Malaysia eyes RM20b FDIs in properties within 10 years
Posted on | September 19, 2007
By THE EDGE PETALING JAYA: The government is confident that its various initiatives and incentives will attract RM20 billion in foreign direct investments (FDIs) for properties in Malaysia over the next 10 years, said Minister in the Prime Minister’s Department Datuk Seri Mohd Effendi Norwawi. He said industry players, including the International Real Estate Federation (FIABCI) and Real Estate and Housing Developers Association (REHDA), were even more positive that they could succeed in attracting RM5 billion per year. He said this in his keynote address entitled “Attracting Foreign Investments to the Malaysian Property Sector: The Way Forward” at the 2007 National Property And Housing Summit themed “Creating New Blue Oceans for the Property Sector”. Mohd Effendi said the government had recently set up the Public-Private Partnership unit under the Economic Planning Unit (EPU) to cultivate more private sector participation in attracting FDIs, especially for the property sector. The unit will work together with REHDA and FIABCI to promote Malaysian properties abroad and to make the country a preferred destination for global investors, he said. “Several initiatives are being considered and designed by our Public-Private Partnership unit together with REHDA and FIABCI. Mohd Effendi said the government’s focus was accelerating the growth of the construction sector that appeared to have recovered and doing well, adding that the properties available here were of high quality matching international standards. He said plans were underway to send the top 50 local property developers abroad including to the Middle East and Europe as well as regional countries within the next three months to highlight achievements in design and construction of properties in Malaysia. Mohd Effendi said the government, together with FIABCI and the Construction Industry Development Board (CIDB), was establishing benchmarks to assure foreign investors that properties here were of international standards. “It is a matter of us proving to the world that we have quality properties. When people do invest in properties, it is for us to ensure that they are investing into real quality properties.” Mohd Effendi said the government had also liberalised the property market by removing many restrictions to allow foreigners to invest in properties in Malaysia, including the “Malaysia My Second Home” programme that permits foreigners who fulfill certain criteria to stay in the country on a ten-year renewable visa. 
“We will announce more initiatives and incentives, whatever it takes to make Malaysia an attractive destination for property investment,” he said .
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