This rate has never been revised since the inception of the so-called "New Concept" of NCR land development by Taib's government almost 15 years ago, even though one would normally expect that there will be some increase in the value of the land over the years.
Who gains from this price-fixing? The joint-venture partners, usually Taib's family, henchmen and cronies who pay less to the native landowners, of course - if they even intend to pay.
What then is the real (market) value of NCR lands today? No official valuation has been done, but indications are that the current market value is in the region of RM1,500 to RM2,000 per acre (RM3,706 to RM4,942 per hectare) depending on the location and suitability of the land, still on the low side.
This would place the total value of all NCR lands in Sarawak at between RM7.41 billion to RM9.88 billion before development.
After development, the value could go as high as RM25,000 per acre (RM60,250 per hectare) or a total of RM120 billion for 2 million hectares, capable of generating conservatively at a rate of 5% return annually RM6 billion of income.
For reference, see this article "Why you should consider buying oil palm land now?" by Ong KL.
Assuming that there are 500,000 NCR landowners (could be less), this would mean that each of them would earn RM12,000 per year at least.
Surely an investment model could be developed that would ensure this? If the state government can't or won't do it, then PKR should.