areas so that it becomes one of our approaches to maintain the commercial (interests) and holdings of the Malay community, besides cooperating with other communities in the business world,” he said.

Speaking at the opening of Hikmah Exchange building in Jalan Haji Taha here tonight, Abang Johari said this method can be used for development such as in Kampung Baru in Kuala Lumpur and he is ready to share this approach.

"This is the first where we have this (kind of) arrangement and I wish to share, it with those who want to develop Kampung Baru in Kuala Lumpur. They can come to Kuching to learn from us how we developed the Malay native land,” he said.

Abang Johari said other Bumiputera communities can also use this real estate investment model to develop their community’s economy together with other communities in managing and administering real estate.

He said the successful development of the Hikmah Exchange building was also an important point in keeping the property owned by the Malay community in the city which is decreasing due to the erosion of ownership from rapid development which took place over the past few years.

At the ceremony, he also announced that the board of directors Sekolah Menengah Chung Hua No 4 had agreed to hand over the site of the school located in the Satok area to the Sarawak government after getting a new site in a more suitable location.

According to him, the existing school site will be turned into a heritage area where a house once owned by Datuk Patinggi Abang Abdillah, a Sarawak independence fighter, is also located there.

"The area which will be a historic heritage area has been given back to the government and it will be a centre for us to remember the struggle in liberating Sarawak within Malaysia,” he added. — Bernama